The Shanghai government offers financial incentives to curb air pollution. (Photo : www.likeourlinks.com)
Showing the government's commitment of a low carbon future, China is eyeing to launch a nationwide carbon emissions trading market in 2017.
Xie Zhenhua, China's special representative on climate change, said in a press conference that officials will start the launch at a faster pace after seeing the smooth operation of seven pilot schemes across the country.
According to an annual report released by the National Development and Reform Commission (NDRC), the transactions of the seven pilots reached around 1.2 billion yuan, which covers gas emission quotas of 40.24 million tonnes.
Xie noted that the core in building a national emission trading market is anchored in realistic quota plans, as well as in sound market mechanism, improved registration system and detailed regulations.
The Chinese government has kicked off in 2011 its carbon trading pilots, which were rolled out in Beijing, Tianjin, Shanghai, Hubei, Guangdong, Shenzhen and Chongqing.
The schemes allow enterprises that produce more than their share of emissions to purchase unused quotas on the market.
China's intended nationally determined contributions (INDC) show that the government should cut carbon dioxide emissions per unit of GDP by 60 to 65 percent from the 2005 level by the year 2030. The action plan was submitted to the U.N. Framework Convention on Climate Change secretariat.
The goal is a step further from the previous emission control target, a 40 to 4-percent decreased from the 2005 level by 2020.
Last year, the figure was 33.8 percent lower than the 2005 data.
