China to lead in emissions trading
China has been hit by heavy weather events during the past years and is determined to use emissions trading as major weapon to reduce its soaring Greenhouse gas emissions.
One of them is Shanghai, covering to date about 200 companies from 16 industries such as power, iron, petrochemical, nonferrous metals, aviation, shipping and hotels. The total carbon dioxide of the 200 companies is estimated to about 110 million tons, which is nearly half of the total emissions in Shanghai city.
|Country||Metric tonnes CO2per person|
– Shanghai and Guangdong together add up to close to 400 million tons of CO2, about one fifth of the emissions covered in the EU ETS, says Shuyong Sun, Tricorona’s China Technical Director. China plans to open five more regional emissions-trading schemes this year, in Hubei province and the cities of Beijing, Tianjin, Chongqing and Shenzhen. Their respective emission reduction goals are all above the national average of 17% decrease of unit GDP based on 2010 from 2011-2015. An experienced trading sector, strong enforcement measures and transparent monitoring, reporting and verification rules are needed for companies to use trade and offsets efficiently. That is the top priority for the government besides ensuring economic growth.