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China to have world's 2nd largest carbon trading scheme by 2014

24th January, 2013

China will have the world's second largest carbon trading scheme by 2014, or twice as big as Australia's regime, a latest report showed Thursday.

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Carbon price of $29 'not implausible', says Blair Comley

20th January, 2013

THE head of the federal climate change department says it is "not implausible" the European carbon price could rise to $29 a tonne by mid-2015, when Australia's emissions trading scheme begins.

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China’s Hangzhou outlines carbon trading plans

12th January, 2012

The fast-growing city of Hangzhou in eastern China has begun drawing up plans for an emissions trading scheme, a move that will make it China’s eighth region to launch a carbon market as the world’s biggest-emitting nation strives to clean up its economy.

The local government last week published a consultation paper that, although lacking in detail, outlined general plans to set up a cap-and-trade scheme for greenhouse gas emissions.

“Central government sources agree to Hangzhou’s plans to cap our CO2 emissions, but the plan is in its early stages," an official at the city Economic and Information Commission who wished to remain anonymous told Reuters Point Carbon Tuesday.

"Developing it could take time, and major changes might be made."

If the local government moves ahead with its plans, carbon-emitting facilities such as power stations and factories would be given caps on their CO2 emissions and forced to buy emission permits to match annual emissions.

Hangzhou, whose 8.7 million strong population outnumbers that of Austria, has been asked by the central government to reduce the amount of energy it uses per unit of GDP by 19.5 percent from 2010 levels by 2015.

The target must be met in a period of rapid economic growth - in 2011 the city’s GDP grew 10.1 percent to $111 billion.

China, the world’s biggest emitter of greenhouse gases, has picked seven cities and provinces to launch carbon markets this year and next.

The central government plans to launch a national market for emission permits this decade.

Xie Zhenhua, the nation’s top climate change official, said in August 2012 China might launch more regional emission markets in the years to 2020.

 

Source: Thompson Reuters