China will today launch its first carbon emissions trading scheme in Shenzhen, a business hub with a population of around 10 million and economic output of over A$150 billion.
Shenzhen’s pilot emissions trading scheme is expected to cover around 630 industrial companies, responsible for 38 per cent of the city’s greenhouse gas emissions.
From this year, China will start another six emissions trading schemes in four cities and two provinces, including Beijing, Tianjin and Shanghai, with the aim of moving to a national scheme after 2015.
China’s pilot schemes are expected to represent the equivalent of the second largest emissions trading market in the world – larger than those in California, Australia and New Zealand combined.
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