19 December 2017 – China released plans on to start a giant market to trade credits for the right to emit planet-warming greenhouse gases. The nationwide market would initially cover China’s vast, state-dominated power generation sector, which produced almost half of the country’s emissions from the burning of fossil fuels last year. If it works as intended, an emissions market will give Chinese power companies a financial incentive to operate more cleanly. The long-awaited announcement could bolster global efforts to combat climate change after President Trump signaled this year that the United States would back away from Obama-era promises to curb emissions. It could also serve as a big — though ultimately government-controlled — laboratory for such carbon markets, after earlier efforts in Europe and at the local level in China stumbled. Read the full article on The New York Times website.
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