| China’s pilot emissions trading scheme was launched on June 18 in Shenzhen. Five other pilots – Beijing, Tianjin, Shanghai, Hubei and Guangdong – are also expected to be launched this year. Only Chongqing is yet to finalise an opening date. All face great problems: they are market systems in a non-market economy. But can those challenges be overcome?
Previously, China has relied primarily on government regulations or interventions to control its carbon emissions. There were bad memories of such interventions: towards the end of the 11th Five Year Plan, some local governments took the extreme measure of cutting off power supply to fulfil their emissions reduction targets...............................................Full Article: Source |