Shanghai second city to trade carbon

Friday 19 Apr 2013

 
Just days after Shenzhen became the first Chinese city to set a launch date for its city-wide carbon trading scheme, Shanghai has followed suit with confirmation its own carbon market will be in place before the end of June. Officials in Shenzhen have announced that its carbon trading pilot scheme would come online on June 17.

Now the Shanghai Municipal Development & Reform Commission has confirmed its carbon market will similarly be up and running before the end of the month, although a precise date has yet to be named. The carbon trading platform will be managed through the Shanghai Environment & Energy Exchange and will cover annual emissions from industrial facilities and power plants totalling 120 million to 130 million tonnes a year.

The Government said the cap-and-trade scheme would support efforts to curb greenhouse gas emissions per unit of GDP by 3.5 per cent this year. It also confirmed that the scheme will cover about 200 companies, the majority of which emit more than 20,000 tons of carbon emissions a year. Local media suggested that combined, the companies represent about half of the city’s total emissions.

The Government’s plans to trial carbon markets in seven industrial cities are advancing fast. The new city-wide markets are widely expected to provide the foundations for a national carbon market that will play a critical role in ensuring the country meets its voluntary target to reduce its carbon intensity 45 per cent by 2020.

Source: Carbon News 2013
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