Posted on Jul 16, 2021 at 7:20 amUpdated on Jul 16, 2021, 7:31 AM
It’s D-Day in Shanghai for the Chinese carbon market. The start of trading on Friday kicks off a market that will dethrone the European trading system to become the largest “pollute rights” market in the world. It is expected to cover around 4.5 billion tonnes of CO2 emissions per year, or 40% of China’s emissions. This national market, strongly inspired by the European market, will replace the seven regional markets launched in 2013 on an experimental basis.
This is an important step for a country that has long rejected the very notion of climate change and postponed the reduction of its greenhouse gases in order to preserve its growth. It is also a global issue, since China alone accounts for nearly 30% of the planet’s greenhouse gas emissions, more than the United States and Europe combined. The presentation of this new market on Wednesday came on the day when Brussels unveiled its battle plan against climate change, which included in particular a strengthening of its own trading system and a carbon tax at the borders which has something to do with it. worry Beijing.