China starts trading carbon
05 Feb 2014
This article explains the nature of the new pilot greenhouse gas emission trading schemes (ETS) in China, as well as the significance of their introduction. By moving towards the allocation of emission rights through market mechanisms, the government is signalling that it is addressing climate change seriously and that it wishes to be compared to Europe and the most progressive regions of North America that have also adopted emissions trading. However, the authors also argue that a transition to a more important role for markets in the area of energy and the environment is still in its very...