EU Commissioner for Climate Action and Energy Miguel Arias Cañete mentioned: “With each the EU and China dedicated to emissions trading, two primary global gamers are championing carbon markets as a key coverage device to curb greenhouse fuel emissions and put a value on carbon. This is a sturdy sign and crucially wanted by means of corporations and stakeholders. I’m assured it is going to inspire others to practice go well with.”
In September, the Chinese President Xi Jinping introduced that China would introduce a national emissions trading device as from 2017. Following the established order and implementation of 7 pilot methods in China, the European Commission is supporting China in putting in place its national device.
In a joint observation on local weather alternate at the contemporary EU-China Summit, each side agreed “to additional reinforce current bilateral cooperation on carbon markets”. Commissioner Arias Cañete highlighted that the Commission and China are recently running on concrete concepts how you can put in force the observation and accentuate current cooperation actions.
Currently to be had figures point out that after the Chinese nationwide device is in position, emissions trading methods will duvet an estimated 17-18% of world CO2 emissions, in comparison to 9% as of late. The Chinese device is more likely to duvet two times the quantity of emissions as the EU ETS, as soon as it’s totally operational.