China has taken the first step in its pledge to cap carbon emissions by 2030 after confirming plans to launch a nationwide carbon market.
Su Wei, an official at the climate change department under the National Development and Reform Commission, confirmed in Beijing plans to craft an emissions control plan and rules for carbon-permit trading.
Greater detail of both initiatives could be announced as early as next year with the market officially opening in 2016.
The announcement comes after China’s President Xi Jinping struck a deal with US President Barack Obama. Under the historic agreement China, the world’s largest greenhouse gas emitter, will begin reducing its total carbon dioxide emissions over the next 15 years. The country plans to cut its carbon intensity by 45% under current plans.
Prior the agreement, seven test regions in China traded a combined 13.75 million metric tons of carbon dioxide, totaling 500million yuan ($81million).
Recommended for you
