News Picks : China opens its largest carbon emissions market
23 December 2013
New York Times: The largest carbon emissions permit exchange market in China opened in Guangzhou, in Guangzhong Province, on 19 December. The totals on the first day of trading surpassed the combined totals of the three other markets in China. The markets—with three more expected to open in the next few months—are part of the country's plan to cut its carbon dioxide emissions to 40–45% of 2005 levels by 2020. Guangdong's market sets a cap of 350 million metric tons per year for CO2 emissions from 242 major power generators and cement, iron, and steel producers. The companies will pay for 3% of their expected emissions this year, with the share increasing in the future. Although the plan will eventually include textile, paper, and metal producers, no timetable has been set for the expansion.