The article in the url below reports on a recent announcement by the Chinese government that it is planning:
"…what will be the world's biggest emissions trading program."
The program, which would be launched nationwide in 2016, would immediately become the world's most important market-based model for reducing carbon emissions:
"The Chinese market, when fully functional, would dwarf the European emissions trading system, which is now the world's biggest. It would be the main carbon trading hub in Asia and the Pacific, where Kazakhstan and New Zealand already operate similar markets. South Korea will start a national market on Jan. 1, 2015, while Indonesia, Thailand and Vietnam are drawing up plans for markets of their own."
The market is designed to significantly alter the country's carbon footprint, which is large and growing:
"China has pledged to reduce the amount of carbon it emits per unit of its gross domestic product to 40 to 45 percent below its 2005 levels by 2020."
These targets compare to the U.S. government's 2009 commitment to decrease emissions by 17% below its 2005 level by 2020.
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David Chandler & Bill Werther
Strategic Corporate Social Responsibility: Stakeholders, Globalization, and Sustainable Value Creation (3e)
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China Plans A Market for Carbon Permits
September 1, 2014
The New York Times
Late Edition – Final