The world’s biggest carbon market coming soon

China green eco flagA few weeks ago a I wrote a piece about the city of Beijing banning coal-fired electricity by the year 2020. Although this is a great step for a single city, it was only a very small step of marathon journey China would have to take to clean up its act as the world’s largest emitter of greenhouse gases.

The good news it hasn’t taken long for China’s next step – which is mammoth in comparison – to become global news. For those interested I highly recommend reading this article by Reuters. Here are the opening paragraphs to wet your appetite:

China plans to roll out its national market for carbon permit trading in 2016, an official said Sunday, adding that the government is close to finalising rules for what will be the world’s biggest emissions trading scheme.

The world’s biggest-emitting nation, accounting for nearly 30 percent of global greenhouse gas emissions, plans to use the market to slow its rapid growth in climate-changing emissions.

China has pledged to reduce the amount of carbon it emits per unit of GDP to 40-45 percent below 2005 levels by 2020.