China has launched the world’s largest carbon market in what analysts say is a cautious and limited attempt by the planet’s biggest polluter to cut carbon dioxide emissions.
Buying and selling of greenhouse gas allowances as part of China’s national emissions trading scheme began on Friday after a launch ceremony at the Shanghai Environment and Energy Exchange.
Within the first half-hour, the price per tonne of carbon dioxide equivalent rose from Rmb48 at market open to nearly Rmb53, nearing the daily 10 per cent upper limit, after 160 kilotonnes were traded at a total value of Rmb7.9m ($1.2m), according to Chinese state media.
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