On February 1st China’s carbon-trading market went live, a decade after it was first mooted, offering a glimpse of hope that the severe pollution the country generates might be curbed. The general principles of the emissions-trading system reflect global standards, and slow implementation has been par for the course in other places. But there are two reasons to worry that Beijing may not get carbon trading right.’s scope.
Benchmarks based on the type of fuel burned will influence efficiency within existing technologies, but it will not encourage a shift to greener ones. Such a system, says Mervyn Tang of Fitch, accommodates the energy needs of China’s high rate of economic growth. But policymakers have yet to say when they will move to an absolute emissions cap—a step considered necessary to clear China’s smoggiest cities.
The council has already consulted the country’s powerful manufacturing and energy lobby, but there is no word on when a final set of rules will be produced. Until then, full backing for the carbon market will remain elusive.
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