SHANGHAI : China's year-old carbon market has given more than 2,000 power plants a taste of emissions trading, but design flaws and data fraud have meant limited large-scale greenhouse gas reductions and environmental gains, experts say.
"In terms of the impact, in terms of environmental gains, clearly it's been limited," said Matt Gray, co-founder of TransitionZero, a climate think tank. Other ETS, including the world's second-largest in Europe, also took time to get established, but trading volumes have increased steadily since its launch in 2005. Think tank Ember credits the scheme for cutting the continent's coal power emissions by 43 per cent from 2013 to 2019.
China aims to expand the ETS into other industrial sectors as early as this year, with construction materials, steel, and non-ferrous metals all preparing to join. That could pose even bigger challenges when it comes to data accuracy, said Gray.
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