China intends to become the second market in the world (after the European Union) for the trading of emission quotas (of CO2). Two markets have already been opened, in Shenzhen (June) and Shanghai (November 26) while yesterday Beijing inaugurated the third. The trading of allowances covers about 500 companies responsible for 40% of emissions, and those who pollute the most can buy the allowances allocated to those who pollute the least.
Experts, however, say many problems will need to be resolved before the system can be used effectively across the country (markets in Tianjin, Chongqing, Hubei and Guangdong are on the waiting list). Progress needs to be made in the regulatory, inspection (emissions must be controlled by an independent authority), and allocative (the overall quotas allocated to each area of the country must be calculated taking into account its industrial potential and citizens' preferences with respect to environmental protection. 'environment).
Meanwhile, the introduction of a 'carbon tax' is also being debated: the fight against pollution needs to be conducted on several levels. A first level is the use of the market (of emissions), the second level is the tax one (carbon tax), the third level is that of quotas. On the latter, yesterday Beijing announced that the number of new license plates granted for the capital (and assigned every year with a lottery) will be drastically reduced from 2014 (from 240 to 150), and within the quota the number of 'new energy' cars.
http://www.chinadaily.com.cn/business/2013-11/29/content_17139994.htm
http://www.chinadaily.com.cn/business/2013-11/29/content_17139295.htm
