Shenzhen announces start date for emissions trading

Shenzhen, a city of 11 million people just north of Hong Kong, has announced that it will begin emission trading on June 17. Shenzhen is one of the seven Chinese cities and provinces that have been developing pilot programs for carbon emissions trading. The hope is that these pilot programs will serve as a basis for a future emissions trading scheme that would span the entire country.

The announcement of an opening date for the Shenzhen carbon market is significant because it is the first such announcement for any of the pilot programs. Pilot programs are also slated to open this year in Beijing, Shanghai, Guangdong, Tianjin, Chongqing and Hubei. However, no specific dates have been announced.

The Shenzhen program will start with 635 companies trading emissions. Collectively, these companies emit 31.7 million tons of greenhouse gases, which is equivalent to 38 percent of Shenzhen’s total.

Read the full article at Bloomberg Businessweek.

Photo credit: Wikimedia Commons
Jonathan Moch is an intern with ChinaFAQs