China keeps cap-and-trade in hand
Insiders believe that China is set to announce the launch of an emissions cap-and-trade scheme as early as the Copenhagen climate talks in December, according to a senior figure in the carbon market who is currently working closely with the Chinese government.
Speaking at The Carbon Show in London, Philippe Chauvancy a director at climate exchange BlueNext, commented that an announcement made last week to develop China’s first standard for voluntary emission reduction projects alongside the government-backed China Beijing Environmental Exchange, could in fact lay the foundations for a voluntary cap-and-trade scheme – Chinese officials on the whole are committed to the idea of a national cap-and-trade scheme and could move quickly over the next few months.
Leaders are meeting in Copenhagen in December to discuss a new international framework revolved around the current Kyoto Protocol – an important first step towards a truly global emission reduction regime – which is coming to the end of its first commitment period in 2012, and therefore opportunity for the Chinese and the Americans to make their statement on cap and trade schemes.
Mr. Chauvancy continues by saying that he is expecting the US to have a national cap-and-trade system up and running in the next two years, but is suggesting that China could beat the US to it, seeing as they have the money and the resources and the will to do it.
Therefore, widely held perceptions that China does not want to take action on climate change are now outdated, as the Chinese government is seen to be committed to tackling the issue.
Other delegates at The Carbon Show also agree that China is in a better position to roll out a carbon trading scheme quite quickly.
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