should have sent yesterday
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China Considers Rules on Proposed Domestic Carbon Trading Plan
2010-10-28 07:40:03.105 GMT
By Dinakar Sethuraman
Oct. 28 (Bloomberg) -- China, the world's biggest polluter,
is discussing rules to implement a domestic carbon-trading
market to reduce emissions and promote clean-energy industries,
an official said.
"We want to introduce a new system in China to build our
own carbon market," Huan Chen, deputy director general at China
Clean Development Mechanism Fund, said in an interview at the
Carbon Forum Asia 2010 conference in Singapore today. The carbon
trading plan is a part of China's 12th five-year plan.
The government is studying existing carbon market systems
such as the United Nations Clean Development Mechanism, the
European Union cap-and-trade system and voluntary carbon markets
in the U.K., as it examines rules for a domestic plan, Chen said.
The proposed carbon market may be enforced in certain regions or
for some industries, and there has been no decision if emission
caps will be voluntary or mandatory, he said.
China has pledged to cut its output of carbon dioxide per
unit of gross domestic product by 40 to 45 percent in 2020 from
2005 levels. It has reduced energy intensity by 15.6 percent
from 2006 to 2009 and the government has said it may be
difficult to meet the 20 percent reduction five-year target by
the end of this year.
Chen, whose fund can invest or lend as much as 2 billion
yuan a year ($300 million) for clean energy projects in China,
didn't give a timeline for a domestic carbon trading market.
For Related News and Information:
Renewable-energy markets: RENE <GO>
Top renewable-energy news: GREEN <GO>
Most-read alternative energy stories: MNI ALTNRG <GO>
--Editors: Clyde Russell, Alex Kwiatkowski.
To contact the reporter on this story:
Dinakar Sethuraman in Singapore at +65-6212-1590 or
dinakar@bloomberg.net
To contact the editor responsible for this story:
Clyde Russell at +65-6311-2423 or
crussell7@bloomberg.net
