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China's carbon market still ranks as world's biggest

China has unveiled a programme that encourages companies to reduce their emissions so they can sell unused carbon allocations


The world’s biggest polluter is going to need the world’s biggest carbon market in its fight against smog. China on Tuesday unveiled a trading system for carbon emissions that surpasses the European Union in size and scope, even after the Asian nation scaled back its ambitions for the programme. The announcement was a boost for global efforts to rein in the climate-warming pollutant, as the US pulls back from a leadership role and trading systems elsewhere are still struggling. “It is a big vote of confidence for climate change initiatives globally from the ...

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First Published: Tue, December 19 2017. 21:31 IST