Top polluter China starts carbon trade: All you need to know

China launched trading in its national carbon market, though the world’s biggest emissions exchange won’t help the top polluting nation make fast cuts to its climate footprint.

Carbon allowances opened Friday at 48 yuan ($7.42) a metric ton and quickly hit a 10 per cent daily trading limit, according to people familiar with the details. A first transaction of 7.9 million yuan was made at 52.78 yuan a ton, CCTV reported.

That price is a fraction of the rate in the European Union, where carbon touched a record of ^58.64 ($69.22) on July 1, and reflects the limited initial scope of China’s