November 25, 2013 – China plans to launch seven pilot carbon trading schemes within 2014 to reduce its carbon emissions rate and also upgrade its industries, reports Reuters. Two pilot carbon schemes starting this week in Beijing and Shanghai to reduce choking smog and can help determine the best system for the rest of the cities. The new platforms will force industrial firms to buy credits to cover any CO2 they emit above allocated quotas and also move Beijing closer to sustainable development target. Shenzhen is already in operation and already branding itself as China emissions exchange and hoping its early start will give an advantage for a nationwide trade.
China’s Xinhua news agency reports that China aims to cut the ratio of greenhouse gas emissions to its gross domestic product to between 40 percent to 45 percent lower than 2005 levels by 2020. Xie Zhenhua, head of the Chinese delegation and vice chairman of the National Development and Reform Commission, said during the high-level segment of the Warsaw Climate Change Conference on November 20 that China will continue to step up its efforts to address climate change in a bid to achieve the target of reducing CO2 emissions per unit of GDP by 40 to 45 percent by 2020 from the 2005 levels.