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China is launching the largest carbon market in the world this month, giving financial incentives to power plant operators to reduce their emissions.

 

Experts hope that it will be pivotal in helping the country meet its ambitious carbon targets. For now, the market only covers a single sector and lacks the strict regulations seen elsewhere.

 

In most carbon markets, governments set a cap on emissions by industry, allowing companies to buy or trade credits while staying under a fixed limit. But China’s new carbon market doesn’t have a cap.

 

Instead, the focus is on the efficiency of power plants.

 

Source : https://www.pri.org/stories