Coal news and updates

The success of China’s national emissions trading scheme depends on rapid extension beyond the utilities sector, says a report from the AIGCC and Schroders.

 

A new report from the Asia Investor Group on Climate Change (AIGCC) and Schroders – ‘China Emissions Trading System – A New Dawn’ – claims China’s national ETS has the potential to reduce the nation’s carbon emissions by three to six billion tonnes a year by 2060.

 

This is equivalent to a 30-60% plunge from 2020 levels the report said.

 

The ETS, which started trading on 16 July this year, regulates over 2,200 companies from the power sector, including combined heat & power, as well as captive power plants of other sectors. In total, the ETS is estimated to cover over four billion tonnes of CO2, accounting for 40% of national carbon emissions.

 

This matters in the battle to tackle global warming as China is the world’s largest CO2 emitter, accounting for 28% of global emissions in 2019, due to its heavy reliance on fossil fuel power and heavy manufacturing.

 

President Xi committed the country to a net zero goal by 2060 last September, with details later laid out in China’s latest five-year plan.

 

Source : https://www.regulationasia.com