28 November 2011 – China’s plan for seven pilot carbon market schemes across the country has been welcomed by the Minister for Climate Change and Energy Efficiency, Greg Combet.
The pilots are expected to start in 2013, across Beijing, Tianjin, Chongqing and Shanghai as well as the industrial regions of Shenzhen, Hubei and Guangdong.
“This is a significant announcement from the Chinese Government, which will see carbon markets in major cities and regions covering over 200 million people in China,” Mr Combet said.
“China’s intention to expand these pilot schemes into a nation-wide trading system from as early as 2015 is a ringing endorsement for the future growth of global carbon markets. “
Australia is also supporting the World Bank’s Partnership for Market Readiness, which is helping developing countries set up carbon markets, Mr Combet said.
Already eight countries including Chile, Colombia, Mexico, Indonesia, Thailand and Turkey, have received funding to help them design and implement market-based schemes.
By 2015, more than 800 million people worldwide could be living in countries with emissions trading schemes. This is equivalent to more than half the population of the developed world, the Minister said.