China is on its way of halting greenhouse gas emissions skyrocketing each day and thus, emissions trading schemes have been planned by seven of its provinces along with some strict measures, a recent report has unveiled.
It has been found that since the introduction of the EU market in 2005, it has been endeavoring to fight the problem of price instability. And along with volatility, re-usage of credits, permit thefts and tax evasion have also been the leading causes of damaged reputation of the biggest carbon market in the world.
China has been seen to account for a third of the total global CO2 emissions and this is the reason why the Beijing municipal government has thought of implementing a ceiling in the CO2 market.
The country has even been planning to build a new CO2 market at the national level within some 10 upcoming years. Also, it believes that price control mechanisms and regulated markets would do a great bit in avoidance of scandals hitting Europe's scheme of $148-billion.
“China will consider introducing both a price ceiling and a price floor to prevent the dramatic price fluctuation seen in the EU ETS”, the State Council's Development Research Centre’s Chen Jianpeng was quoted as saying.
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