China CO2 trading unlikely to be ‘fully functional’ by 2021: poll

BEIJING (Reuters) – China’s nationwide emissions trading scheme (ETS) is unlikely to be “fully functional” by 2021, according to a poll published on Tuesday, reflecting the challenges Beijing has faced since launch plans were announced in 2015. China, the world’s biggest source of climate-warming greenhouse gas, is working on the launch of a trading mechanism that will allow industrial firms to buy and sell carbon emission permits, although a precise timetable has not been given. Most industry stakeholders forecast the first trade – originally expected to happen by the end of 2020 – could be delayed until next year as authorities iron out final details, according to the 2020 China Carbon Pricing Survey. Only 12% of the 567 respondents expected a “fully functional” nationwide ETS by 2021. Still, nearly three quarters believed the network will be fully operational by 2025, with “key building blocks” like monitoring and verification, as well as related legislation, all in place. The poll, conducted before President Xi Jinping’s September promise to make China “carbon neutral” by 2060, showed the sector remains clouded with uncertainty, with more than 40% of respondents predicting the COVID-19 outbreak would delay the launch by six months. China’s leading climate change… continue reading

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