The long-awaited national carbon market will put a price on carbon and set emission permits and quotas for energy-intensive industries, will initially cover more than 2,200 companies in China's power sector. When finally online, China's market will overtake the EU ETS to become the world's largest, covering 12 pct of global carbon dioxide emissions, according to the Shanghai Environment and Energy Exchange.
The release noted, the biggest barrier for launching a national market lies in the establishment of a multi-dimensional and flexible trading mechanism "It is very difficult to set a unified cap on carbon emissions because CO2 emissions vary in different regions, as does demand for electricity. Some provinces' energy consumption tilts to hydropower, while others rely on coal and accordingly standards for carbon emissions set at the beginning might be relatively moderate and prudent to reduce the impact on the overall economy," according to the Shanghai Environment and Energy Exchange.
Although China's total energy consumption is expected to be controlled within 6 billion tons of standard coal equivalent by 2030, government anticipates "moderate" carbon emissions growth, and the country's energy consumption from 2020 to 2030 should peak at 800 million tons of standard coal equivalent.
(Source: China Center for Energy Economics Research at Xiamen University, China National Development and Reform Commission, Global Times, 28 June, 2021) Contact: China National Development and Reform Commission,
China Center for Energy Economics Research, Xiamen University, www.energyxmu.edu.cn
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In 2018, China was the eighth-biggest market for U.S. ethanol exports, taking up 52.9 million gallons of the corn-based fuel, according to the RFA. Reaching the 2020 target would have required about 15 million tonnes of the biofuel annually, more than four times current output, or some 45 million tonnes of corn -- roughly 16 pct of the country's current consumption, according to Reuters.
(Source: BOE Report, ETAuto, Reuters, 8 Jan., 2020) Contact: China National Development and Reform Commission, en.ndrc.gov.cn
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