China launches the world’s largest carbon market to curb emission levels

The State Council of China is set to launch its much delayed carbon emission trading scheme. The government has announced that during the first phase of the scheme, emission quotas will be set for companies in the power sector producing more than 26,000 tonnes of carbon per year. The trading will involve around 1,700 power companies, which produce a total of over 3 billion tonnes of carbon annually. The scheme, expected to be the world’s largest carbon trading scheme, is a major step being taken by China in its efforts to reduce carbon emission levels and a signal to the industry to strive in the same direction.

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