News / Science & Technology

Beijing Opens Carbon Trading Scheme to Fight Emissions

FILE - Steam billows from a chimney of a heating plant near the World Trade Centre Tower III, a 330-meter-tall (1,083 feet) skyscraper, in central Beijing.
FILE - Steam billows from a chimney of a heating plant near the World Trade Centre Tower III, a 330-meter-tall (1,083 feet) skyscraper, in central Beijing.
Reuters
Beijing became the third Chinese city to launch a carbon trading scheme on Thursday, hoping to better regulate soaring CO2 emissions from its main power generators and manufacturers. First trades are reported to have gone through at 50 yuan per permit.
 
The capital’s scheme follows newly established markets in Shenzhen and Shanghai, with Guangdong province set to open one in December that will be the second-biggest in the world after the European Union.
 
The regional markets are part of China's strategy to cut its greenhouse gas emissions per unit of GDP to 40-45 percent below 2005 levels by 2020 as the country seeks to limit climate change, address future energy security issues and stave off international criticism for being the world's biggest emitter.
 
The China Beijing Environment Exchange (CBEEX), which hosts trading in the Beijing market, said two bilateral trades for a total of 40,000 permits had been registered on Thursday at 50 yuan per permit. Each permit represents one ton of carbon dioxide.
 
State-owned oil and gas company Sinopec Corp and investment bank CITIC Securities each bought 20,000 permits.
 
In addition, a smaller deal for 800 permits went through on the exchange at 51.25 yuan.
 
In comparison, emission permits closed on Wednesday in Shenzhen at 80 yuan and in Shanghai at 28 yuan. The different in price levels shows it is still early days for market participants and that there is great deal of uncertainty about whether permits are scarce, according to observers.
 
The Beijing emissions trading scheme will rein in emissions from 490 power and heat generators, manufacturers and large buildings in China's smoggy capital.
 
The government has not released information on how many permits have been issued to scheme participants, but has said 42 percent of the city's total CO2 emissions will be covered.
 
Coal-fired power plants, which contribute to Beijing's huge air pollution problem and were linked in June to 60 percent of the region's premature deaths in a Greenpeace report, will receive free permits for 2013 equal to 99.9 percent of their average emissions over 2009 to 2012.
 
By 2015, the amount will drop to 99.5 percent.
 
Manufacturers will receive permits this year equal to 98 percent of their historical emissions, falling to 94 percent in 2015.
 
Those that emit more than they have permits to cover can buy additional ones, formally called Beijing Emissions Allowances (BEAs), from others or use offset credits issued by the central government, known as Chinese Certified Emissions Reductions (CCERs).

You May Like

Video Miami Cubans Divided on New US Policy

While older, more conservative Cuban Americans have promoted anti-Castro political movement for years, younger generations say economically, it is time for change More

2014 Sees Dramatic Uptick in Boko Haram Abductions

Militants suspected in latest mass kidnapping of over 100 people in Gumsuri, Nigeria on Sunday More

Video Cuba Deal Is Major Victory for Pope

Role of Francis hailed throughout US, Latin America - though some Cuban-American Catholics have mixed feelings More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Sudan School Becomes Target of Aerial Attacksi
X
December 19, 2014 12:45 AM
The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Putin Says Russian Economy Will Emerge Stronger

Russian President Vladimir Putin has said his country's sinking economy will not only recover but also become stronger, despite falling oil prices and Western sanctions over Ukraine. VOA's Daniel Schearf reports.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.

All About America

AppleAndroid