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Climate Change

China's national carbon trading market eyes June debut in Shanghai

Exchange anticipated to have up to 10,000 participants by 2025

China was responsible for 30% of the carbon dioxide emissions worldwide in 2019.   © Reuters

SHANGHAI -- China will launch a nationwide carbon trading market in Shanghai by June, officials said, in what could be a major step forward in President Xi Jinping's ambitious goal to transform the world's biggest greenhouse gas emitter into a net-zero emissions country by 2060.

China has relied on coal-fired electricity to fuel much of its industrial boom, leading to rampant pollution. Carbon trading markets, in theory, offer a solution by forcing the biggest polluters to buy credits from others who run cleaner operations, creating an incentive to cut carbon emissions.

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