TOKYO/SEOUL/SHANGHAI -- Asia's nascent market for buying and selling carbon emissions has been boosted after China, the world's biggest polluter, launched a long-awaited national trading system.
Trading began in Shanghai on Friday with an opening price of 48 yuan ($7.40) per ton of carbon, and the first deal traded at 52.78 yuan per ton. Some 160,000 tons worth 7.9 million yuan were traded. Local media Yicai reported that in five years' time the market could reach 7 billion tons annually, with a market value of 600 billion yuan.
