China's official launch of its national emissions trading system last week marks a significant step in its commitment to reducing greenhouse gas emissions and its pending emergence as the world's largest carbon market.
China's national emission market will initially cover only the power sector, comprising some 1,700 power sector facilities, before gradually expanding to cover other industries. Yet even with just that single sector, it will start as a 3 billion carbon ton market, dwarfing the European Union's 1.75 billion tons.
