• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 7 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Are you aware of Oil Price short videos on our energy topics?
  • 15 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 18 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 411 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
The Battle For Oil Market Share Heats Up Within OPEC

The Battle For Oil Market Share Heats Up Within OPEC

Middle Eastern producers have maintained…

How Much Oil Can OPEC Realistically Add?

How Much Oil Can OPEC Realistically Add?

Years of underinvestment and shut…

China Starts Emissions Trading As It Aims For Net Zero By 2060

China, the world's largest polluter, launched on Monday an emissions trading scheme as part of its efforts to become a carbon-neutral economy by 2060.

The Chinese authorities introduced as of February 1 a set of rules for carbon emissions trading management, a step toward creating a nationwide unified emissions trading system (ETS), Chinese news agency Xinhua reports.

As many as 2,225 power companies in China will have carbon dioxide (CO2) emission caps, and they can now trade their emission quotas via the system. Under the emissions trading scheme, firms that have exceeded their emission caps will be able to buy emission quotas from companies with lower emissions that haven't reached their caps yet.

China aims to have its emissions peak by 2030 and to be carbon neutral by 2060.  

Experts, however, are concerned that China continues to expand its coal production, while the fines for firms that exceed their quotas under the emissions trading scheme are too low to incentivize full compliance.

The fines are "too low to act as a deterrent," Zhang Jianyu, vice-president of the Environmental Defense Fund China, told AFP.

"China is pursuing ambitious build-up of zero-carbon energy and has set a long term goal to be carbon neutral (but) the carbon market in its current form just isn't going to play much of a role in realizing these ambitions," another analyst, Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, told AFP.

A month after China announced last September that it would aim to become carbon neutral by 2060, Wood Mackenzie analysts said in a new report that Beijing's plan to reach carbon neutrality by 2060 could end up costing it $5 trillion.

"The hefty bill is the total sum required for additional power generation capacity to accommodate the growth in electrification by 2050," Wood Mackenzie noted.

China is the biggest emitter of carbon dioxide, but it is also the biggest investor in renewable energy projects. However, the country's emissions are still on the rise, and they will only peak in 2030, under current decarbonization plans.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News