ADB to design China’s pilot carbon trading platform in Tianjin
25 January 2012 08:31 [Source: ICIS news]
SINGAPORE (ICIS)--The Asian Development Bank (ADB) will help to design ?xml:namespace>China’s pilot carbon trading platform in Tianjin via a technical assistance grant equivalent to $750,000 (€577,500), the multinational institution said on Wednesday.
It will also assist in developing the trading rules and regulatory framework for a “cap-and-trade” based emissions trading system in China, which is considered to be the world’s biggest emitter of greenhouse gases, the ADB said in a statement.
“This pilot [in Tianjin] will provide valuable lessons for the design of a nationwide system to reduce the carbon intensity of the Chinese economy,” Pradeep Perera, senior energy specialist in ADB’s east Asia department, said in the statement.
Tianjin is one of five cities where China will pilot carbon trading. The other four are Beijing, Shanghai, Chongqing and Shenzhen.
The Chinese government is also eyeing the provinces of Hubei and Guangdong as pilot areas for carbon trading.
“Cap-and-trade based emission trading allows market participants to turn emission savings into a tradable commodity and provides market-based incentives for industries to reduce their use of carbon-emitting fossil fuels,” said the ADB.
($1= €0.77)By: Pearl Bantillo +65 6780 4359
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