China intends to open a national carbon trading scheme in two years’ time according to reports.
The start date of 2016 is quicker than expected, with officials suggesting it is a bigger priority for the government.
Wang Shu, at the climate division of Chinese planning agency the National Development and Reform Commission told Bloomberg: “We’ve brought forward this plan because it’s been prioritised in the central government’s economic reforms.”
Commentators said the move would encourage companies to take carbon schemes more seriously.
Jian Wei Lim, Analyst for Chinese Carbon Markets at ICIS Tschach said: “Previously, many Chinese companies were unwilling to invest much resources or time in setting up a proper carbon management team due to the uncertainty of the continuity of carbon trading in China.”
It may not be an easy feat, he added: “A national carbon market in 2016 is a very ambitious target due to many possible problems such as the transition from the pilot schemes to the national scheme, involving the non-pilot regions, the need for supporting functions (e.g. verification companies), etc.”