China’s efforts to limit carbon emissions have gone through “some pretty significant changes” in the past year, said Chicago Climate Exchange Inc.’s Jeff Huang.
China now has a dozen environmental exchanges where companies can buy and sell pollution permits after the first three were set up last year in Tianjin, Beijing and Shanghai, according to Huang, the assistant chairman of the Tianjin Climate Exchange.
“There are real efforts in China on the ground by financial people working together with emitters, with the big corporations, about what can be done,” he said in an interview with Bloomberg Television. For example, “can markets be applied in China so that these corporations can meet their compliance goal which is carbon constrained?”
Delegates from 177 countries are in Tianjin in northern China this week to try and negotiate a global agreement on limiting carbon emissions from burning fossil fuels and cutting down forests. China, the world’s biggest polluter, announced ahead of last year’s climate summit in Copenhagen that it would reduce the amount of carbon emitted for each unit of economic growth by as much as 45 percent.
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