Nov. 4 (Bloomberg) -- China’s Industrial Bank Co. signed an agreement with the Shanghai Environment and Energy Exchange to finance trades on the city’s planned carbon emissions market.
Industrial Bank will collect deposits, provide liquidity and supervise trading funds for transactions on the exchange’s platform, the bank said on its website yesterday. Shanghai will launch a pilot carbon trading program by 2013, which will be expanded nationwide by 2015, the statement said.
China is prioritizing the creation of a carbon-trading market, Xie Zhenhua, a vice chairman of the National Development and Reform Commission, said on Sept. 22. The nation has pledged to cut the carbon it emits per unit of economic output by as much as 45 percent in 2020 from 2005 levels.
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