Why China’s New Carbon Market Is No Quick Climate Fix
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China, which surpassed the U.S. as the world’s biggest polluter years ago, is looking to financial markets to help restrain its greenhouse gas emissions and has launched the world’s largest carbon trading system. But it could be years before the new market has any meaningful effect. Instead of starting off tough on reducing emissions, China’s aim seems to be getting as many companies as it can on board. The question is whether it will be able to follow through on raising standards down the road.