BEIJING - China launched its long-awaited emissions trading system on Friday, a key tool in its quest to drive down climate change-causing greenhouse gases and go carbon neutral by 2060.
China's economic and energy policies are becoming more aligned with the government's environment goals, according to Zhang Jianyu, vice-president of Environmental Defense Fund China.China first announced plans for a nationwide carbon market a decade ago, but progress was slowed by the influential coal-industry lobby and policies that prioritised economic growth over the environment.
"China's coal, cement and steel production have all gone up as the government pours in billions of dollars to energy-intensive sectors to boost growth after the pandemic," Myllyvirta said.Another concern for environmentalists is the low price China is placing on pollution. Opening trade at the market in Shanghai started off at 52.7 yuan per ton of carbon on Friday morning. The average carbon price in China is only expected to hover around $4.
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