Hubei province launched a carbon trading market Wednesday, becoming the sixth Chinese region to take such an initiative as the country deepens efforts to use market mechanisms to reduce energy intensity and emissions, Shanghai Daily reported. A total of 510,020 tons of carbon allowances were transacted on the first day of trading on the China Hubei Emission Exchange, it said. Major participants in Hubei include Hubei Energy Group and PetroChina. China has pledged to cut greenhouse gas emissions per unit of gross domestic product to 40-45 percent below 2005 levels by 2020. Carbon trading is seen as a key tool to help achieve that target while also aiding the country’s industrial restructuring, the report noted.
– Contact HKEJ at [email protected]