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Carbon emission trading to become China's new financial product |
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16:08, August 27, 2009 |
China's fuel oil futures world's No. 3
Carbon emission trading will become a new financial product and be traded on China's exchanges, said Mei Dewen, general manager of China Beijing Environmental Exchange (CBEE) on August 26.
Xie Zhenhua, vice minister in charge of the National Development and Reform Commission (NDRC), also noted that exploratory emission trading would be open to certain fields. Industry insiders believe that Xie's words reflect the government's positive attitude.
Experts predict that by 2012, the world carbon emission trading market may surpass the oil market as the largest global trading system. The World Bank estimated that China would take 35 to 45 percent of the world potential for CDM project activities by 2010.
China has already established a carbon emission trading system led by the CBEE, Shanghai Environment Energy Exchange and Tianjin Climate Exchange. However, unlike carbon emission trading markets in the Europe and the U.S., divisible standardized futures contracts are not included in China's three emission exchanges.
China has the largest carbon resources in the world and is the leading country in the world pipeline of CDM projects. But if China fails to establish its carbon trading market quickly enough, it may lose its pricing rights in the global carbon emission market, said Mei.
By People's Daily Online
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