A senior Chinese official has indicated the country, the world’s biggest carbon emitter, has plans to roll out further carbon market schemes from next week.
China is reportedly set to continue the roll out of its high profile carbon market pilot project, with new schemes scheduled to officially launch in the capital, Beijing, and Shanghai.
Earlier this year, Shenzhen became the first of seven Chinese cities to host a carbon-trading scheme as part of the government’s high profile plan to curb greenhouse gas emissions.
According to comments from China’s top climate official, Xie Zhenhua, reported by Reuters Newsagency, Beijing and Shanghai are now the next in line to launch carbon markets with the new schemes expected to come online as early as next week.
Reuters reports Mr Xie said the new carbon pricing mechanisms would “play a very significant role” in the country’s efforts to reduce its carbon emissions.
He said it would provide factories and power plants with a financial incentive to invest in cleaner technologies.
It is expected the three operating pilot schemes will be followed by further trials in the cities of Tianjin and Chongqing, and the provinces of Guangdong where Shenzhen is based and Hubei.
Each of the seven pilot projects are expected to be fully operational by the end of next year.
There are also hopes that if the schemes prove successful they will provide the foundations for a national carbon-trading scheme, which will in turn deliver a major boost to international negotiations to deliver a global climate change deal.
Mr Xie was speaking on the sidelines of the latest round of United Nations climate change talks in the Polish capital, Warsaw.
At those talks negotiations on plans to standardise reporting and management processes for carbon market schemes in an attempt to make it easier for countries to integrate separate national and regional schemes broke down over the weekend.
Media reports suggested diplomats were unable to agree on proposals for new common accounting and transparency standards.
The breakdown came after officials from developing countries demanded that industrialised nations first committed to deliver deeper reductions in emissions.
