According to China’s National Development and Reform Commission a national carbon market could be in place in China as early as 2018.
The commission is currently piloting schemes in Shenzhen, Shanghai, Beijing, Guangdong, Tianjin, Hubei and Chongqing, as a prelude to the introduction of a national scheme.
At a recent World Bank conference, NDRC official Wang Shu told delegates that the national Emissions Trading Scheme (ETS) would be based on the outcomes and experiences of the seven pilot regions.
The pilot schemes are due to come to an end in 2016.
Mr Wang’s presentation said a national ETS from 2018 would provide a cost-effective way to cut carbon emissions.
A national Chinese scheme would be a significant demonstration that the world’s biggest carbon emitter was serious about reducing its contribution to climate change.
China and the United States have long been at loggerheads over carbon cuts, dragging down global efforts to deal with the problem.
It is not yet clear whether a national carbon market in China would impose an absolute cap on carbon emissions, or if it would impose a limit that would stall the growth in emissions.
The majority of the regional pilot schemes work on a cap and trade system, but there have been some problems.
In Tianjin, it has just been announced that energy producers and industrial emitters will be given an extra six weeks to comply with the scheme.
The 114 companies involved were supposed to hand over permits to the government for their 2013 emissions on May 31, but that has now been pushed back to July 10.
This means the region will no longer be the first in the country to act, presuming that the other five other pilot regions hand over their permits on time.
The delay is reportedly caused by a late start in verifying emissions data.
Meanwhile, the permit price has declined to around US$4.50 as demand remains low. In other regions, there are reports of companies complaining that the rules of the scheme are unfair.
At the same time Reuters Newsagency reports, in Shanghai companies are reportedly finding it hard to find companies willing to sell permits.
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