Climate change: with Biden in office and Chinese emissions trading scheme on way, a new air of optimism
- The first steps towards China’s national emissions trading scheme have brought a fresh push towards action on climate change
- Biden’s election and carbon credit markets are other reasons for the buoyant mood, though activists are sceptical of ‘greenwashing’
Ahead of the United Nations Climate Change Conference (COP26) in November, global momentum for action is increasing as governments, businesses, experts and civil society seek common ground on reaching net zero carbon emissions by 2050. This is the first in a year-long series of stories by the SCMP Asia desk on the key climate issues up for debate.
After several delays, rules surrounding China’s national emissions trading scheme (ETS) will come into effect on February 1 – and climate change observers say this will add to the global momentum on addressing the crisis that has been building in recent weeks.
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Nonetheless, trading will not begin immediately on the new ETS, first mooted in 2017.
Instead, some 2,225 power operators and related entities that account for 14 per cent of the world’s carbon dioxide output will be allocated pollution allowances for the full year.
