Brussels, 28/06/2016 (Agence Europe) - Reducing greenhouse gas emissions at reasonable cost by means of an emissions quota trading system that combines carbon pricing and emissions capping will feature prominently in the visit to China by European Climate Action and Energy Commissioner Miguel Arias Cañete on Wednesday 29 and Thursday 30 June (see also other article).
The commissioner is due to take part in the EU-China Carbon Market Industry Leaders Forum and, on the sidelines of this event, will announce a new EU-China emissions trading cooperation project.
A nationwide carbon market will be launched in China in 2017. In 2014, China launched a market mechanism similar to the European emissions trading scheme (ETS). The new project will build on the existing cooperation project which started in 2014 and has supported the roll-out of seven pilot schemes across the country.
The EU is continuing to work on a global carbon market linking its ETS with similar schemes in countries such as South Korea, New Zealand and China. In July 2014, Australia decided not to set up an emissions trading scheme. (Original version in French by Aminata Niang)