China's Carbon Market Dominance | Carbon Market, Emissions Trading System, China, Climate Change

With rising carbon emissions threatening the Earth’s climate, multiple solutions have been proposed to deal with this predicament. A potential one is emissions trading systems or carbon markets, which has already been experimented by the EU and there are already 64 carbon pricing instruments in the world generating $53 billion. But now China, one of the world’s fastest growing and biggest economies, is implementing their own emissions trading system on a national scale. This is ambitious and unprecedented as it is the largest emissions system covering 2225 coal and gas plants as well as 4 billion in carbon emissions. This may be necessary considering that China makes up 30% of world emissions. But how does an emissions trading system work?

Sources:
Forbes article:
https://www.forbes.com/sites/scottcarpenter/2021/03/02/toothless-at-first-chinas-carbon-market-could-be-fearsome/?sh=792cbdd32af1
Global Times article 1:
https://www.globaltimes.cn/page/202106/1225165.shtml
Global Times article 2:
https://www.globaltimes.cn/page/202105/1224874.shtml
Global Times article 3:
https://www.globaltimes.cn/page/202105/1224184.shtml
Icap Analysis:
https://icapcarbonaction.com/en/?option=com_etsmap&task=export&format=pdf&layout=list&systems%5B%5D=55
Oil Price article:
https://oilprice.com/Latest-Energy-News/World-News/China-Carbon-Market-Set-For-Explosive-Growth.html
World Bank article:
https://www.worldbank.org/en/news/press-release/2021/05/25/carbon-prices-now-apply-to-over-a-fifth-of-global-greenhouse-gases
ECNS article:
http://www.ecns.cn/news/2021-05-25/detail-ihamrehu6721769.shtml
China Dialogue article:
https://chinadialogue.net/en/climate/chinas-national-carbon-market-is-about-to-launch/

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