Shenzhen, a Special Economic Zone designed to promote market policies in China, will begin emissions trading on June 17, the first announced start date among the country’s regional carbon exchanges.
Mayor Qin Xu announced the schedule in an interview with the Shenzhen Daily newspaper. While Beijing and Shanghai may also start their carbon markets in June, Shenzhen is the first to set a specific date, according to analysts at Bloomberg New Energy Finance.
China, the world’s biggest emitter, has approved pilot programs to cap and trade emissions in seven manufacturing centers as part of its plan to reduce greenhouse gases per economic unit by as much as 45 percent before the end of the decade. The nation will regulate 800 million to 1 billion metric tons of emissions by 2015 in the world’s biggest cap-and-trade program outside of Europe, New Energy Finance forecasts.
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