Zurich, Switzerland, 19 December, 2017 - Chinese national emissions trading system shows further uptake of carbon pricing schemes globally: South Pole welcomes launch of world's largest carbon market
Sustainability solutions provider South Pole welcomes the launch of China's national carbon market, announced today, which marks a monumental step for both China and for global efforts to tackle climate change. With the inauguration of the Chinese national emission trading system (ETS), carbon markets will cover close to 50% of the world's GDP and 25% of global emissions. "The launch of the Chinese ETS is another welcome milestone in global climate action," says Jeff Swartz, Director Climate Policy & Carbon Markets, South Pole. "We hope to see that the market will be open to foreign participation, that it will have transparent systems in place to monitor emissions data and carbon pricing, and that the carbon price under China's ETS will deliver meaningful emissions reductions across China's growing economy."