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Paris climate agreement brings challenges to China


04-22-2016 16:48 BJT

Full coverage: Paris Climate Agreement

The Paris climate agreement will bring challenges to China. According to the agreement, China will try to reach the carbon dioxide emission peak by 2030 or earlier. Meanwhile, the country will cut its carbon dioxide emissions per unit GDP by 60 to 65 percent compared to 2005's level.

China will make a strong effort to achieve the goal, including officially launching the carbon emission permits trade nationwide from 2017. It's estimated that the trade volume will surpass 10 billion yuan in five years.

In fact, China has conducted carbon trade trials for over 5 years. There were seven trial carbon trading markets in China by last December with a quota of 1.2 billion tons per year. Those markets covered more than 2,000 companies, and traded about 48 million tons of carbon dioxide in 2015.

Analysts also said that if China launches carbon futures products, the value of the country's market would soar to 400 billion yuan. That would make it the third largest commodity market in China.

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