Carbon market a 'huge pillar' of China's climate neutrality by 2060 bid
CGTN Europe • 3m 55s
China begun its bid to achieve carbon neutrality by 2060 in earnest with the launch of the Emission Trading Scheme (ETS) at the beginning of February.
It follows a process called "cap-and-trade," and is seen as an alternative to a carbon tax. The aim is that market forces will help reduce CO2 emissions – but how?
To emit one ton of carbon – about the amount produced during a one-way flight from Beijing to London for one person – businesses will need to purchase a carbon credit. If a company produces more carbon than it is permitted by the credits it has, it must buy more credits, while those that do not use their credits are allowed to sell them on to those who need them. Therefore big polluters are punished, while those cutting back are rewarded.
🔴 Subscribe to CGTN Europe Youtube channel for all the latest on Business, Technology, Environment and Current Affairs
🔴 Follow CGTN Europe on social media 👇🏼
Facebook: https://www.facebook.com/cgtneuropeof...
Instagram: https://www.instagram.com/cgtneurope/
Twitter: https://twitter.com/CGTNEurope
Up Next in CGTN Europe
-
Cause for optimism on climate action
Ma Jun who leads the Institute of Public & Environmental Affairs, said last week's World Economic Forum (WEF) showed growing international consensus on the need for action.
Read more: https://newseu.cgtn.com/news/2021-02-02/Cause-for-optimism-on-climate-action-says-Chinese-environmentalist-X...
-
Reforesting: the scientific art of pl...
Climate change was one of the hot topics of this year's virtual World Economic Forum. Luckily, one of the best options for cutting carbon emissions is relatively easy – planting trees.
But there's concern among scientists that it's not being done right – to the extent it could actually harm the ...
-
New COVID-19 rules in France and Port...
France stops short of a full national lockdown but bans all non-essential travel from outside the EU, while Portugal closes its land border with Spain to stop the spread of the new variants of the virus.
In Hungary, protesters gathered at the Heroes square in Budapest to demonstrate against the ...
