China will launch markets in the provinces of Guangdong and Hubei, and in four cities – Beijing, Chongqing, Shanghai and Tianjin, as it attempts to control its rising emissions, according to Point Carbon. In another article, Point Carbon notes
The central government is planning to use carbon trading as one of a range of measures to reach its aim of cutting the carbon intensity of its economy 40-45 per cent below 2005 levels by 2020.
News of China’s markets brings up questions about how the markets will work with CDM and how to deal with issues of double counting. The six schemes are expected to start in 2013 and will have different designs. The central government wants to pilot different market types before scaling up to a national one in 2015.