China pilots programs to meet carbon targets
On June 18 China’s pioneering city of Shenzhen is set to notch up another first. From that day 635 companies in the Shenzhen Special Economic Zone—which in 1979 became the vanguard for China’s capitalist revolution—will start using the markets to help meet greenhouse gas emissions targets.
This year, alongside the cities of Beijing, Shanghai, Tianjin and Chongqing as well as the regions of Guangdong and Hubei, Shenzhen is imposing greenhouse gas targets on hundreds of companies, ranging from power plants to airport operators. The goal is to develop a national carbon market over the next decade that could help put the brakes on the world’s largest carbon dioxide emitter.