China Launches World's Largest Emissions Trading System
China has taken a significant step in its fight against climate change by launching the world's largest emissions trading system, a move welcomed by Diane Regas of the Environmental Defense Fund Incorporated. This system, covering 3.5 billion metric tons of carbon pollution, builds on successful carbon markets in other countries and aims to cap emissions from over 1,700 companies in the power sector. The new system, initially covering 3.5 billion metric tons of carbon pollution, builds on seven operational carbon trading pilots that have already capped over a billion tons of carbon dioxide. It is designed to hold polluters accountable by making non-compliance costly, with a focus on strengthening enforcement and transparency. China's motivation to reduce emissions is driven by its severe air pollution problem, which claims 1.6 million lives annually. The global community, including news outlets like the NYPost and CNN, is watching China's positive actions on climate change, as this new system can help it deliver on its commitments under the Paris climate accord.
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