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China’s first steps to build what is destined to be the world’s
second-biggest emissions market are boosting the prospects for fledgling
programs from Australia to California.
Four cement makers in
China, the world’s biggest emitter, bought 1.3 million pollution permits
for 60 yuan ($9) a metric ton last month in Guangdong. The province
plans the largest of seven pilot programs for a proposed national market
within three years. Exchanges will trade permits to emit an estimated 1
billion metric tons of greenhouse gases a year by 2015, close to half
the volume in the European Union system.
By setting its own
emission limits and allowing polluters to buy and sell permits, China’s
domestic market is set to dwarf its own participation in the UN market,
Bloomberg New Energy Finance forecasts...