EU steps up cooperation on emissions trading with China: new €10 million project announced
01 July 2016 | Markets
The European Commission is to step up its collaboration with China on emissions trading, with a new 10 million EUR (more than 70 million yuan) cooperation project. EU Climate Action and Energy Commissioner Miguel Arias Cañete made the announcement during a visit to China, where he is meeting Chinese officials as well as EU industries and businesses. The three-year project, which starts in 2017, will enhance EU-China cooperation on emissions trading and coincide with the launch of a nationwide carbon market in China. It will build on the existing cooperation project which started in 2014 and has supported the roll-out of seven pilot schemes across the country.
Commissioner Arias Cañete said: "China is sending an important signal as we embark on our journey to implement the new global climate change agreement: that emissions trading is a cost-effective way to cut greenhouse gas emissions. The world's second largest economy will be using emissions trading to reach its Paris pledge – and not in the distant future, but next year. With more than a decade of experience with the EU emissions trading system, the EU is well placed to support China. Cooperation between the two largest emissions trading systems in the world will send a strong signal to other countries as they prepare to implement their Paris commitments."
As well as addressing challenges related to the setting up of a national emissions trading system, the new cooperation project will also establish a regular dialogue to discuss developments on emissions trading in China and the EU.
Source: European Comission