Below is a short article on China’s state of Clean Development Mechanism(CDM) under Kyoto Protocol, and future of China’s low carbon, green development:
http://www.epciu.com/Html/0908/17/3471B33FF1937070.html
Carbon Trading Prelude To Low Carbon Economy
Environmental China, 8/17/2009
(Carbon trading market is a hopeful prelude to “low carbon economy”. Beijing Environmental Exchange CEO Mei Dewen says China, being the nation with largest carbon resource, has tremendous development potential in carbon trading. Thru Clean Development Mechanism, in 2012 China may receive 1.8 billion tons of carbon trading credit, as much as several hundred million USD.)
China’s carbon-based economy is a must, says Mei Dewen. Establishing exchange, develop products, speedy connection with international channels, Mei believes, developing market and pricing mechanism, attracting qualified financial institution and enterprises, is central to the future of carbon-based economy.
As 2005 Kyoto Protocol framework relates to China, in recent years, global carbon trading and marketplace had exponential growth, From 377 million Euro in 2004 to 91 billion Euro in 2008, with expert projection of 140 billion Euro in 2012, surpassing oil market as largest marketplace.
Carbon trading and derived financial market is on the horizon. According to World Bank’s estimate, half of the 5 billion ton emission reduction target by developed nations will be realized from CDM, and China have the potential for 35% to 40% of the global CDM.
However, financial development area is lacking, Mei Dewen says. Although China has the largest carbon capital, carbon economy and carbon trading are left and rigt legs, without support from carbon economy, China will lose out on carbon trading like pricing mechanism, and lose out on opportunity in development of new financial sector.
Currently, carbon trading is mostly monopolized by developed nations, such as ETS in EU, ETG in UK, and CCX in US. Although China has established environmental exchanges in Beijing, Shanghai, Tianjing, these 3 exchanges are limited to conservation and environmental protection technology transfer transactions, and still far from monetizing on carbon trading. China’s carbon marketplace development not only far behind developed nation, it’s even behind India.
In concrete terms, China’s carbon trading is akin to farm commodity market, while India’s carbon trading has elevated to level of currency market. Mei says, India’s carbon marketplace development is more advanced than China, in terms of trading platform or CDM capability. India’s carbon credit is 2-3 Euros more per ton than China.
In the second part of our interview with Robert Compton, We delve more deeply into his film “Two Million Minutes” which looks at the pre-university educational systems of India and China and compares them to the equivalent curriculum in the United States. Some of the topics discussed are:
What does China have as a national bird? Well, it doesn’t yet.
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