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China's central bank has drawn up a tentative outline for a domestic emissions trading scheme that could cover everything from greenhouse gases to water pollutants, and speed the country's push for greener growth. It is the first sign that Beijing is seriously considering a comprehensive national strategy to force its companies to either control their pollution or pay for their excess, as it struggles to meet its own tough environmental goals. A quota scheme would also help the country keep track of greenhouse gasses at a time when it is coming under international pressure over its rising carbon dioxide output, and could pave the way for eventually joining an international system.
"Our country already has the basic conditions necessary for instituting an emissions quota and trading system," the note read, under the title: "Establish a cap and trade system, implement energy saving and emissions reduction." The plan, and key emissions trading concepts, were laid out at an afternoon seminar for top officials including the central bank's deputy governor Yi Gang and a deputy general manager of the country's sovereign wealth fund Xie Ping. They also explored China's previous flirtations with the sector. At least 10 Chinese cities have tried some kind of experimental pollution permit and trade system, and both Beijing and Tianjin are interested in setting up emission exchanges.
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