CHINA ANNOUNCES CAP-AND-TRADE PROGRAM
China to Announce Cap-and-Trade Program to Limit Emissions
By JULIE HIRSCHFELD DAVIS and CORAL DAVENPORTSEPT. 24, 2015 nytimes.com
WASHINGTON — President Xi Jinping of China will make a landmark commitment on Friday to start a national program in 2017 that will limit and put a price on greenhouse gas emissions, Obama administration officials said on Thursday.
The move to create a so-called cap-and-trade system would be a substantial step by the world’s largest polluter to reduce emissions from major industries, including steel, cement, paper and electric power.
The announcement, to come during a White House summit meeting with President Obama, is part of an ambitious effort by China and the United States to use their leverage internationally to tackle climate change and to pressure other nations to do the same.
Joining forces on the issue even as they are bitterly divided on others, Mr. Obama and Mr. Xi will spotlight the shared determination of the leaders of the world’s two largest economies to forge a climate change accord in Paris in December that commits every country to curbing their emissions.
Link to full article:
http://www.nytimes.com/2015/09/25/world/asia/xi-jinping-china-presi...
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Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on
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No. 2017.
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Permalink Reply by Skip Peel - Mineral Consultant on
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It will be interesting to see what China chooses to replace coal. I'd like for them to buy our LNG but I don't think U.S. LNG will be competitive in that market. I think the Middle East exporters will have the lowest price.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Good question. I suspect that the electrical generation is a large slice and is state owned. Even the industry "privately" owned is at the permission of the government. None but a totalitarian country could make the changes required in the time frame suggested.
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Permalink Reply by P.G. on -
Who would the carbon taxes or what ever fees might be called be paid too?
Seems kind of pointless for the Chinese gov to charge a fee to an industry that they owned to be paid back to themselves.One thing for sure, If private industry here were hit with fees...the cost of products would go up. China would love that, huh?
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Permalink Reply by Skip Peel - Mineral Consultant on
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The Chinese are no longer the lowest cost labor market. Vietnam and Indonesia are garnering more of that international business that once went to China. In addition the growing middle class in China is demanding higher pay and more work related benefits. It's the evolutionary arc that plays out as emerging economies mature. In a decade or two Vietnam and Indonesia will be replaced by other emerging economies.
Yes, the details of who pays and how much are difficult to imagine. Yet considering the toxic state of air across much of China, no country has a better reason to institute stringent measures. There is no hope to slow or reverse global warming without China taking a leading role.
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Permalink Reply by Francis Mayo on
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No matter how it shakes out, the opportunity for scaming and shilling with carbon offset sales will be a windfall for former landmen, various schemers, and investment banks. This is why we are starting to see the hype, presently. Get ready folks. Watch who jumps on the bandwagon.
http://www.theatlantic.com/international/archive/2013/10/the-forest...
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Permalink Reply by Skip Peel - Mineral Consultant on
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No doubt there will be the usual suspects attempting to game the system. Any system. They always do. Carbon credits will not be an exception. Regulation and enforcement will be a challenge.
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I think we have a few folks gearing up to "game." Of course, not much of a game if the fix is in, huh? If regulation and enforcement will be a challenge, and our enforcers and regulators have shown they are as corrupt as any "gamer," maybe we should think long and hard before we jump on this. I can see it now, heads the same folks win and tails the same folks lose. It will be interesting to see who is involved in the carbon credit racket around here, though there will be few surprises.
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Permalink Reply by Skip Peel - Mineral Consultant on
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For whatever scenario you care to dream up, in Louisiana the timber industry should be in a good position. I imagine most the new chemical and LNG plants will have the latest emissions technology and won't be heavily impacted. In my part of the state CLECO's Dolet Hills power plant is the only potential big loser that comes to mind. All is speculation until we see the specifics of a cap-and-trade policy.
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