China is set to announce the creation of a national carbon trading system to reduce the country’s greenhouse gas emissions, White House officials said on Thursday evening. The system would be the world’s largest such program in the world, dwarfing ones currently in place in California, Europe and parts of Canada

The program is set to go into effect in 2017, and will be announced at the White House on Friday at a midday joint press conference between President Xi Jinping of China and President Obama

Under such systems, which are also called emissions trading systems, an overall limit or “cap” on emissions is set, and companies buy and sell emissions credits in addition to cutting emissions in an effort to find the most economically advantageous way of lowering pollution Read more…

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China to set the world’s most ambitious rules on carbon emissions by 2017