China launches carbon emissions trading system

China's economic planner, the National Development and Reform Commission, recently launched a carbon emissions trading system. Under this mechanism, companies can trade carbon emission permits like they are commodities, in the hope that it will reduce carbon emissions.

Under the Paris Agreement, China has promised to cut carbon emissions by 60 to 65 percent per unit of GDP by 2030, compared with 2005 levels. In the meantime, it would boost its use of non-fossil fuels, making them account for 20 percent of China's energy consumption.

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