According to Rachel Kyte of the World Market, China’s carbon market has “substantial potential” and will be significant in the global carbon pricing when the national system is initiated.
Australia is also planning to institute a carbon tax, Kyte said, clearing a path for carbon emissions trading and setting an example for other countries currently struggling with environmental policy debates.
“As China embarks on pilots of a carbon market nationwide, if these pilots emerge into a national system by 2015, it has the substantial potential to help set the carbon price globally or at least set a signal of the carbon price as a substantial factor,” Kyte said.
According to an article by Adam Roseman of ARC China, Kyte added that China is currently working to expand its green economy measures, and innovative technologies will undoubtedly originate there.
“For example, China’s ‘green credit’ policy to link environment performances to the availability of credit is highly innovative and important because countries like Thailand, Laos, and Vietnam are trying to replicate this policy,” she said.