Top Carbon Market Launch Won’t Help China Tame Emissions Yet
- Oil, coal giants among initial traders in new national system
- China’s carbon price is a fraction of rates in Europe’s market
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China’s national carbon market opened with a flurry of trades that sent prices surging, yet it’ll be years before the system helps the top polluting nation curb its emissions.
State-owned oil giant China Petroleum & Chemical Corp., known as Sinopec, and China Energy Investment Corp., one of the world’s top coal producers, were among companies to join the start of trading Friday, when carbon allowances rose to a 10% daily limit within about 10 minutes of the launch.