A firm from Inner Mongolia, a region of northern China, that is participating in the new market, was already fined this month for falsifying carbon emissions data. The Chinese government initially said that the market could cover steel making, cement and other industries, as well as power plants. “It’s now starting from the power sector, because it’s more mature in data quality and other settings,” Zhang Xiliang, director of the Institute of Energy, Environment, and Economy at Tsinghua University, said in an interview. Until now, the biggest carbon emissions market has been Europe’s, followed by one in California. For now, though, international investors or financial firms will not be allowed to buy into China’s carbon market.

Source: International New York Times July 16, 2021 08:26 UTC