China's Ambitious Plan to Create World's Largest Carbon Market

The world's biggest polluter, China is rolling out the world's most ambitious plan to reduce emissions. This project would make polluting companies pay for the greenhouse gas they spew in the air. It is set to break the record for the largest carbon market ever rolled out. 

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EU tried the same thing in 2005 but didn't succeed because it issued too many free allowances so the most companies didn't have to buy them. In return the price collapsed. Maybe China will have more luck with it. 

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China had enough time since than to figure out the way to do it. It is expected that its mechanism will dwarf the EU's cap-and-trade scheme covering 3.3 billion metric tonnes of emissions. 

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If they get this massive carbon market off the ground the vultures will descend. I smell great opportunities for wild corruption. 

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