(Yicai Global) March 20 -- China will launch a national carbon emissions market this year to create a favorable environment for low-carbon development, said Xie Zhenhua, China's special representative for climate change at the Paulson Institute's Annual Sustainability Conference last week.
Aiming to start by picking off the 'low-hanging fruit,' an emissions market covering eight major industries will be launched first, with a national version being established by 2020, Xie said.
Efforts will be made to draw up legislation for a national carbon emissions market and allocate emissions quotas, he said, adding that there will be rigorous pre-warning and control mechanisms in place.
"Carbon emissions will have peaked in some Chinese cities by around 2020," Xie added. China is willing to make greater contributions to global climate governance, he continued, saying "China has already drawn up a low-carbon development strategy to the year 2050, in line with the Paris Agreement."
China will improve communication and cooperation with other countries, he said, adding that it is willing to work with the new US administration in strategic initiatives to boost low-carbon development.