(Yicai Global) Dec. 28 -- The Chinese National Development and Reform Commission (NDRC) is preparing to develop its national carbon market start-up plan for launch.
The NDRC's near-term goal for launching such a market is to set up a preliminary framework and basic rules for the functioning of the market, said NDRC deputy director, Zhang Yong.
Zhang said various actors including state and local governments, enterprises and private players should contribute to the establishment of a carbon market. Efforts should be made to educate and guide firms that implement emission controls, and the relationship between the government and the market must be effectively managed. In principle, relevant issues should be solved by the market itself wherever possible, Zhang added.
Once fully launched, the national carbon market will reach a total volume of CNY400 billion (USD57.5 billion) with enormous development potential, said the NDRC, citing research published by field experts.