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Chinese carbon market has 'potential'

By Wei Tian  (China Daily)

14:13, November 17, 2011

The State Council approved a program this month to control greenhouse gas emissions and also mentioned the possibility of a carbon emissions trading market.(Photo / China Daily)

Country to play global role once national system established, says World Bank VP

BEIJING - The carbon market in China has "substantial" potential, and will be decisive to the global carbon price once a national system emerges, Rachel Kyte, vice-president of the World Bank, said on Wednesday.

Meanwhile, Australia plans to introduce a carbon tax, which paves the way for carbon emissions trading and sets an example for other countries wrestling with environmental policy options, Kyte said in Beijing.

"As China embarks on pilots of a carbon market nationwide, if these pilots merge into a national system by 2015, it has the substantial potential to help set the carbon price globally or at least set a signal of the carbon price as a substantial factor," Kyte said.

The State Council approved a program this month to control greenhouse gas emissions from 2011 to 2015. It also said there would possibly be a carbon emissions trading market.

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