China’s National Carbon Market, the world’s largest Emissions Trading System (ETS) began its trading on July 16, 2021. China has replaced European Union (EU) as the largest Carbon Market.
- China is the world’s biggest emitter of Greenhouse gases; the scheme is part of China’s efforts to decarbonize its economy by 2060.
- In the initial stage, ETS will cover only the power sector; around 2,200 power firms will participate in the trading. China’s power sector is responsible for 14% of Global Greenhouse Gas emissions (GHG).
- Shanghai Environment and Energy Exchange will host the national carbon trade.
Emissions Trading (also known as ‘Cap and Trade’) is a market-based approach to reduce Greenhouse Gas emissions (GHG). It puts a price on firms for emitting carbon, and allows carbon emissions to be traded like a commodity.
China Launches Secretive Suborbital Vehicle
China secretly conducted the 1st test flight of a reusable suborbital vehicle from the Jiuquan Satellite Launch Center, Inner Mongolia.
- With the test, China has moved closer towards developing reusable space transportation technology.
China harvests 1st Batch of Space Rice
China harvested the 1st batch of Space rice from seeds that went to Lunar Voyage with China’s Chang’e-5.
- Rice seeds exposed to the environment in Space may mutate and produce higher yields once planted on Earth. China has been taking seeds of rice and other crops to Space since 1987.
- The move is aimed at boosting China’s grain harvest and thereby safeguarding the country’s food security.
Recent Related News:
December 10, 2020, According to the 11th Edition of Emissions Gap Report 2020 (Annual report) released by UNEP, The Global CO2 Emissions are set to fall by 7% in 2020 owing to Pandemic.
President – Xi Jinping
Capital – Beijing
Currency – Renminbi