China’s bold announcements to address climate change, namely to reach peak emissions by 2030 and achieve carbon neutrality by 2060, have been accompanied by several policy measures. A key one is carbon pricing, which was pushed forward in July by creating a nationwide emission trading scheme (ETS). After nearly three months in operation, it is important to evaluate the scheme’s performance and how it might relate to China’s climate change goals down the road. To reach its full potential, it needs to cover more of China’s emissions, go beyond the electricity sector and let prices reflect the true cost of carbon.
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