EU commits €10 million to ramp up emissions trading

EU steps up cooperation on emissions trading with China: new €10 million project announced

The European Commission is to step up its collaboration with China on emissions trading, with a new €10 million EUR (more than 70 million yuan) cooperation project, according to the Delegation of the European Union to China announced on Wednesday.

EU Climate Action and Energy Commissioner Miguel Arias Canete made the announcement during a visit to China, where he is meeting Chinese officials as well as EU industries and businesses.

The three-year project, which starts in 2017, will enhance EU-China cooperation on emissions trading and coincide with the launch of a nationwide carbon market in China. It will build on the existing cooperation project, which started in 2014 and has supported the roll-out of seven pilot schemes across the country.

Commissioner Arias Canete said: "China is sending an important signal as we embark on our journey to implement the new global climate change agreement: that emissions trading is a cost-effective way to cut greenhouse gas emissions. The world's second largest economy will be using emissions trading to reach its Paris pledge – and not in the distant future, but next year. With more than a decade of experience with the EU emissions trading system, the EU is well placed to support China. Cooperation between the two largest emissions trading systems in the world will send a strong signal to other countries as they prepare to implement their Paris commitments."

As well as addressing challenges related to thethe challenge of setting up of a national emissions trading system, the new cooperation project will also establish a regular dialogue to discuss developments on emissions trading in China and the EU.