Dr Richard L Sandor's latest trip to China came at the invitation of the International Advisory Council of Guanghua School of Management at Peking University.
He is trying to spread his idea of trading pollutants in the country's most influential management school. Most business people he has come across in China so far have found the idea fresh and attractive.
Sandor, internationally regarded as the "father of financial futures", was the principal architect of the development of the US Treasury futures at the Chicago Board of Trade in the 1970s.
In the 1990s, he used his financial wizardry on something new, writing on emissions trading as a solution to reducing pollution.
This pioneering work led to the Chicago Climate Exchange (CCX) in 2003, the world's first and North America's only voluntary and legally binding integrated trading system to reduce emission of greenhouse gases (GHGs), which is modeled on his work.
He was honored as one of Time Magazine's "Heroes of the Environment" for his work as the "Father of Carbon Trading" in 2007.
The Chicago Climate Exchange, which started out with 14 founding members, now has more than 200 members. There are five from China, providing offset projects to the international carbon market. But Sandor said offsets are a "very tiny" part of carbon trading.
"In China, we are at the beginning," Sandor said. "We think it is very promising. It just takes time."
He is in China to discuss the Chicago Climate Exchange model for other environmental pollutants and plans to offer seminars and lectures on environmental finance at Guanghua School of Management at Peking University.
"My job is simply educating academics and young students, and finding entrepreneurs who are interested," he said.
If a particular company cannot make the cuts as committed because it runs the risk of turning too costly and lengthy, while another company can make the reductions easily, the latter can sell the extra credits to the former, he said.
Such a market-based system of this sort, according to Sandor, allows companies flexibility while achieving the objective of carbon reduction.
"I think the Chinese miracle (of development) is fantastic," he said. "But I think that if the miracle is to continue, environment problems must be addressed cost-effectively. My personal dream is to play a part and help China learn how to do this."
"Confucius had a famous proverb - a journey of a thousand mile begins with one step. With our Chinese colleagues, we hope to make that first step here in China."
Questions:
1. Who invited Dr. Richard L Sandor to China?
2. Why was he honored as one of Time Magazine's "Heroes of the Environment" in 2007?
3. Which famous Confucius proverb did the Dr. quote at the end of the article?
Answers:
1.Peking University
2.For his work as the "Father of Carbon Trading" in 2007.
3.A journey of a thousand mile begins with one step.
（英語(yǔ)點(diǎn)津 Celene 編輯）
About the broadcaster:
Brendan is an Australian who has been involved in education and writing for over a decade. He has published most recently for the Tiger Airways Inflight magazine, The Bangkok Post, The Taipei Times and Japan's Hiroshima Outside Magazine. He holds a Masters Degree in Community Development and Management and has resided in China for over 3 years.
