China to Develop Carbon Emission Trading

On December 19, 2017, the National Development and Reform Commission (NDRC) issued Plan to Build Trading Market for Carbon Emission Permits (Power Generation Industry). Carbon emission trading, a tactic to reduce greenhouse gas emissions, is to be set up for the power generation industry first, in accordance with the document.
Before the new document, NDRC had released Notice on Carbon Emission Report & Inspection 2016-2017 and Emission Monitoring Plan, involving industries of petrochemicals, chemicals, building materials, steel, papermaking, electricity, aviation, etc. Enterprises or other economic organizations involved are those that emitted 26 000 tons (or above) of carbon dioxide equivalent in any year from 2013 to 2017.
Related firms or other organizations are to calculate emissions in 2016 and 2017 according to the accounting methods that NDRC released previously, and submit reports before March 31, 2018. Local authorities will reexamine emission reports, verification reports (finished by a third party) and monitoring plans, and submit them to the Department of Climate Change, NDRC before May 31, 2018.