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Emissions trading without climate impact

China is the world’s largest emitter of greenhouse gases. The People’s Republic’s climate goals are ambitious. It wants to peak CO2 emissions by 2030 and achieve carbon neutrality by 2060. Like the EU, Beijing is increasingly relying on market-based instruments to achieve its goals. For a decade, Beijing has been preparing for the trading of emissions. However, the compromise agreed on by policymakers, industry associations and large companies disappoints, an analysis by Carbon Brief shows. Emissions trading is expected to begin in late July.

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