China-U.S. Announcements include a National Cap and Trade program for China

On an official state visit to the U.S. on September 25, China’s president, Xi Jinping, announced that China would establish a national cap and trade program in 2017 covering power generation, iron and steel, chemicals and building materials industries. He also committed $3.1 billion in climate financing to help developing countries mitigate and adapt to climate change, capping off a series of recent announcements. The Rocky Mountain Institute summarizes the full slate of pledges made by the U.S. and China on September 25, “Today’s U.S.-China Announcement is the Most Significant Milestone to Date for Battling Global Climate Change”Inside Climate News summarizes the Chinese announcement.   In the New Yorker (September 25)  “What can China achieve with Cap-and-Trade?” cites the irony of a market-based system from a communist country, in contrast to the U.S. approach of regulation from a centralized bureaucracy.

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