Word: carbonization
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...seize the moral high ground - fairly or not. President Hu Jintao told the U.N. that by 2020 China would increase the share of renewable and nuclear power in its energy supply to 15%, plant 40 million hectares of forest, increase investment in a greener economy and reduce its carbon intensity - the amount of economic value it gets per unit of power - by a "notable margin." Many of those domestic goals had already been announced, but the tone of Hu's speech made an impact on his audience. "I think China has provided impressive leadership," said Al Gore after...
...world's fastest growing big economy is ready to move into one of the world's fastest growing financial markets: carbon-trading. The China-Beijing Environmental Exchange (CBEEX) and the French emissions exchange BlueNext announced on Sept. 23 that they were putting together a carbon market standard for China. Although details at the announcement were fuzzy - aside from the fact that it would be called the Panda Standard - the move is an early step toward creating a voluntary carbon-trading system in China. Although China is still very far from accepting the mandatory carbon caps used by countries covered...
...entered this week's round of climate negotiations as the global bad guy, a holdover from eight years of barely veiled contempt for the process from former President George W. Bush's Administration. But China wasn't far behind. The world's biggest country is now its biggest carbon emitter, and its sheer rate of economic expansion - fueled chiefly by polluting coal - ensures China won't lose that spot anytime soon. While the U.S. earned the world's antipathy for refusing to sign on to the Kyoto Protocol, China, as a developing nation, had no requirements under that pact...
China is already involved in the emerging global carbon market - companies in the developed world can sponsor carbon-cutting projects in China under the Kyoto Protocol to earn offsets. But the CBEEX-BlueNext collaboration could allow Chinese companies themselves to begin to get involved in the offset market, just as voluntary markets in the U.S. have done for American companies. For now, the standard will focus on agriculture and forestry projects, with expectations that it will grow to cover Chinese transportation, power and manufacturing. "We think that Chinese companies are very aware of their greenhouse-gas emissions and climate change...
...word is voluntary - China is a long way from accepting the need to put an absolute cap on its carbon emissions. Hu didn't promise to actually reduce Chinese carbon emissions, but simply for China to become more energy efficient - something it needs to do anyway. "China knows that if it continues consuming and developing the way it has been, the machine will collapse," said Yvo de Boer, the head of the United Nations Framework on Climate Change. But China hasn't even said how much it will improve its carbon intensity. Xie Zhenhua, China's top environmental official, told...