China's year-old carbon market has given more than 2,000 power plants a taste of emissions trading, but design flaws and data fraud have meant limited large-scale greenhouse gas reductions and environmental gains, experts say.
China's much-heralded Emissions Trading Scheme is already the world's biggest, regulating around 4.5 billion tonnes of annual CO2 output from the power industry. Nearly 200 million tonnes of carbon changed hands in the first year of operations at a total value of 8.5 billion yuan .
Though environmental gains have been limited so far, China's cautious approach was designed to gain experience and iron out any potential problems without overburdening its enterprises. "It was a good move by the regulator," said He. "But I'm afraid the penalties for such malpractices... are too small to intimidate. I hope and expect that to change with new legislation to be adopted in the near future."
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