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China aims to launch pollution permit market within 3 years

Published on Mar 24, 2014 4:21 PM
 
China plans to launch a nationwide market to trade pollution permits within three years as part of efforts to tackle its environmental crisis, the Ministry of Finance (MOF) said on Monday, March 24, 2014. -- FILE PHOTO: REUTERS

BEIJING (REUTERS) - China plans to launch a nationwide market to trade pollution permits within three years as part of efforts to tackle its environmental crisis, the Ministry of Finance (MOF) said on Monday.

The ministries of finance and environmental protection have submitted draft guidelines for a market to the State Council, China's Cabinet, which will make the final decision, MOF said in a statement on its website.

"We will facilitate cross-regional trading, especially among regions covered by the same air and water pollution control regimes," the statement said.

The market would cap emissions of key pollutants from major facilities and force those that exceed their caps to buy permits in the market, hence providing economic incentives for polluters to invest in cleaner technologies.

 
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