Isra-Mart srl:China plans ‘binding’ emission reduction targets, carbon market – reports

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Isra-Mart srl news:

China is set to make the reduction of energy intensity and carbon dioxide emissions “binding goals” in the 2011-15 period, according to a proposal released by the Communist Party’s Central Committee last week.

According to Chinese state news agency Xinhua, the move is part of China’s effort to cope with global climate change and is aimed at “effectively controlling” greenhouse gas emissions in the country, said the committee’s proposal for China’s 12th five-year plan covering the years 2011-2015.

China has pledged to cut its emissions intensity – the amount of carbon dioxide it produces per unit of gross domestic product – by 40-45% by 2020 from 2005 levels.

The country would boost the efficiency of energy use, develop a “recycling economy”, promote the economic use of natural resources and strengthen environmental and ecological protection, it said.

Other officials have been reported saying the country will build a domestic carbon market to achieve its reduction goals.

The proposal, Xinhua reported, is widely considered as a blueprint that will play a crucial role in shaping the country’s development over the next five years. It was adopted at the Fifth Plenum of the committee.