China is preparing to use the market to reign in emissions Tianjin,a port city in north China,launched the country’s fifth regional carbon emissions trading(CET)market on December 26,2013.According to the Tianjin Climate Exchange which hosts the market,a total of 4,040 permits were traded on the first day at an average price of29.78 yuan($4.86),with PetroChina Co.,the country’s largest oil and gas producer,included among the buyers.Each permit gives the owner the right to discharge 1 ton of carbon dioxide.An initial 114 companies from power,iron and steel,chemical,petrochemical and gas extraction industries were included under the quota allocation.The companies included have collectively emitted more than 20,000 tons of carbon dioxide since 2009.
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