Being the world's largest developing country and largest
emitter of greenhouse gases, China started in 2009 an ambitious
campaign, largely on its own initiative, to reduce its carbon
intensity (measured by emission per unit of GDP) by 40-45% in 2020
from 2005 levels. The 12th National Five-year Plan set two
mandatory goals of reducing energy intensity by 16% and reducing
carbon intensity by 17% in the term of 2011-2015. The Chinese
government is taking measures to further adjust the industrial
structure, to optimize energy structure, to improve energy
efficiency, and to control energy consumption and greenhouse gas
emission.
On 29 October 2011, the National Development and Reform
Commission (the "NDRC") issued the Notice of the General
Office of the National Development and Reform Commission on the
Pilot Trading of Carbon Emission Rights, according to which that
Beijing, Tianjin, Shanghai, Chongqing, Hubei, Guangdong and
Shenzhen would start pilot carbon emissions
