Beijing, Shanghai To Open Carbon Emissions Trading Markets End Of November 2013

China has set to open its next carbon emissions trading markets in Beijing and Shanghai before the end of November 2013.

On Nov. 26, Shanghai will launch its carbon emissions trading market, which is expected to cover 100-150 million tons of carbon dioxide. This was according to Xie Zhenhua, vice director of the National Development and Reform Commission, during the sidelines of the U.N. climate conference in Warsaw, Poland. Beijing is set to open Nov. 28, covering 435 companies.

Focusing on carbon dioxide, carbon emissions in a trading market are calculated in tons. It is a common method that nations apply to meet obligations stipulated under the Kyoto Protocol, which is to lessen carbon emissions to reduce further potential damage to the world's overall climate structure.

As the world's largest emitter, China has endorsed pilot programs to control trade emissions in its seven manufacturing centers, which include Beijing, Shanghai and Shenzhen. The latter, a special economic zone, was the first to have launched a carbon emissions trading market in the country.

However, environmental research group Germanwatch said while China's efforts are laudable, the country's reduced carbon dioxide emissions will not be enough to save the world from warming to 2 degrees Celsius (3.6 Fahrenheit).

"There is a real opportunity and possibility that there is a plateau or peak of global emissions in this decade," Christoph Bals, Germanwatch director, said in Warsaw Monday.

Other targeted carbon emissions trading markets in China are Guangdong, Tianjin, Chongqing and Hubei.

All seven projects are expected to be fully operational by end of 2014.

China accounts for four-fifths of the rise in annual carbon dioxide emissions from 2002 to 2012.

In Germanwatch's Climate Change Performance Index, China ranked 46th out of the world's 58 biggest emitters.

The index was led by Denmark, the UK and Portugal as its top three.