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China’s first steps to build what is destined to be the world’s second-biggest emissions market are boosting the prospects for fledgling programs from Australia to California.
Four cement makers in China, the world’s biggest emitter, bought 1.3 million pollution permits for 60 yuan ($9) a metric ton last month in Guangdong. The province plans the largest of seven pilot programs for a proposed national market within three years. Exchanges will trade permits to emit an estimated 1 billion metric tons of greenhouse gases a year by 2015, close to half the volume in the European Union system.
By setting its own emission limits and allowing polluters to buy and sell permits, China’s domestic market is set to dwarf its own participation in the UN market, Bloomberg New Energy Finance forecasts...