News

Forum explores China's low carbon development

By Hu Yang (chinadaily.com.cn)
Updated: 2010-04-26 17:23

It is imperative that China establish a carbon finance system to participate in international carbon trading and strive for its say in the pricing system, experts attending a forum said, discussing how China should develop its own low carbon economy.

Carbon finance, which refers to financial activities and systems involving carbon emission credit trading, is a newly emerging trend in the global financial market. As the Copenhagen Conference brought the problem of carbon reduction to the world's attention, major countries have been attaching more importance to the development of a green economy.

The 6th China Financial Experts Annual Forum, themed around China's low-carbon development this year, offers experts and officials a platform to communicate on this issue.

Zhang Monan, an economics researcher with the State Information Center, said China possesses the richest carbon emission resources under the Clean Development Mechanism, an instrument to facilitate carbon trading, but has no say in deciding carbon trade pricing. She suggested China include carbon finance to its national strategy.

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Echoing Zhang's speech, Wang Yuanlong, an economist with the Bank of China, said China should establish a complete carbon finance system as carbon finance is likely to change the world financial scene and China can take this opportunity to demand more say in the global pricing system.

Many developed countries have been engaged in low carbon economy development for a long time. All of the four global carbon exchange platforms are located in developed countries.

The forum, co-hosted by China Finance Research Institute, United Financial Services Group and Institute, and China Finance Net, a professional financial web portal, was held Sunday in Beijing.