By Qiang Wang
Nature – The value of the world’s carbon market fell for the first time last year. More than one-third was wiped from the price of carbon credits in a plunge that reflects the continued global economic crisis and uncertainty over the future of emissions-trading schemes.
Is it a good time to buy carbon credits? Perhaps not yet, but some shoots of recovery are visible, not least in my own country of China. Largely unnoticed in the West, Chinese carbon trading is getting up and running. In just two years, officials have designed and started to implement seven trading trials that cover around one-third of China’s gross domestic product and one-fifth of its energy use. If successful, the schemes will show that emissions trading could be a powerful way for China to control its greenhouse-gas emissions.