>Latest news release from China – just as the US decides to abandon trying for a cap and trade bill:
“BEIJING — The country is set to begin domestic carbon trading programs during its 12th Five-Year Plan period (2011-2015) to help it meet its 2020 carbon intensity target. The decision was made at a closed-door meeting chaired by Xie Zhenhua, deputy director of the National Development and Reform Commission … Putting a price on carbon is a crucial step for the country to employ the market to reduce its carbon emissions and genuinely shift to a low-carbon economy, industry analysts said.”
So even China – that already uses its command and control economy to outspend every other country on clean technology, at almost $70 billion in 2009 alone – is gearing up to further shape the larger market to accelerate clean energy adoption.
We will regret the decision to be indecisive. Environmentally – and now almost certainly, economically – as we hand a clean head-start to China in the largest industrial market in human history.