China is currently the world’s largest producer of greenhouse gasses. With many out-dated coal fired power stations, iron smelting plants and steel production facilities in use there is scope to make enormous reductions. The Chinese Premier has vowed to make his country a less carbon intensive nation.
Research conducted by the Chinese Ministry of Finance has indicated that a carbon based tax system is the best way to make these reductions. This system is likely to be introduced during 2012 or 2013. The extra revenue created by this tax system would be used to update older inefficient facilities as well as invest in and develop more environmentally friendly industries. Along with this it has been outlined that up to 30% of the revenue could be used in localised environmentally friendly projects. This proposed tax initiative follows China’s recent rise to the top as the world’s largest investor in clean technologies.
For further information regarding China’s Carbon Tax follow this link
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