China, the world's biggest polluter, unveiled plans 19 Dec for a national carbon market likely to become the world's largest exchange for emissions credits.
Environmentalists praised the move as an important step in the battle against climate change as China burns more coal than any other country, giving it the ignominious title of top greenhouse gas emitter.
Although the long-delayed emissions exchange scheme will initially cover just the power generation sector, it is expected to surpass the European Union's carbon market, currently the world's biggest.
"The purpose of this programme is to reduce greenhouse gas emissions," said Zhang Yong, vice chairman of China's National Development and Reform Commission.
The country is the largest investor in renewable energy but has faced an uphill battle transitioning from coal, which is used to generate roughly three-quarters of its power according to the International Energy Agency.
China is seen as a potential leader in the fight against climate change after the US retreated from the Paris accord.
"The world has never before seen a climate programme on this scale," said Fred Krupp, president of the Environmental Defense Fund (EDF), which provided technical assistance to pilot carbon trading programmes in China.
"China has stepped up its climate leadership dramatically in recent years, and is now increasingly seen as filling the leadership void left by the US," Krupp said in a statement.
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