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World Bank vows to be strong partner of China on climate issues

Xinhua, November 12, 2016 Adjust font size:

The World Bank would continue to be a strong partner of China, with the country's commitment and leadership on climate changes issues, vice president for sustainable development of the World Bank said on Friday.

Laura Tuck made the remarks during an interview with Xinhua in the 22nd Conference of Parties to the United Nations Framework Convention on Climate Change (COP22) held in Marrakech of Morocco.

Tuck hailed China's effort on climate issues, praising its impressive National Determined Contributions (NDC) targets for 2030, which will take a variety of measures to achieve, among them the planned Emissions Trading Scheme (ETS).

Tuck said the ETS China will be worth 50 billion U.S. dollars, the largest in the global range.

"The scale of the ETS China would be an inspiration for the countries and it has the potential to change investment and consumption decisions made by individuals and that can lead to a much lower-carbon economy," said Tuck, adding that it could be a "model."

China is the first developing country to set up the national carbon emission trading market based on its seven pilots that are running now.

Xie Ji, deputy chief of Chinese delegation to COP22, confirmed that China will push forward the emission trading market "actively and steadily."

Tuck stressed that the World Bank appreciated China's efforts in developing the ETS based on their experiences and analytical work.

The World Bank is also providing 8 million dollars to back China's ETS plans, including policy development like cap setting, legal frameworks and monitoring.

She added that another 2 million dollars would be provided through the Partnership of Market Readiness as China is moving into the implementation phase of its national system. Endit