China announces carbon price

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From the New York Times:

President Xi Jinping of Chinawill make a landmark commitment on Friday to start a national program in 2017 that will limit and put a price on greenhouse gas emissions, Obama administration officials said on Thursday.

The move to create a so-called cap-and-tradesystem would be a substantial step by the world’s largest polluter to reduce emissions from major industries, including steel, cement, paper and electric power.

The announcement, to come during a White House summit meeting with President Obama, is part of an ambitious effort by China and the United States to use their leverage internationally to tackle climate change and to pressure other nations to do the same.

You idiot, Abbottalypse.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.