The New York Times reports: China is the world’s No. 1 polluter. It burns more coal than the rest of the world combined. It produces more than a quarter of the world’s human-caused global warming gases, nearly as much as North America and Europe put together.

On Tuesday, the country set out to claim another title that reflects its ambitions to change all that: keeper of the world’s largest financial market devoted to cleaning up the air.

China released plans on Tuesday to start a giant market to trade credits for the right to emit planet-warming greenhouse gases. The nationwide market would initially cover only China’s vast, state-dominated power generation sector, which produced almost half of the country’s emissions from the burning of fossil fuels last year.

The long-awaited announcement could give global efforts to combat climate change a boost after President Trump signaled this year that the United States would back away from Obama-era promises to curb emissions. It could also serve as a big — though ultimately government-controlled — laboratory for such carbon markets, after earlier efforts in Europe and at the local level in China stumbled.

“China’s move to create the world’s largest carbon market is yet another powerful sign that a global sustainability revolution is underway,” Al Gore, the former vice president and a prominent voice in reducing climate change, said in a statement. [Continue reading…]