Domestic firms step up efforts to cut emissions

Domestic energy-consuming companies will get the chance to improve their core competitiveness and sustainable development ability, but still face many challenges after China and the US ratified the Paris climate deal, experts said on September 11. China and the US, the world’s two largest emitters of greenhouse gases, ratified the Paris Agreement to address global warming the day before the opening of this year’s Hangzhou G20 summit, which was held during September 4 to 5, in East China’s Zhejiang Province. In a bid to meet the targets of the agreement, which was adopted at the Paris Climate Change Conference at the end of 2015, China plans to launch a national carbon market in 2017, covering eight core industries, Geng Chenghui, director with the department of energy management and environment protection of domestic oil giant Sinopec Corp, told the Global Times over the weekend. “By then, all refineries, power-generation enterprises and some oilfield companies under Sinopec Corp will be involved in the national carbon market,” Geng said.

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