"SHANGHAI — 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."