China mulls carbon cut measures
China's ministry of transport is considering initiating carbon trading or putting in place a carbon tax in the domestic shipping business, Seatrade Asia online reports.
Apparently, the ministry is looking at market-based measures to cut carbon emissions but a final plan has yet to be drawn up.
The idea of carbon tax however has met with opposition from the China Shipowners' Association, which warned that the tax will destroy weaker shipping companies as shipping rates in China had already dropped below cost.
In response to the European Commission's call for a global solution to reduce greenhouse gas emissions from international shipping, the Chinese government has said it will delay the introduction of unilateral measures, which some developed economies have adopted.