Emission Reductions Post Cap-and-Trade Implementation

Cap setting California • Returning to 1990 level by 2020 (431 million ton) • The 2014 level was 441 million ● ton. Cap decreases 2% annually from 2012-14, 3% annually thereafter. Guangdong • No explicit cap or target. • A bottom-up approach: cap is calculated from the sum of facility-level data. . • No specific future trajectories; likely to adjust the cap according to economic conditions. Energy intensity target: reduce energy consumption per GDP unit by 18% between 2010-15. • Carbon intensity target: reduce CO2 emission per GDP unit by 19.5% between 2010-15.

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