With Australia's own Renewable Energy Target (RET) and carbon pricing mechanism having been prominent in the news of late, it seems of interest that China is set to introduce its own carbon taxing scheme.
In the lead up to this September's federal election, leader of the opposition Tony Abbott has sworn to remove Australia's carbon tax if he takes office.
As well as this, the current federal government has recently reaffirmed its commitment to Australia's RET of 20 per cent renewable energy sources by 2020, following its December 2012 review by the Climate Change Authority that recommended retaining the target in its current form.
The RET encourages the investment in and development of technologies such as solar energy, rooftop solar panel systems, wind power and other forms of clean energy.
China is the one of the latest countries to adopt a carbon pricing mechanism. According to the government's Clean Energy Future department, China is the world's largest emitter of carbon pollution, contributing approximately 20 per cent of the world's total emissions.
However China has begun efforts to lessen its environmental impact, with new initiatives and regulations with the aim of becoming a more clean energy friendly nation.
As part of China's latest Five Year Plan development, the nation has piloted carbon emissions trading in some cities and provinces such as Beijing, Shanghai and Guangdong.
Xinhuanet, a Chinese news website reported on February 19 that China was set to introduce new and more extensive carbon taxation policies.
There are also plans to increase solar power capacity, wind power, and hydroelectrics.
China also plans to further regulate its energy efficiency standards, including targeting companies and clean energy investment.
Chinese industries including the aluminium industry will face penalties of more expensive energy surcharges if they don't meet required levels of energy efficiency.
Posted by Mike Peacock