China, the world’s largest emitter of carbon dioxide, has signed a financing deal with the European Union to reduce greenhouse gases through a variety of projects, including developing an emission trading system to link with the EU’s Emission Trading Scheme (ETS).
This agreement, announced yesterday at an EU–China summit, includes €25 million ($32 million) in financing and technical assistance for three sustainability and waste reduction pilot projects over four years."
Implications for international trade? Few thoughts:
1. Does this signify in the end of China's opposition to the EU ETS in the aviation sector? The Joint Declaration that 26 countries had signed against the extension of the EU ETS to the aviation sector included China.
2. One of the main oppositions to the EU ETS was that it was a unilateral measure which was not truly a global effort. With efforts by the EU to link the EU ETS with the Chinese Trading system and the Australian system is it an effort to universalize it and gain international legitimacy and acceptance?
3. Will China now buy more Airbus aircrafts from the EU rather than Boeing?
Just my wild conjectures without any documentary backing.