China is creating a huge carbon market—but not an aggressive one

The biggest test of cap-and-trade yet may be too timid to make much of a difference for the world’s largest carbon polluter.
Some background: China, the world’s largest communist country, has turned to a free-market approach to combating carbon emissions. Last year, the government announced plans for a national cap-and-trade program.
So far: China looks to be taking an extremely cautious approach, driven by fears of undermining economic growth. That’s likely to put off real emissions reductions until well into the next decade.
Why it matters: As our own James Temple writes, the success of China’s program is crucial because the nation emits more than a quarter of the world’s carbon dioxide, and global levels are rising fast. Hitting climate goals will be nearly impossible unless China makes sharp cuts soon. The nation’s efforts could influence how other countries pursue similar market-based approaches to cutting carbon pollution.