According to a January 2011 report by Deutsche Bank, China is working towards its three important national targets:
- 15 per cent renewables in primary energy consumption by 2020;
- 20 per cent energy-intensity reduction by 2010 from 2005 levels (with another 15–20 per cent reduction to this being considered for the next Five-Year Plan); and
- 40–45 per cent carbon-intensity reduction by 2020 from 2005 levels.
However a Chinese carbon market remains years away despite high expectations. Wilson Tang, China director at carbon trading company, Climate Change Capital, told Point Carbon News: “It can take three to five years or even longer before a market emerges”. Currently, there is insufficient infrastructure and a lack of ability to measure emissions, which restricts China from the real opportunity to sustain a carbon market.