"Equally important to credit allocations will be setting up a monitoring, reporting and verification system to enforce compliance, according to Jeremy Schreifels, an expert in carbon trading and a fellow at Resources for the Future, a US environmental non-profit organisation. 'If you look at California or the EU, their ETS [emissions trading scheme] programmes were clear about what regulations were going to be implemented, but those regulations weren’t enacted for a few years,' said Mr Schreifels. 'The way it looks like it’s going to happen with China’s ETS is compliance will start right away. There is not a lot of time for industry to make changes, which also means the emissions reduction required can’t initially be too aggressive,' he added."
China Moves towards Launch of Carbon Trading Scheme
Media Highlight from The Financial Times — Dec. 19, 2017