Citi helps China launch its first cap-and-trade scheme

Citi is participating in an energy intensity cap-and-trade scheme launched in Tianjin, which is China's first market-based mechanism to achieve energy and carbon intensity reductions.

Citi will act as a buyer of carbon emissions allowances CEAs under the first set of transactions of the pilot scheme.

We have a long track record of leadership in environmental sustainability projects around the world, and as China continues to develop new mechanisms to combat climate change, Citi will be fully supportive, said Paulus Mok, country treasurer and head of markets at Citi China.

The launch of the scheme is the result of a 15-month collaborative effort between the Tianjin Climate Exchange TCX and Arreon...