Why China’s Nascent Carbon Market Has Long Way to Go

China, which surpassed the U.S. as the world’s biggest polluter years ago, is looking to financial markets to help restrain its greenhouse gas emissions. It plans to launch the world’s largest carbon market this year and will shortly put in place the rules that will govern trading. But it could be months before any trades occur, and years before it has any meaningful effect on the emissions speeding up climate change. Instead of starting off tough, China’s aim seems to be to get as many companie