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Health & Environment

China to push for compulsory compensation from polluting industries


Beijing SmokestackChina will force heavily polluting industries to participate in a compulsory insurance program to ensure they can adequately provide compensation for damage, the government said on Thursday.

Pollution has become a core concern for the stability-obsessed ruling Communist Party because of the public anger and protests it generates and because the issue cannot easily be hidden from view.

Companies that must participate in the scheme include mining and smelting industries, lead battery manufacturers, leather goods firms and chemical factories, the Environment Ministry and China Insurance Regulatory Commission said in a joint statement.

Petrochemical companies and firms that make hazardous chemicals and hazardous waste would also be encouraged to participate, it added.

Special environmental protection funds would be allocated to companies taking out the insurance, and they would be given priority for bank lending, the statement said.

Companies which don’t apply for the insurance may face negative environmental impact assessments and credit downgrades, which could hamper their development, it added.

A pilot insurance program currently covered more than 2,000 companies across a dozen provinces and had underwritten some 20 billion yuan ($3.21 billion) in risk, the government departments said.

“Using the tool of insurance … is conducive towards pushing companies to raise their environmental risk management and reduce incidents of polluting accidents,” it added.

The insurance scheme follows a spate of rules aimed at cleaning up the country’s notoriously filthy environment.

The issue has sprung back in focus during a particularly smoggy winter that has renewed widespread concern over China’s environmental problems.

Air quality levels in Beijing and other northern Chinese cites have regularly been labeled as unhealthy or hazardous in recent weeks.

Source: Reuters – “China to push compulsory insurance for polluting industries”
 

About chankaiyee2

Author of the book "Tiananmen's Tremendous Achievements" about how with the help of Tiananmen Protests, talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. The second edition of the book will be published within a few days to mark the 25th anniversary of Tiananmen Protests All the parts in the first edition remain in the second edition with a few changes due to information available later and better understanding. There are also some changes for improvements of style. The new parts are Chapters 12-19 on events in China after the first edition was published: The fierce power struggle for succession between reformists and conservatives; Xi Jinping winning all elders’ support during his mysterious disappearance for 2 weeks in early September, 2012; and Xi Jinping Cyclone. Chan Kai Yee's new book: SPACE ERA STRATEGY: The Way China Beats The US An eye-opening book that tells the truth how the US is losing to China. The US is losing as it adopts the outdated strategy of Air-Sea Battle while China adopts the space era strategy to pursue integrated space and air capabilities: It is losing due to its diplomacy that has given rise to Russian-Chinese alliance. US outdated strategy has enabled China to catch up and surpass the US in key weapons: Hypersonic weapons (HGV) that Pentagon regards as the weapon that will dominate the world in the future. Aerospaceplane in China’s development of space-air bomber that can engage enemy anywhere in the world within an hour and destroy an entire aircraft carrier battle group within minutes. Anti-satellite (ASAT) weapons, anti-ASAT weapons, stealth aircrafts, drones, AEW&C, etc. The book gives detailed descriptions of China’s weapon development based on information mainly from Chinese sources that the author monitors closely. U.S. Must Not Be Beaten by China! China is not a democracy. Its political system cannot prevent the emergence of a despotic leader or stop such a leader when he begins to bring disasters to people. A few decades ago, Mao Zedong, the worst tyrant in world history did emerge and bring disasters to Chinese people. He wanted to fight a nuclear war to replace capitalism with communism but could not bring nuclear holocaust to world people as China was too weak and poor at that time. If a despot like Mao Zedong emerges when China has surpassed the US in military strength, world people will suffer the misery experienced by Chinese people in Mao era. China surpassing the US in GDP is not something to worry about as China has the heavy burden to satisfy its huge population, but China surpassing the US in military strength will be world people’s greatest concern if China remains an autocracy. US people are of much better quality than Chinese people. What they lack is a wise leader to adopt the correct strategy and diplomacy and the creative ways to use its resources in developing its military capabilities. I hope that with the emergence of a great leader, the US can put an end to its decline and remain number one in the world. China, US, space era strategy, air-sea battle, space-air bomber, arms race, weapon development, chan kai yee

Discussion

5 thoughts on “China to push for compulsory compensation from polluting industries

  1. Reblogged this on Oyia Brown.

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    Posted by OyiaBrown | February 24, 2013, 6:15 pm

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