Background from CEN:
China’s national emissions trading system (ETS) was launched in July 2021.
As the largest carbon market in the world, China’s system is more than ten times larger than that of the US state of California. The Chinese scheme has more than doubled the share of global emissions covered under an WTS , and covering approximately one-tenth of global carbon dioxide emissions.
In the first phase, the market will be focused exclusively on the power sector, covering over 2,200 businesses, (comprising more than 40 percent of the nation’s emissions), with plans to incorporate additional sectors (i.e., steel and cement) – and the regional pilot markets – in the future.
BEIJING, Dec. 23, 2021 (Xinhua)
China’s national carbon market has been operating smoothly as approaches, with the turnover topping 5.8 billion yuan (about 911.53 million US dollars), said China’s Ministry of Ecology and Environment (MEE).
The carbon market had reported a total trading volume of 140 million tonnes as of Wednesday, since its operation on July 16, MEE spokesperson Liu Youbin said.As a major institutional innovation to facilitate emissions reduction, the carbon market now involves 2,162 power generation companies, covering 4.5 billion tonnes of carbon dioxide emissions per year.
Carbon emitters from other sectors will gradually be included in the market, as part of efforts to achieve the country’s carbon reduction goals, Liu noted.China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.