China's carbon emission trading market marks one-year anniversary
©EPA-EFE
China's carbon emission trading market recently celebrated its one-year anniversary. The world's largest carbon emission trading market was launched in Beijing, Shanghai, and Wuhan on July 16, 2021. Statistics indicate that, as of July 14, the country's cumulative trading volume of carbon emission quota had reached 194 million tons, with a total trading value of 8.492 billion yuan ($1.25 billion).
Since China's national carbon emission trading system was inaugurated in July 2021, the focus of China's carbon market has shifted from local pilot demonstrations to the construction and improvement of a unified national carbon market.
©Chen Yueming/People’s Daily Online (left) & ©Costfoto/Barcroft Studios/Getty Images (right)
China's current carbon emission trading market covers 2,162 power plants, accounting for nearly half of the country's carbon emissions. Another seven industries are scheduled to be included in the market, such as petrochemical, chemical, building materials, iron and steel, nonferrous metals, paper making, and aviation.
According to ce.cn, China's carbon emission trading market is expected to enter the second operational period and the country will accelerate the establishment of national carbon market registration and trading institutions to promote the healthy development of the national carbon market and play a bigger role in achieving carbon peaking and carbon neutrality targets.
