Beijing, July 30, 2024, The Europe Today: Over the past three years, China’s national carbon market has demonstrated significant growth and increased activity, the Ministry of Ecology and Environment announced on Monday.
As of the end of June, the market reported a trading volume of 465 million tonnes of carbon emissions, with a total turnover of 27 billion yuan (approximately 3.79 billion USD), according to ministry spokesperson Pei Xiaofei.
The carbon price has shown a steady upward trend, rising from 48 yuan per tonne on the market’s launch day to 91.6 yuan on July 26 this year, marking an increase of 90.8 percent, Pei reported.
Carbon trading, which involves the buying and selling of permits to emit carbon dioxide or other greenhouse gases, is recognized as a critical tool for reducing carbon footprints and meeting emissions targets.
China’s national carbon trading market, covering 5.1 billion tonnes of carbon emissions annually, is the world’s largest in terms of the volume of greenhouse gas emissions traded. Currently, the market includes 2,257 emitters from the power generation sector, official data indicates.
Pei noted that China’s carbon market has made progress in multiple aspects over the past three years, establishing a relatively complete institutional framework and improving carbon emissions accounting and management capabilities.
Looking forward, the ministry plans to further leverage the market to curb emissions by including emitters from additional sectors, deepening international exchanges and cooperation, and striving to build a more effective, dynamic, and internationally influential carbon market.
In a key document unveiled recently, China has pledged to enhance mechanisms for green and low-carbon development. The country aims to improve the cap-and-trade system for carbon emissions and advance toward reaching peak carbon emissions and carbon neutrality.
The continued growth and evolution of China’s carbon market underscore the nation’s commitment to addressing climate change and fostering sustainable development.
