(ECNS) -- The cumulative volume of carbon emissions allowances (CEA) in China's carbon trading market was around 239 million tons as of Friday, with a turnover of over 11.03 billion yuan (about $1.54 billion), official data showed.
China’s national carbon market, the largest one in the world, started online trading on July 6, 2021.
Liu Wenbo, a staff member with the Ministry of Ecology and Environment of China, said since the operation of the carbon market, China has gradually established related laws and regulations systems.
Meanwhile, the national carbon trading market management platform, carbon emission rights registration system and carbon emission right trading system have been put into use, and the national carbon market runs stably and orderly, which has inspired enterprises and restricted their emissions as well, Liu said.
Data shows that carbon emissions by more than 2,100 power companies have been covered in the first batch of trading, which are estimated to exceed 4.5 billion tons each year.
Expert said China’s carbon market will be further expanded to more industries with large emissions such as petrochemical and building material industries. Additionally, the country strives to start China Certified Emission Reduction (CCER) scheme as early as this year.
As an important supplementary mechanism to the national Emissions Trading Scheme (ETS), the CCER will play a significant role in achieving emissions cost reductions and renewable energy goals.
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