China's Carbon Trading Market Volume Exceeds 930 Million Tonnes

The State Council Information Office held a press conference on August 13 under the series theme "A Strong Start to the 15th Five-Year Plan Period." Officials said the 15th Five-Year Plan period is the decisive phase for achieving carbon peak and a critical period for fulfilling the 2035 Nationally Determined Contribution. The Ministry of Ecology and Environment will focus on five priorities in coordinating climate change response: advancing green and low-carbon transformation in key sectors, accelerating the development of the national carbon market, improving the carbon emissions statistical accounting system, comprehensively enhancing climate resilience, and actively promoting international cooperation on climate change.

On accelerating the national carbon market, the national carbon emissions trading market will expand from the four industries of power generation, steel, cement and aluminum smelting to include petrochemicals, chemicals and other high-emission sectors, achieving effective control of about 80% of the country's CO2 emissions. The national voluntary emissions reduction trading market will provide incentives for carbon reduction and sink enhancement projects in more areas, and by better leveraging the guiding and promoting role of carbon prices on green low-carbon technologies and industrial development, it will make society clearly feel that "emitting carbon carries a cost, while reducing carbon brings benefits."

Minister of Ecology and Environment Huang Runqiu said at the press conference that as of end-July, cumulative trading volume in the national carbon emissions trading market had exceeded 930 million tonnes, which has helped industries reduce emissions at lower cost while strongly promoting green and low-carbon transformation.