China will continue to develop key policy support systems for the National Carbon Emission Trading System (ETS), according to a report released Monday by the Ministry of Ecology and Environment.
According to the Progress Report of China’s National Carbon Market (2024), China will work to gradually expand the coverage of key sectors through the National ETS, taking into account factors such as sector carbon emissions, data quality, the synergy between pollution reduction and carbon emission reduction, and high-quality sector development.
The study also noted that efforts will be made to gradually deploy a combination of free and paid carbon emission allowance allocation systems, gradually increasing the amount of paid allocation in order to make carbon pricing more properly reflect firms’ emission reduction costs.
It further stated that emphasis will be given to projects including ecosystem carbon sequestration, renewable energy, methane emission management, energy conservation, and efficiency enhancement.
The report stated that low-carbon, zero-carbon, and negative-carbon technologies will be promoted, as well as efforts to investigate the use of information technology tools to improve data quality management and promote the widespread use of certified voluntary emission reduction.
According to the study, China would enhance international interchange and cooperation, actively participate in bilateral and multilateral global climate governance processes, and work to advance discussions on global carbon market mechanisms.
According to the paper, the cumulative trading volume of carbon emission permits in the National ETS would reach 442 million tonnes by the end of 2023, with a total transaction value of 24.92 billion yuan (about 3.49 billion USD).
In accordance with the dual carbon goals, China has made persistent efforts to expand its carbon trading market. Since 2011, it has tested carbon emission trading in several regions to investigate market-based strategies for reducing greenhouse gas emissions. In 2021, the national carbon emission trading market was formally launched.
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For businesses and investors looking to explore the opportunities in China’s carbon trading market, Knightsbridge Group offers a unique gateway. Our team of experts is ready to provide comprehensive support to help you succeed in this dynamic market.
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Shayne Heffernan
