China’s domestic carbon market has been running smoothly as its first compliance deadline approaches, with turnover above the 5.8 billion yuan (about $ 911.53 million), reported the Ministry of Ecology and Environment.
The carbon market had reported a total trading volume of 140 million tons as of Wednesday, since its operation on July 16, the ministry spokesperson said, Liu Youbin.
As an important institutional innovation to facilitate emissions reduction, the carbon market now involves 2,162 power generation companies, covering 4.5 billion tons of carbon dioxide (CO2) emissions per year.
Carbon emitters from other sectors will gradually be brought into the market as part of the country’s efforts to achieve carbon reduction targets, Liu said.
China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.