China’s national carbon market had seen a cumulative trading volume of 37.23 million tonnes, with a turnover of 1.597 million yuan (about 250.2 million U.S. dollars) by November 26, reported Shanghai Securities News on Monday.
The week starting from Nov. 22 saw 7.13 million tonnes of carbon dioxide quotas worth 301 million yuan changing hands.
China is the world’s largest carbon trading market in terms of the amount of carbon quotas trading volume with participation of over 2,000 power generation companies, heavy emitters are urged to finish carbon emission quota settlements before the end of this year, according to a circular released in October by the Ministry of Ecology and Environment (MEE), and thus the carbon trading is expected to be more active as the deadline is around the corner.
China’s carbon trading market would continue to develop in the future, experts pointed out, institutional investors are yet to participate in the trading and larger scale covering more industries such as steel, construction materials and non-ferrous metal is expected after specific rules and regulations are introduced.
With the help of the national carbon trading exchange, the country aims to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.
