y July 15, China’s carbon emissions market reached total transactions of 194 million tons, valued at nearly 8.5 billion yuan (US$1.3b), according to China’s Ministry of Environment and Ecology (MEE).
Coming into operation on July 16, 2021, the carbon emission market aims to reduce emissions by enabling enterprises to buy and sell carbon emission quotas.
According to MEE spokesperson Liu Youbin, China’s carbon emission market covers 2,162 leading carbon emission enterprises nationwide whose annual carbon emissions amount to about 4.5 billion tons.
Liu said the MEE has been making efforts to improve the carbon emission market’s institutions and technologies and has been cracking down on fake emissions data. Future work will focus on promoting management regulations for carbon emission transactions.