China Introduces Interim Regulations on Carbon Emissions Trading
In a move aimed at tackling climate change and promoting green and low-carbon development, China has introduced the “Interim Regulations on the Management of Carbon Emissions Trading.” The regulations, which came into effect on May 1, are the country’s first specialized rules in this field.
During a regular briefing held by the State Council Information Office, Zhao Yingmin, Vice Minister of the Ministry of Ecology and Environment, highlighted the importance of the new regulations in achieving China’s “double carbon” goal. The regulations cover the national carbon emissions trading market as well as the national voluntary greenhouse gas emission reduction trading market, forming the basis for the country’s carbon market system.
Since the establishment of the national carbon emissions trading market in July 2021, China has made significant progress in reducing carbon emissions and promoting a low-carbon economy. The market currently covers annual carbon dioxide emissions of approximately 5.1 billion tons and includes over 2,200 key emission units.
One of the key objectives of the regulations is to reduce carbon reduction costs for industries and society as a whole. By implementing a carbon market carbon emission quota allocation, companies are able to fulfill their carbon reduction responsibilities more effectively, leading to lower overall emission reduction costs.
Additionally, the regulations aim to establish a market stabilization mechanism, gradually implement a carbon quota allocation method that combines free allocation and paid allocation, and enrich trading entities and products. These measures are expected to stimulate market vitality and promote the green and low-carbon transformation of the economy and society.
To ensure the integrity of the carbon market, the regulations also include provisions to combat data fraud. Strict penalties will be imposed on entities found falsifying carbon emission data, with a zero-tolerance approach to such illegal acts.
With the implementation of the regulations, China is taking a significant step towards achieving its climate change goals and building a sustainable future for generations to come. The country’s commitment to addressing carbon emissions and promoting green development is evident in these new regulations, which are set to play a crucial role in shaping the future of carbon emissions trading in China.