China launches world's largest carbon emission trading program
2021-07-16
Aerial photo taken on Aug 17, 2020 shows a photovoltaic power station at a green industrial development park in the Tibetan autonomous prefecture of Hainan, Northwest China's Qinghai province. [Photo/Xinhua]
China inaugurated national emissions trading of its carbon market on Friday, according to the Ministry of Ecology and Environment.
The program currently involves over 2,000 companies in the power generation sector that emit over 4 billion metric tons of carbon dioxide a year.
It has outpaced the European Union's carbon trading program to become the largest such market in the world.
The country started its pilot program in October 2011 in seven areas, including Hubei province, Beijing and Shanghai.
As of June, the pilot market has involved almost 3,000 major emitters from over 20 industries. Its total turnover has reached more than 11 billion yuan ($1.7 billion).
The emissions of greenhouse gases the pilot market has covered are equivalent to 480 million metric tons of carbon dioxide, according to the ministry.
