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Source: CCTV News Client

On July 21, the "National Carbon Market Development Report (2024)" was released at the China Carbon Market Conference held in Wuhan, Hubei.The report shows that the national carbon emission trading market has been operating smoothly overall since its launch three years ago and has become the world's largest carbon market covering greenhouse gas emissions.

The carbon market is a key institutional arrangement that uses market mechanisms to control greenhouse gas emissions. It is an important policy tool to promote the goals of carbon peak and carbon neutrality. Starting with the power generation industry, the national carbon emission rights trading market started online trading in July 2021. It has now included 2,257 key emission units, covering annual carbon dioxide emissions of about 5.1 billion tons, accounting for more than 40% of the country's carbon dioxide emissions.The carbon emission intensity of electricity in 2023 will drop by 8.78% compared with 2018.As a market-based means of reducing greenhouse gas emissions, the carbon emission trading market has gradually shown its role in strengthening corporate carbon emission reduction responsibilities, promoting low-cost emission reduction in the industry, and promoting technological progress in the industry.

The "Interim Regulations on Carbon Emission Trading Management" and "Carbon Emission Trading Management Measures (Trial)" promulgated by my country this year have jointly formed a complete multi-level system; clarified the main links of carbon emission rights market transactions and related activities and the legal responsibilities of various entities, and basically formed a system architecture including carbon emission data accounting, reporting and verification, quota allocation and clearance, market transactions and supervision, and established a low-carbon awareness that "carbon emissions have costs, and carbon reductions have benefits."The vast majority of key emission units have assessed their own emission reduction potential and costs, and actively adopted emission reduction measures such as low-carbon technology transformation and production process optimization. The national thermal power carbon emission intensity and electricity carbon emission intensity have both dropped significantly.

In January this year, the National Voluntary Greenhouse Gas Emission Reduction Trading Market was officially launched, becoming another important market policy tool launched by the Chinese government to help achieve the goals of carbon peak and carbon neutrality after the national carbon emission rights trading market. The two carbon markets have their own focuses, operate independently, complement each other, and are interconnected, forming a national carbon market system.

CCTV reporters learned from the conference that various construction work on the national carbon market will be accelerated, and the industry coverage will be steadily expanded. Key emission industries such as steel, cement, and aluminum smelting will be included in the national carbon emission trading market as soon as possible. Data quality management will be continuously strengthened, and quota paid allocation will be gradually implemented. Trading entities, trading products and trading methods will be continuously enriched. Research and explore feasible paths for carbon financial activities, give full play to the carbon market's function of promoting low-cost greenhouse gas emission reductions, and help achieve carbon peak and carbon neutrality goals.