As of July 15th, the cumulative trading volume of carbon quotas in the national carbon market reached 465 million tons, with a cumulative trading volume of nearly 27 billion yuan. At the "China Carbon Market Conference 2024 · Wuhan" held on the 21st, Minister of Ecology and Environment Huang Runqiu stated in his speech that the overall operation of the carbon market is stable and orderly, and the industry coverage will be steadily expanded, accelerating the inclusion of key emission industries such as steel, cement, and aluminum smelting into the national carbon market. The national carbon emission trading market, which was launched for trading in July 2021, has successfully completed two compliance cycles of construction and operation, covering an annual carbon dioxide emissions of 5.1 billion tons, accounting for more than 40% of the total national emissions, and is the market with the largest coverage of emissions. The "National Carbon Market Development Report (2024)" released at the same time of the conference shows that the cumulative trading volume and transaction amount of carbon emission quotas in the second compliance cycle of the national carbon emission trading market have increased by 47.01% and 125.26% respectively compared to the first compliance cycle. In the first half of 2024, the monthly average trading volume reached 3.6682 million tons, a year-on-year increase of 174.90%. In 2023, the carbon emission intensity of thermal power in China will decrease by 2.38% compared to 2018, and the carbon emission intensity of electricity will decrease by 8.78% compared to 2018. After the national carbon emission trading market, the national voluntary greenhouse gas emission reduction trading market was officially launched in January 2024, becoming another important market policy tool introduced by China to help achieve carbon peak and carbon neutrality goals. The two carbon markets have their own focuses, operate independently, complement each other, and are interconnected, jointly forming the national carbon market system. Huang Runqiu stated that in the future, efforts will be made to accelerate the construction of the national carbon market, including the inclusion of key emission industries such as steel, cement, and aluminum smelting in the national carbon emission trading market. Data quality management will be continuously strengthened, and quota paid allocation will be gradually implemented. Trading entities, trading varieties, and trading methods will be continuously enriched, and feasible paths for carbon finance activities will be studied and explored. The carbon market will fully play its role in promoting low-cost greenhouse gas emissions reduction, and help achieve carbon peak and carbon neutrality goals. It is reported that this conference is jointly hosted by the People's Government of Hubei Province, the People's Government of Shanghai Municipality, and the Ministry of Ecology and Environment, focusing on the theme of "Deepening Carbon Market Exchange and Cooperation to Address Global Climate Change". (New Society)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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