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Deepti Sri · · 1 min readReport: China to launch national carbon trading market by June
“China will launch a nationwide carbon trading market in Shanghai by June, officials said, in what could be a major step forward in President Xi Jinping’s ambitious goal to transform the world’s biggest greenhouse gas emitter into a net-zero emissions country by 2060,” Nikkei reported.
Details:
- The Shanghai United Assets and Equity Exchange and the Shanghai Environment and Energy Exchange will oversee the unified national trading system, which is expected to include spot trading and futures in its transactions, stated the report.
- A set of 2,225 companies will be the first group to participate in the national carbon trading scheme, and authorities have plans to include seven other segments by 2025, including steel, construction materials, and petrochemicals.
Context:
- The idea of the market is to cut carbon emissions by allowing the top polluters to purchase carbon credits from other firms that run cleaner operations.
- China emitted nearly 30% of the world’s total carbon dioxide in 2019, amounting to about 9.8 billion tons.
Editing by Collin Furtado and Jaclyn Tiu
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