National emissions scheme in 5 years
Print Edition
CHINA is targeting the launch of a nationwide emissions trading scheme during the period from 2021 to 2025, its top climate official said yesterday.
“China’s carbon market will evolve from regional pilot programs to a national trading scheme and expand from single sector to multiple industries,” Li Gao, the head of the environment ministry’s climate change office, told a briefing.
This included online trading and stable operation of the national emissions trading scheme, he added.
“The (2021-25) 14th five-year plan is a big development period for the establishment of carbon trading,” Gao said.
The national trading system was originally pledged by President Xi Jinping ahead of the Paris climate accord in 2015.
By August, China’s pilot emissions trading scheme in seven regions covered nearly 3,000 industrial emitters and traded 406 million tons of carbon-dioxide equivalent greenhouse gas, the ministry of ecology and environment said.
Once the power sector starts trading, China’s national scheme is expected to eclipse that of the European Union to become the world’s largest carbon trading scheme.
Li added that the ministry was still revising the draft plan of emission allowance allocations, which had been modified to reflect the impact of the coronavirus pandemic.
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