The agency requested companies from six sectors to submit GHG emissions data including N2O and HFC-23 in 2020.
Carbon sinks might be traded as offsets in the national ETS.
Currently, the accounting opening for covered companies is almost completed and the market is expected to become more active in the following months. More sectors might be included in the national ETS in the next year
Head of the national ETS’ technical expert team explained that China’s national carbon price had averaged at around 8 USD/t, reaching a price that is higher than the 7 USD/t of China’s estimated marginal abatement cost.
Years of groundwork came to a conclusion with the official ushering in of trading in the Chinese national emissions trading system (ETS) on 16 July
At the Global Asset Management Forum 2021 Beijing Summit, Special Envoy for Climate Change XIE Zhenhua explained that achieving carbon neutrality by 2060 includes the emission of all greenhouse gases, not only CO2.
During the opening speech at the launch event of the online trading of the national ETS in Wuhan on 16 July, MEE Party Secretary SUN Jinlong thanked GIZ China for the congratulatory letter sent to MEE in June for the launch of the ETS.
GIZ China and the co-authors of the policy paper “The EU carbon border adjustment mechanism (CBAM) and China: unpacking options on policy design, potential responses, and possible impacts” jointly hosted a digital workshop in July.
Despite the Ministry of Ecology and Environment’s (MEE) statement at a press conference in May, the government body has declared that the launch of the online trading function for its national ETS will be postponed to a later date, likely July. No reasons for the delay were given.