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E-mail China.org.cn, December 2, 2024
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Carbon market serves as an essential policy tool for China to implement proactive national strategies on climate change and to achieve peak carbon emissions and carbon neutrality. What has the MEE done to operate and manage the carbon market? In the future, how will it give play to its functions to boost green and low-carbon transformation and achieve the goals of peak carbon emissions and carbon neutrality? What progress has been made so far in statistical accounting as a fundamental system for carbon emission management? Thank you.
Huang Runqiu:
I would like to invite Mr. Zhao to answer this question.
Zhao Yingming:
Thank you for your question. The carbon market is an important approach to controlling greenhouse gas emissions using market mechanisms, and peaking carbon emissions by 2030 and achieving carbon neutrality by 2060. It is also a globally accepted climate governance policy tool. The CPC Central Committee and the State Council attach great importance to the construction of the carbon market. In July 2021 and January 2024, they successively launched the China Carbon Emission Trade Exchange and the national voluntary greenhouse gas emission reduction trading market, which together form China's national carbon market system. The construction of the carbon market has made positive progress and achieved significant results. These can be summarized in four aspects:
First, a basic legal and regulatory framework has been established. The State Council issued the Interim Regulations on the Administration of Carbon Emission Trading, and the MEE, along with relevant departments, developed 33 rules covering carbon emission accounting and verification, registration and transaction settlement, forming a preliminary multi-level and comprehensive legal and regulatory system.
Second, a foundational support system has been established. The National Carbon Trading Market Information Network has been created, and national registration and trading institutions for carbon emissions and voluntary greenhouse gas emission reductions have been established. Infrastructure for registration, transaction settlement and management platforms has been built and is operating steadily.
Third, the quality of carbon market data and management capabilities has been significantly enhanced. A regular supervision mechanism for carbon emission data quality has been established. Utilizing big data and other technologies, a comprehensive data quality supervision system has been developed, greatly improving regulatory efficiency and the quality of carbon emission data. Additionally, the scientific and standardized data accounting standards and methods for the national carbon market have laid a solid foundation for carbon footprint management.
Fourth, the national carbon market has achieved a stable start and steady operation, with market vitality gradually increasing. As of the end of this August, the cumulative trading volume of carbon allowances in the national carbon market reached 476 million metric tons, with a transaction value of 27.9 billion yuan (about $3.9 billion). The carbon price fluctuated around 90 yuan per metric ton, remaining at a generally reasonable level. Since the national market for voluntary greenhouse gas emission reduction trading launched at the beginning of this year, it has attracted attention from various domestic and international parties, highlighting the effectiveness and importance of mobilizing society through market mechanisms to actively participate in carbon reduction, pollution reduction, greening expansion and economic growth.
Carbon emission accounting and verification are the foundation for managing and controlling greenhouse gas emissions. In recent years, we have continuously organized the preparation of national and provincial greenhouse gas inventories, regularly publishing unified and authoritative emission factors at various levels. We have refined the carbon emission statistics and accounting system for energy activities and industrial processes, providing essential support services to meet the diverse carbon accounting needs of society. In May, we issued the Implementation Plan for the Building of the Carbon Footprint Management System along with 14 ministries and commissions, outlining 22 key tasks across four areas. We have also released the national standard for carbon footprint accounting of products, creating conditions for the development of specific product carbon footprint accounting standards.
Next, we will align with the decisions and deployments of the CPC Central Committee and the State Council to improve the carbon emission accounting system. We will further expand the industry coverage of the carbon market, release more methodologies, include more participants, and strictly regulate the quality of carbon market data. Our focus will be on building a more effective, dynamic and internationally influential carbon market.
Thank you.
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