China News Service, Beijing, October 27 (Reporter Liu Yuying) The White Paper "China's Policies and Actions to Address Climate Change" published on the 27th by the Information Office of the State Council of China introduced that on July 16, 2021, the national carbon market was officially launched for online trading. It is the world's largest carbon market.

  The white paper pointed out that the carbon market provides an effective way to deal with the relationship between economic development and carbon emission reduction.

The national carbon emissions trading market is a major institutional innovation that uses market mechanisms to control and reduce greenhouse gas emissions and promote green and low-carbon development. It is also an important policy tool to implement China's carbon dioxide emissions peak goals and carbon neutral vision.

  The white paper introduced that in October 2011, the local pilot work of carbon emissions trading was launched in 7 provinces and cities: Beijing, Tianjin, Shanghai, Chongqing, Guangdong, Hubei, and Shenzhen.

Since 2013, 7 pilot carbon markets have successively launched online trading, covering nearly 3,000 key emission companies in more than 20 industries such as power, steel, and cement.

As of September 30, 2021, the total quota transaction volume of the seven pilot carbon markets was 495 million tons of carbon dioxide equivalent, with a transaction volume of approximately 11.978 billion yuan (RMB, the same below).

  On July 16, 2021, online trading on the national carbon market was officially launched.

There are 2,162 key emission units included in the power generation industry, covering approximately 4.5 billion tons of carbon dioxide emissions, making it the world's largest carbon market.

As of September 30, 2021, the cumulative transaction volume of carbon emission allowances in the national carbon market was about 17.65 million tons, and the cumulative transaction value was about 801 million yuan. The overall market operation was stable and orderly.

  The white paper says that China has also established a voluntary greenhouse gas emission reduction trading mechanism, which has effectively promoted energy structure optimization and ecological protection compensation.