China’s National Carbon Emissions Trading Market (NCETM) has just concluded its first year of operation following its official launch on 16 July 2021.
State-owned media reports that NCETM saw trades involving 194 million tons of carbon emissions in its opening year of operation, with a total transaction value of nearly 8.5 billion yuan.
“There are initial signs that enterprises have reduced greenhouse gas emissions and accelerated green low-carbon transformation,” said a report from the official news outlet for China’s financial regulators.
“However, the national carbon market continues to suffer from problems including insufficient activity, users not implementing contracts, data being falsified, and difficulty verifying carbon data.”
The launch of the NCETM follows the Xi administration’s 2020 unveiling of the twin emissions reduction targets of peak carbon by 2030 and carbon neutrality by 2060.