China surges ahead with carbon emissions trading system
Relevant laws and awards should be introduced to facilitate the development of the carbon emissions trading system in China, experts said on Thursday.
China's provisional regulations for the administration of carbon emissions trading will be effective by May 1.
"Reaching peak carbon emissions and achieving carbon neutrality will bring tremendous and deep impacts to China's economic and social development," said Huang Zhen, an academic at the Chinese Academy of Engineering and director of the Research Institute of Carbon Neutrality of Shanghai Jiao Tong University, during the 2024 Carbon Neutrality and Green Development Conference, as part of the 2024 IE Expo China.
Means such as carbon allowances and carbon tax should be used to lift the environmental cost of fossil energy and minimize the green premium, thus fueling green transformation and tackling carbon tariffs imposed by the European Union, Huang said.
He suggested the draft of specialized legislation on the promotion of carbon neutrality and the green-oriented transition of energy, providing legal support for relevant policies and regulations, and revision of current laws on environmental protection, energy and clean production.
Experts share insights into dual carbon goals.
In recent years, green and low-carbon technologies and industries have experienced thriving development in China. The country's installed capacity of renewable energy amounts to 1.45 billion kilowatts, exceeding the coal-fired power generating capacity.
China's national carbon trading market was launched in 2017 after pilot operations in seven provincial-level regions in 2011. Behind its launch was the aim of exploring market-based mechanisms to control greenhouse gas emissions.
By the end of last year, it had included 2,257 power generation firms with transaction volume of about 24.9 billion yuan (US$3.43 billion).
"China's environmental enterprises are actively exploring new opportunities brought by a new round of technological revolution and green development," said Li Qilin, director of the China Environment Chamber of Commerce. "It is expected that enterprises in the industry will cultivate new quality productive forces of the carbon industry."
Since 2021, when official trading on the market began, its annual coverage of carbon dioxide emissions has reached about 5.1 billion tons, accounting for more than 40 percent of the national total emissions.
The 2024 IE Expo China, running through Saturday, has drawn 2,457 enterprises in the environmental field from 27 countries and regions. It displays smart environmental solutions and attracted more than 50,000 visitors on its opening day on Thursday.
