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illuminem summarises for you the essential news of the day. Read the full piece on China Daily or enjoy below:
🗞️ Driving the news: China is expanding its carbon trading market to include steel, cement, and electrolytic aluminum
• About 1,500 companies in these sectors will join the existing market
• The expansion aims to cover over 60% of China’s total CO₂ emissions
🔭 The context: The carbon trading system allows companies to buy and sell emission allowances
• The new sectors contribute to 20% of the nation’s CO₂ emissions
• Since its 2021 launch, over 630 million tons of allowances have been traded, valued at 43 billion yuan
🌍 Why it matters for the planet: The expanded market supports China’s transition to a low-carbon economy
• The system incentivises industries to lower their carbon footprints
• It helps reduce emissions in a cost-effective manner
⏭️ What's next: The new sectors will integrate into the carbon market later this year
• Preparations, including emission accounting and system upgrades, are complete
• Training sessions are underway to ensure smooth implementation
💬 One quote: "All the preparations for the expansion are complete. These efforts have laid a solid foundation and provided a guarantee for the market's growth." — Pei Xiaofei, Ministry of Ecology and Environment
📈 One stat: The expanded market will cover over 60% of China’s CO₂ emissions, significantly boosting emission reduction efforts
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