China’s National Carbon Trading Market to Include Cement, Aluminum Next Year, Expert Predicts
What’s new: China’s national carbon trading market will likely expand to cover industries such as cement and aluminum next year, Tsinghua University climate expert Zhang Xiliang said at a forum Thursday.
The market will be up and running by the end of June and will move beyond simply the power sector to include other industries as soon as possible, Zhang said at an event on China’s policies to achieve carbon neutrality.
“The cement industry will definitely be included next year, as well as electrolytic aluminum,” said Zhang, head of the technical panel on the overall design of China’s national emission trading scheme (ETS). He said that “the market is expected to cover eight sectors,” including steel and chemicals, during the 14th Five-Year Plan period (2021-2025).
The background: The launch of the national carbon trading market will further China’s efforts to meet its pledge to peak its carbon emissions by 2030 and achieve carbon neutrality, or net-zero carbon emissions, by 2060.
In January, the world’s biggest emitter of greenhouse gases issued overarching rules for carbon trading, laying out the regulatory framework for the national market aimed at reducing emissions of gases such as carbon dioxide — the chief greenhouse gas contributing to global warming.
The national ETS will initially only cover the power sector, which accounts for around 30% of domestic carbon emissions.
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