China to Add Petrochemicals, Chemicals to National Carbon Market

China will expand its national carbon market to include the petrochemical and chemical industries, bringing about 80% of the country’s carbon dioxide emissions under regulatory control.

Li Gao, vice minister of ecology and environment, announced the planned expansion at a press briefing in Beijing on Thursday.

The addition of the two sectors would broaden coverage of the world’s largest emissions trading program, extending carbon pricing deeper into heavy industry and helping Chinese exporters prepare for emerging international trade barriers tied to carbon intensity.