Chinese Premier Li Qiang has signed a decree of the State Council, introducing new regulations governing carbon emissions trading.
Effective on May 1, 2024, the regulations aim to provide a legal framework for the operation of China’s carbon emissions trading market and ensure the effectiveness of related policies.
The regulations focus on the allocation of responsibilities, designating the State Council’s ecological and environmental departments to oversee and manage carbon emissions trading.
The regulations specify details including the products eligible for trading, trading methods and the distribution of carbon emissions quotas.
They also emphasize the need to toughen the crackdown on data fabrication.
The national carbon emissions trading market commenced operations in July 2021, marking a significant milestone in achieving the country’s emission reduction targets.
China aims to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.