China to implement interim regulations for Carbon Emission Trading in May
![China to implement interim regulations for Carbon Emission Trading in May](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/1303.jpg)
China’s Ministry of Ecology and Environment (MEE) announced on Monday that the Interim Regulations for the Management of Carbon Emission Trading will take effect on May 1, 2024. These regulations mark a significant step for China, which operates the world’s largest carbon market regarding covered greenhouse gas emissions.
Carbon trading involves the buying and selling permits to emit carbon dioxide or other greenhouse gases, limited to designated emitters holding such rights.
The regulations, discussed at a policy briefing by the State Council Information Office in Beijing, represent the first dedicated legislation addressing climate change in China and establish a legal framework for the carbon emission trading system.
Zhao Yingmin, vice minister of MEE, highlighted the regulations’ focus on institutional mechanisms, trading activities, data quality, and penalties for illegal behavior. These provisions aim to support the healthy development of China’s carbon market and align with the nation’s “dual carbon” goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060.
Since its launch in July 2021, China’s national carbon market has completed two compliance periods, covering approximately 5.1 billion tons of CO2 emissions and involving 2,257 key emission units.
The market’s total trading volume reached 440 million tons by the end of last year, resulting in an estimated reduction of carbon emission costs by the power-generating industry totaling 35 billion yuan ($4.86 billion) over two compliance cycles.
Zhang Yaobo, director general of the Fourth Bureau of Legislation of the Ministry of Justice, emphasized the regulations’ focus on combating carbon emission data falsification.
The regulations impose fines ranging from more than five times to less than 10 times the illegal gains for data falsification, with potential fines of up to 1 million yuan for those obtaining no illegal gains or gains less than 200,000 yuan. Serious offenders may also face business prohibitions.
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