China's Emissions Trading Scheme Reaches $156m

Trading volumes on China’s national carbon emissions trading scheme (ETS) have crossed 1 billion yuan ($156.50 million) since its launch in mid-July, China’s Environment ministry said on Friday.

The Ministry of Ecology and Environment said on its official WeChat account that cumulative trading volumes have reached 1.044 billion yuan since the ETS was set up on July 16.

It said the scheme had been “operating smoothly and orderly” and that trading had gradually increased as the first compliance deadline approached.

The new ETS is a part of China’s plans to make use of “market mechanisms” to help bring its carbon emissions – now the world’s highest – to a peak before 2030 and to net-zero by 2060.

Reuters with additional editing by Jim Pollard

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.