Ready for a carbon market glow-up? The Chinese mainland just dropped a brand-new guideline to accelerate its green and low-carbon transition and power up its national carbon trading market 🌿💹.
Issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, the plan sets big goals:
- By 2027: Cover all major industrial sectors in the carbon trading market and expand the voluntary greenhouse gas emission reduction market to all key fields 🚀.
- By 2030: Establish a national cap-and-trade system with both free and paid allocations, and complete a transparent, standardized voluntary trading market aligned with global standards 🌏.
What’s in it for us (and the planet)? Reduced emissions, better rules, and a carbon pricing mechanism that finally makes polluters pay a fair price 💰➡️🌳.
The guideline also calls to:
- Expand market coverage and refine quota allocations.
- Boost regional pilot schemes with tighter oversight.
- Regulate voluntary reduction activities and promote certified emission reductions.
- Enrich trading products, welcome more participants, and step up market supervision.
- Improve carbon accounting, reporting, and information disclosure.
- Reinforce policy and legal support, and deepen international cooperation 🌐✍️.
Bottom line? The Chinese mainland is turning up the volume on climate action, creating a more robust, credible market where carbon credits trade like top-tier assets. Get ready to see some serious green finance magic in the next few years!
Reference(s):
China issues guideline to strengthen national carbon trading market
cgtn.com
