China releases first national emission trade scheme draft rules for consultation

摘要

Beijing this week released its long-awaited first national emission trade scheme draft rules for public consultation, in an effort to help meet the country's 2060 carbon neutrality target by managing emission. China faces the challenge of powering its economic growth and balancing its carbon emissions. The carbon market is seen as necessary in achieving that goal. The country has developed pilot emission trading platforms in nine cities and provinces since 2011, and started to pave the way for a national trade scheme in 2017 with an emission trade market development plan for the power generation sector.