Chinese Premier Li Qiang has signed a decree of the State Council, introducing new regulations governing carbon emissions trading, which will come into effect on May 1, 2024, Xinhua News Agency reported on February 4.

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 as the overseeing and managing bodies for carbon emissions trading.

They outline specific details including the products eligible for trading, trading entities, trading methods and the distribution of carbon emissions quotas.

A key aspect emphasized in the regulations is the need to strengthen measures against data fabrication, ensuring the integrity of the carbon emissions trading market.

Carbon emissions trading is an important policy tool that utilizes market mechanisms to control and reduce greenhouse gas emissions, including carbon dioxide, and facilitate the achievement of carbon peaking and carbon neutrality goals.

The national carbon emissions trading market in China commenced operations in July 2021, marking a significant milestone in achieving its emission reduction targets.

China aims to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. These new regulations serve as a crucial step towards realizing these ambitious goals.

(Writing by Riley Liang  Editing by Harry Huo)
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