Reuters published a report on Oct. 28 about China’s 14th Five-Year Plan, saying that China will speed up the construction of a national carbon emissions trading market in the next five years.
Li Gao, director general of the Climate Change Response Department of the Ministry of Ecology and Environment, was quoted in the report as saying, “The 14th Five-Year Plan will be a milestone period in the development of China’s carbon market. China will move from piloting to establishing a unified national market, from single-sector breakthroughs to multi-sector inclusion, and from the launch of trading to continued smooth operation, the report said.
China is expected to overtake the European Union as the world’s largest carbon trading system once the power sector starts trading carbon emissions rights, the report suggests.
In 2017, China announced the launch of a national carbon emissions trading system aimed at covering all industrial sectors, according to the report. As of August this year, pilot emissions trading in seven Chinese provinces, namely five cities – Beijing, Tianjin, Shanghai, Chongqing and Shenzhen – and two provinces – Hubei and Guangdong – has covered nearly 3,000 key emitters, with a cumulative quota turnover of 406 million tons of carbon dioxide equivalent.
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