China’s Ministry of Ecology and Environment (MEE) in a press release on March 26 stated that the national carbon emission trading market is expanding for the first time. The MEE has released the Work Plan for the National Carbon Emission Trading Market to Cover the Steel, Cement, and Aluminum Smelting Industries, signaling that the first expansion of the carbon emission trading market will formally enter the implementation phase.
Currently, the national carbon emission trading market only covers 2,200 key emission units in the power generation industry, with an annual coverage of carbon dioxide emissions exceeding 5.0 billion mt. However, the steel, cement and aluminum smelting industries are big emitters of carbon, with their carbon dioxide emissions reaching 3.0 billion mt. After the expansion, 1,500 key emission units will be added in the national carbon emission trading market, covering 60 percent of the total carbon dioxide emissions of China.
The MEE will soon issue a notice regarding the inclusion of the three industries in question in the carbon emission trading market.
Accordingly, the tasks and deadlines for formulating the list of key emission units, monthly notarization of key parameters, verification of carbon emission reports, allocation of verified quotas, and quota surrenders will be clarified.