China sees brisk trade in carbon market

China has seen brisk trade in the carbon emission quota market since it was launched on July 16 said Liu Yingbin, spokesman for the Ministry of Ecology and Environment at a news conference on Monday.

A total of 2,162 power companies were included in the first performance cycle of the country's carbon market, covering about 4.5 billion metric tons' annual emission of carbon dioxide. Statistics showed trading volume of the carbon emission quota on the first open day of the nation's carbon market reached 4.1 million tons, with a gross turnover of 210 million yuan ($32.39 million) and an average price of transactions of 51.23 yuan per ton.

As of July 23, the total volume of carbon emission quotas registered over 4.8 million tons, with a gross contract value of nearly 250 million yuan. The market in general is brisk with a steady and rising price.

Liu said power generation is the first piloting industry, but in the future, more industries will be included. So far, the Ministry of Ecology and Environment has organized data accounting, reporting and verification of high-emission industries such as steel, cement, building materials, aviation, petrochemical, chemical industry, non-ferrous metals and paper making.

The ministry has asked industry associations to put forward industry standards and technical specifications that fit China's requirement.

Regulations on trading of carbon emission quotas will be introduced as soon as possible.