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China expands carbon trading market to aluminium, steel, and cement to curb industrial pollution

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Update time : 2024-09-10 16:12:04
At the opening ceremony of the 2024 Global Energy Transformation Conference on September 7, Huang Runqiu, Minister of Ecology and Environment, emphasised the need to accelerate green and low-carbon development in China. By the end of the year, key emission industries, including aluminium, steel and cement, will be integrated into the national carbon emissions trading system alongside the power industry.

A national carbon trading market is a carbon pricing system that facilitates the buying and selling of carbon credits and renewable energy certificates. It aims to meet climate goals and advance climate actions in a cost-efficient manner.

Adopting carbon emissions trading is a vital policy tool for reducing greenhouse gas emissions, such as carbon dioxide, through market-based mechanisms. This initiative underscores China's commitment to peak carbon emissions reduction by 2030 and achieve carbon neutrality by 2060.

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