The Cumulative Emissions Trading Volume Since the Launch of the Seven Carbon Emission Trading Pilots
Carbon trading is a market mechanism adopted to promote global greenhouse gas emission reduction, i.e., trading carbon dioxide emission rights as a commodity. Carbon credits are carbon emission allowances allocated to key greenhouse gas emitters for a specified period of time. The price per ton of carbon dioxide equivalent (CO2-eq) is the unit of measurement for trading carbon emission allowances, with the minimum change in the declared quantity for buying and selling being 1 ton of CO2-eq and the minimum change in the declared price being RMB 0.01.
In 2005, China started to participate in the international carbon trading market as a seller in CDM projects. In October 2011, the National Development and Reform Commission issued the Notice on the Pilot Project of Carbon Emissions Trading, marking the official launch of China's carbon emissions trading.
Data show that as of June 31, 2021, the cumulative CO2 emissions turnover of the seven carbon emission trading pilots in Beijing, Tianjin, Shanghai, Chongqing, Hubei, Guangdong and Shenzhen reached 3.5 billion tons.
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