The Ministry of Ecology and Environment announced on January 6 that the 2024 allocation trading and settlement of China's national carbon emissions trading market have been successfully completed.
Source: Science and Technology Daily
The Ministry of Ecology and Environment announced on January 6 that the 2024 allocation trading and settlement of China's national carbon emissions trading market have been successfully completed. By the end of 2024, the cumulative trading volume of allowances in the market reached 630 million tons, with a total transaction value of 43.033 billion yuan.
According to the "2023-2024 National Carbon Emissions Trading Allocation Plan for the Power Generation Sector," 2,096 key emission entities in the power generation industry were included in the 2023 allocation scheme, covering approximately 5.2 billion tons of annual carbon dioxide emissions. As of December 31, 2024, the deadline for settling 2023 allowances had passed, with significant improvements observed in compliance rates. The trading of allowances helped reduce the total emission reduction costs for the power generation industry by approximately 35 billion yuan over the first two compliance cycles.
China's national carbon emissions trading market officially launched on July 16, 2021, and has since become the largest carbon market in the world in terms of greenhouse gas emissions coverage. In 2024 alone, the market recorded a trading volume of 189 million tons and a transaction value of 18.114 billion yuan, reflecting sustained growth in trading activity. The market’s closing price at the end of the year stood at 97.49 yuan per ton, marking a 22.75% increase compared to the end of 2023. Efforts to expand the scope of the carbon market also progressed at a steady pace. Following the issuance of four technical guidelines in September 2024，including those for the cement and aluminum smelting industries—the Ministry of Ecology and Environment recently released draft guidelines for calculating and reporting greenhouse gas emissions in the steel industry for public consultation.