November 04, 2018 – In a press conference by the Ministry of Ecology and Environment (MEE) on October 31, Li Gao, director of the Department of Climate Change (DCC) of the MEE depicted the current state of China’s national carbon market.
According to Li Gao, the most important work at the moment is the publication of the “Interim Regulation on the Management of Carbon Emissions Trading” as the legal framework of the national ETS. MEE is coordinating the policy with other relevant departments and strives to introduce it as soon as possible.
Going forward, rules and regulation on trading, monitoring and reporting and oversight of verification organisations will be developed. Since the national ETS will start with the power sector, the allocation method in this sector is being prepared. At the same time, the construction of the basic infrastructure is in the focus: setting up a platform for the reporting the emission of companies alongside a national registry and trading system. In order to support this process, MEE is carrying out capacity building for relevant departments, local governments, companies and verification agencies.
Li Gao also stressed the importance of international cooperation and exchange in the process. Learning from international experience, especially from the EU ETS and the Californian cap-and-trade system, was an important pillar of the preparation work for the national ETS.
Source: http://www.mee.gov.cn/xxgk2018/xxgk/xxgk15/201811/t20181101_672093.html (Chinese)