August 30, 2019 – In a press conference of the Ministry of Environment and Ecology (MEE), Mr. Li Gao, Director General of the Department of Climate Change (DCC), introduced the progress of the carbon market construction, its next steps as well as its future development under the 14th FYP.
Currently, China is prioritising and accelerating the legislative progress of the Interim Rules for the Administration of Carbon Emission Trading, the cap setting and allowance allocation plan for the national ETS, the allocation guidelines for power generation and other relevant MRV regulations on GHG emissions. The national ETS registry system and trading system is still under construction and expected to be bear results in the fourth quarter of 2019.
In parallel to the legislative processes, capacity building activities are continuously strengthening the knowledge and capacity of market participants.
Throughout the 14th FYP, the MEE expects a well supervised and transparent national ETS that runs stable and effective. Moreover, China aims to reduce other non-CO2 GHG emissions under the national ETS while its legal regulations, data management and market supervision system will be further refined.