{"id":82214,"date":"2024-02-06T00:00:00","date_gmt":"2024-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/06\/china-sets-out-legal-framework-for-its-national-emissions-trading-scheme\/"},"modified":"2024-02-06T00:00:00","modified_gmt":"2024-02-06T00:00:00","slug":"china-sets-out-legal-framework-for-its-national-emissions-trading-scheme","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/06\/china-sets-out-legal-framework-for-its-national-emissions-trading-scheme\/","title":{"rendered":"China sets out legal framework for its national emissions trading scheme"},"content":{"rendered":"

China has issued a comprehensive legal framework for its national emissions trading <\/strong>scheme (ETS) which launched in 2021<\/strong>, Reuters<\/a> reports. The new regulations \u2014 which come into force on 1 May \u2014 establish an oversight system for its carbon market and require traders to devise data quality control plans. Authorities will also now be able to penalize firms, including third party consultants, for fraudulent emissions reporting, the newswire notes. Some 442 mn tons of carbon credit allowances were traded last year with a cumulative value of CNY 25 bn (c. USD 3.5 bn). China\u2019s ETS now covers around 5 bn metric tons of CO2 emissions annually, and is expected to expand to more than 3.5k companies by the end of next year as hard-to-abate sectors, like cement and aluminum, get included in the scheme. <\/p>\n

REMEMBER- China resumed carbon trading after a <\/strong>seven-year hiatus<\/a><\/strong> on its national voluntary carbon trading market (VCM) on the Beijing Green Exchange last month, and revealed four new decarbonization assets from which carbon credits can be generated including forestation, mangrove cultivation, solar thermal power, and grid-connected offshore wind power projects.<\/p>\n

IN OTHER CHINA NEWS- <\/strong>China breaks records with new energy installations in 2023: <\/strong>China's installed capacity from new energy sources rose from 760 mn KW at the end of 2022 to 1.05 bn KW by the end of 2023, breaking national records, the state\u2019s national broadcaster CCTV said<\/a> on X, citing the China Electricity Council. More than half<\/a> of the global renewables expansion over the next three years is set to occur in China, and planned clean energy additions are expected to reduce coal demand in the country in 2024 before it plateaus through 2026. Last year, China allocated USD 676 bn<\/a> for clean energy investments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new regulations will establish an oversight system for its carbon market and require traders to devise data quality control plans<\/p>\n","protected":false},"author":1,"featured_media":82215,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,98,69,155,11],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-carbon-markets","tag-china","tag-emissions","tag-enterpriseclimate","wpautop","entry"],"acf":{"mongo_id":"89e284cb-ffa1-41a7-8a56-812180df5b64","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/373.jpg","photo_position":"above","homepage_title":"","full_issue_title":"China 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