State Grid employees check solar power panels in the Tibet autonomous region. [Photo by Song Weixing/For China Daily]
China's national carbon trading market started online trading on July 16, a significant step to help the country reduce its carbon footprint and meet emission targets, according to the Ministry of Ecology and Environment.
Trading began at 9:30 a.m. at the Shanghai Environment and Energy Exchange with the opening price for the carbon quota at 48 yuan (7.4 U.S. dollars) per tonne.
Carbon emissions by more than 2,000 power companies covered in the first batch of trading are estimated to exceed 4 billion tonnes per year, making the market the world's largest in terms of the amount of greenhouse gas emissions covered.
China's national carbon trading market was launched in 2017 after a pilot operation in seven provincial regions in 2011. The idea behind its launch was to explore market-based mechanisms to control greenhouse gas emissions.
Collected by Lv Yun, Wu Qin (intern)
Edited by Lv Yun
Sources: Xinhua, CGTN