China sells almost $65milion worth of Carbon Dioxide emission quotas, environment ministry says
BEIJING (Sputnik) – China sold 418 million yuan (around $64.6 million) worth of carbon dioxide emission quotas to companies in a little over two months, the head of the Climate Change Department in the country’s Ministry of Ecology and Environment Li Gao said.
China launched the Emission Trading System (ETS) in Shanghai in in 2016 with the objective to reduce carbon emissions in the country and promote green and low carbon development. It will also support the country’s goal of reaching the peak of CO2 emissions by 2030 and achieving carbon neutrality by 2060.
“As of September 23, the national emissions trading scheme saw contracts for carbon emission quotas amounting to 8.48 million tons [being sold for] a total amount of 418 million yuan,” the official said at a conference at the International Institute of Green Finance at the Central University of Economics and Finance in Beijing.
The market has been stable since its launch and prices have been kept within reasonable limits, Li noted. The opening price stood at around $7.40 per ton of CO2 equivalents.
According to Chinese media, the companies that can access the scheme include more than 2,000 electricity generating firms. The Ministry of Ecology and Environment believes that these companies are responsible for over 4 billion tons of carbon dioxide emissions yearly.