China's Ministry of Ecology and Environment (MEE) announced on March 26 the first expansion of its national carbon emission trading market. The new plan will include the steel, cement, and aluminum smelting industries, marking a significant step in the country's decarbonization efforts. Previously, the market covered only 2,200 key emission units in the power generation sector, responsible for over 5 billion metric tons of annual CO2 emissions.
With the inclusion of these three high-emission industries, an additional 1,500 key emission units will join the trading market, increasing its coverage to 60% of China's total carbon dioxide emissions. These sectors alone account for approximately 3 billion metric tons of CO2 emissions annually.
The MEE will soon issue detailed guidelines for implementing this expansion, including tasks such as identifying key emission units, verifying carbon reports, and allocating quotas. This move aligns with China's broader climate goals to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.
