China ETS Misses Target

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China’s much-delayed national carbon market has again missed its latest target of going live in June, with no sign or announcement of the start of spot trade as of Jun. 30, despite a call by Environment Minister Huang Runqiu in late February to “ensure transactions can occur by the end of June" (NE Mar.4'21). Still, observers remain hopeful that the much-anticipated Chinese emissions trading scheme (ETS) -- which would be the world’s largest -- could be operational this year. The Shanghai Environment and Energy Exchange, tasked with preparing the trading platform for the national carbon market, released a set of detailed trading rules just over a week ago, indicating that preparations are in the final stages. The first batch of Chinese emitters drafted into the national ETS encompasses 2,225 generation companies in the power sector.

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