Carbon trading market continues growth

China's carbon trading market has witnessed significant growth since its launch in July 2021, with trading volume and value both increasing substantially, according to the Ministry of Ecology and Environment.

As of July 15, about 465 million metric tons of carbon emission allowances had been traded for nearly 27 billion yuan ($3.7 billion), the ministry said in a report made public at a conference in Wuhan, Hubei province, on Sunday.

Carbon trading is the process of buying and selling permits to emit greenhouse gases among designated emitters. Launched as the largest such scheme in the world, China's carbon trading market currently only involves the coal-fired power generation sector.