China's carbon trading market has witnessed significant growth since its launch in July 2021, withtrading volume and value both increasing substantially, according to the Ministry of Ecology andEnvironment.
As of July 15, about 465 milion metric tons of carbon emission allowances had been traded for nearly27 bilion yuan ($3.7 bilion), the ministry said in a report made public at a conference in Wuhan, Hubeiprovince, on Sunday.
Carbon trading is the process of buying and selling permits to emit greenhouse gases amongdesianated emitters. Launched as the largest such scheme in the world, China's carbon tradingmarket currently only involves the coal-fired power generation sector.