Vice Director of the Climate Change Office at Ministry of Environment & Ecology (MEE), Tie Wang, made comments on National Emission Trading Scheme during a press conference on Dec.20^th.

Wang said “We have learned so much from the emission trading took place in pilot regions during past years. We will be applying our experiences as well as foreign successful examples to complete the development of the National Emission Trading Scheme”.

China has done tremendous research on studying the national carbon market. In December 2017, China initiated the national trading scheme and MEE undertook the duty of managing the market. So far, MEE has achieved several objectives in turns of developing the national scheme. These objectives include, the issuing of Rules of National Emission Trading Scheme, the construction of market infrastructure, the establishment of monitoring, reporting and verification systems (MRV), emitters, government and third parties relevant training, and the official launch of trading scheme among power sectors.

“The next step is to gradually increase the numbers of emitters involved in the market, and to increase the commodities that can be traded in the market which will not only reduce the carbon emission but provide much more business opportunities” said Wang.

China is looking to achieve 4 main objectives in the future in order to complete the National Market development. These objectives include:

1.     1. Finalize the rules of National Trading Scheme and include the CCER into the trading market.

2.     2. Complete the market infrastructure construction ASAP.

3.     3. Optimize the emission data reporting system, complete the MRV procedures and the historical emission data collection.

4.     4. Provide training to provincial government and emitters regarding to emission trading.

Wang also emphasized that the development of National Trading Scheme is an extremely complicated project that requires the effort from many parties, even though it will take a long time to do so but China is doing everything it can to complete this trading scheme.