Kathmandu— China’s national carbon emissions rights trading market has surpassed 930 million tonnes in cumulative trading volume as of the end of July, marking a significant milestone in the country's efforts to reduce greenhouse gas emissions. Minister of Ecology and Environment Huang Runqiu announced the figure Thursday at a press conference, highlighting the market’s role in facilitating lower-cost emission reductions and supporting China’s transition towards a greener economy.

Market Performance and Impact

The national carbon market has demonstrably aided industries in reducing their carbon footprint while minimizing financial burdens, according to Huang Runqiu. The minister stated that the system is contributing substantially to China's broader green and low-carbon transition efforts.

The scale of trading volume indicates growing participation from various sectors within the Chinese economy, suggesting an increasing acceptance of market-based mechanisms for environmental regulation.

China’s Climate Goals

This development comes as China continues to pursue ambitious climate goals, including peaking carbon emissions before 2030 and achieving carbon neutrality by 2060. The national carbon market is a key component of the country's strategy to achieve these objectives.

The Chinese government has not indicated any immediate plans to alter the structure or scope of the carbon trading system, suggesting continued support for its role in driving down emissions.

(With inputs from Xinhua)

Originally published on abcnews.com.np.