China's national carbon emissions trading market has reached a cumulative trading volume of over 917 million tons since its launch five years ago, with total turnover exceeding 61.7 billion yuan (about $9.12 billion), according to an official from the Ministry of Ecology and Environment. The market has expanded from covering 2,162 thermal power companies to 3,378 high-energy-consuming enterprises in sectors including steel, cement and aluminum smelting. The thermal power sector alone achieved 530 million tons of carbon emission reductions during the 14th Five-Year Plan period (2021-2025), with around 80 percent of enterprises lowering their carbon emission intensity. Over 200 small and outdated power units were shut down in the past three years. The market also reduced sulfur dioxide by 27,000 tons, nitrogen oxides by 94,000 tons, and smoke and dust by 135,000 tons. China aims to achieve full coverage of key industrial emission sectors by 2027, so that carbon price reflects abatement costs and sends clear market signals. The target is to reduce carbon emissions per unit of product by 3 percent across covered industries during the 15th Five-Year Plan period (2026-2030).
