Beijing, The Gulf Observer: Chinese Premier Li Qiang has taken a significant step towards strengthening China’s commitment to environmental sustainability by signing a decree of the State Council to introduce new regulations governing carbon emissions trading. The regulations, set to become effective on May 1, 2024, aim to establish a comprehensive legal framework for the operation of China’s carbon emissions trading market and ensure the effectiveness of related policies.
The key focus of the regulations is on clearly defining responsibilities, with the State Council’s ecological and environmental departments designated to oversee and manage carbon emissions trading activities. This move underscores the government’s commitment to providing a structured and transparent platform for trading carbon emissions, aligning with global efforts to combat climate change.
The regulations outline specific details, including the eligible products for trading, trading methods, and the distribution of carbon emissions quotas. By addressing these critical aspects, the Chinese government aims to streamline and regulate the carbon trading market, fostering a more efficient and accountable system.
One notable emphasis in the new regulations is the commitment to crack down on data fabrication rigorously. Ensuring the accuracy and reliability of data is crucial for the success of any emissions trading market, and the regulations seek to strengthen measures against any form of data manipulation.
The national carbon emissions trading market commenced operations in July 2021, marking a significant milestone in China’s efforts to achieve its emission reduction targets. The introduction of these new regulations further underscores the nation’s determination to tackle climate change and transition towards a more sustainable and environmentally responsible future.
China has set ambitious goals in its fight against climate change, with a commitment to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. The new regulations are a pivotal step towards aligning policy frameworks with these targets, ensuring a robust foundation for the continued development of the carbon emissions trading market in the country.