China's carbon trading passes CNY6bn
China's seven pilot carbon trading schemes reached CNY6bn (US$863.9m) at the end of October, rising from CNY4.7bn at the end of 2017, reported the Ministry of Ecology and Environment.
China's pilot CO2 trading schemes cover the cities of Beijing, Tianjan, Shanghai, Chongqing and Shenzhen, and the provinces of Guangdong and Hebei. The schemes were introduced in 2013 and include the cement and other carbon-emitting industries.
A total of 250Mt of carbon dioxide changed hands on the exchanges by the end of October this year, up from 200Mt at the end of last year. President Xi Jingping announced that the regional trading schemes would be replaced by a nationwide trading scheme in 2015 and while the national scheme was launched in 2017 it has not made the same progress as the regional schemes.
