China's carbon market aids realization of dual carbon goals: ministry

BEIJING, Oct. 27 (Xinhua) -- China's national carbon market has played a positive role in promoting the realization of its dual carbon goals, the Ministry of Ecology and Environment said on Friday.

Xia Yingxian, director of the ministry's climate change department, said at a press conference that the carbon market has significantly enhanced the awareness and ability of enterprises to reduce emissions since it was launched over two years ago.

From its launch date of July 16, 2021 to Wednesday this week, the total transaction volume of carbon emission allowances was 365 million tonnes, with a total transaction value of about 19.44 billion yuan (about 2.71 billion U.S. dollars), Xia said.

A total of 2,257 power companies were included on the national carbon market in 2021 and 2022, covering annual carbon emissions of over 5 billion tonnes, Xia added.

In the next step, China will include more qualified industries to the national carbon market, according to the ministry.

China has announced that it will peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.