The world's largest carbon emission trading market was launched in Beijing, Shanghai and Wuhan on July 16, 2021.

Statistics indicate that, as of July 14, the country's cumulative trading volume of carbon emission quota had reached 194 million tons, with a total trading value of 8.492 billion yuan ($1.25 billion).

During the operation period, China's carbon emission trading market ran smoothly and in an orderly manner, and the transaction price rose with stability, said Li Gao, director of climate change at the Ministry of Ecology and Environment.

Generally speaking, China has initially established basic framework for carbon emission trading, promoted enterprises to reduce greenhouse gas emissions and accelerated green and low-carbon transformation, and effectively brought the carbon pricing function into play, Li said.

Pilot work on carbon emission trading was launched in Beijing, Tianjin, Shanghai, Chongqing, Guangdong, Hubei and Shenzhen in October 2011, covering nearly 3,000 key emitters in over 20 industries such as electricity, steel and cement.

Since China's national carbon emission trading system was inaugurated in July 2021, the focus of China's carbon market has shifted from local pilot demonstration to the construction and improvement of a unified national carbon market.

China's current carbon emission trading market covers 2,162 power plants, accounting for nearly half of the country's carbon emissions.

Another seven industries are scheduled to be included in the market such as petrochemical, chemical, building materials, iron and steel, nonferrous metals, paper making and aviation.

Until now, more than 60 million tons of carbon emissions have been reduced through financial support by China's central bank, according to Zou Lan, an official from the People's Bank of China.

China's carbon emission trading market is expected to enter the second operational period and the country will accelerate the establishment of national carbon market registration and trading institutions to promote the healthy development of national carbon market and play a bigger role in achieving carbon peaking and carbon neutrality targets, according to ce.cn.