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China Issues Regulations for Carbon Emissions Trading

Wed, 26 Jun 2024
Categories: China Legal Trends

On 4 Feb. 2024, China’s State Council issued the “Interim Regulations on the Administration of Carbon Emissions Trading” (hereinafter the “Regulations”, 碳排放权交易管理暂行条例), which came into effect on 1 May 2024.

Carbon emissions trading is an important policy tool aimed at controlling and reducing greenhouse gas emissions such as carbon dioxide through market mechanisms, which can help work actively and prudently toward the goals of peaking carbon dioxide emissions and achieving carbon neutrality. The Regulations, as administrative regulations, provides a legal basis for the operation and management of the national carbon emissions trading market.

Key points of interest include:

  1. Establish the basic institutional framework for the administration of carbon emissions trading. This involves clarifying the legal status and responsibilities of the national carbon emissions registration and trading institutions, the scope of carbon emissions trading, trading products, trading entities, and trading methods. It also covers the identification of major emitting entities, the allocation of carbon emission allowances, the preparation and verification of annual greenhouse gas emission reports, the surrender of carbon emission allowances, and market trading.
  1. Prevent and punish falsification of carbon emissions data. This is mainly achieved through clear provisions on strengthening the responsibility of major emitting entities, enhancing the management of technical service institutions, intensifying supervision and inspection, and imposing heavier penalties.

 

 

Photo by Rafik Wahba on Unsplash

Contributors: CJO Staff Contributors Team

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