"We will facilitate non-ferrous metals and building materials to be enrolled into the national ETS as soon as possible," Lai Xiaoming, chairman of the Shanghai Environment and Energy Exchange or SEEE, said at China's first Carbon Finance Forum conference held in Shanghai this April. The expansion comes after a stagnant year when the decarbonization agenda was in limbo due to COVID restrictions, energy security concerns and power sector losses amid soaring fuel prices. The new sectors will further expand China's ETS, which currently covers only the power sector and is already the world's largest by volume of emissions covered at over 4 billion mtCO2e/year. The trend also underscores how increasingly global and interconnected carbon regulations are expected to drive the design of local carbon market policies in several countries, laying the foundation for the cross-border trading of credits and offsets as envisioned under the Article 6.
While the inclusion of some of these sectors was already in the pipeline, the recent approval of CBAM regulations by Europe has added a sense of urgency. Receive daily email alerts, subscriber notes & personalize your experience.
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