The national carbon market in Shanghai has transacted 195 million metric tons of China Emission Allowances (CEA) since its launch on July 16, 2021, with a combined value of 8.56 billion yuan ($1.19 billion), making it the world's largest carbon trading market and representing China's resolve to reach carbon neutrality targets, officials said on Tuesday.
The national carbon market is the largest market for physical carbon trading worldwide, and its greenhouse gas emissions are covered by 2,162 power-generating enterprises, said Cheng Peng, the director of the municipal bureau of ecology and environment.
Carbon trading, the process of buying and selling permits to emit carbon dioxide or other greenhouse gases, is restricted to designated emitters who have such rights.
The launch of the national carbon market showed China's effort to reduce its carbon footprint and meet emissions targets. The world's second largest economy aims to peak CO2 emissions by 2030 and achieve carbon neutrality by 2060.
Within the past decade, the city of Shanghai has taken proactive approaches to meet state requirements by constantly restructuring its sectors of energy, industry, transportation and agriculture, and cultivating green low-carbon development business, said Cheng.
There is a cumulative amount of 677,000 new energy vehicles in operation across the city as of the end of 2021. The total length of Shanghai's metro network amounted to 831 km by 2021, the longest among all cities in the world. The city's green building came in at 289 million square meters, Cheng added.
On a daily basis, in every cubic meter of air, there are 27 micrograms of PM2.5 particles in Shanghai during 2021, down 56 percent from that of 62 micrograms in 2013.