China to launch national voluntary emissions reduction trading market

China will work to launch a national voluntary greenhouse gas emissions reduction trading market this year, according to the Ministry of Ecology and Environment on Thursday.

The China Certified Emissions Reduction will be the market's trading product, Liu Youbin, spokesperson for the ministry, told a press conference.

Promoting the construction of the market will help support the development of forestry carbon sequestration, renewable energy, methane emissions reduction, energy conservation and efficiency improvement projects, Liu said.

He also noted that the launch of the market will encourage a wider range of industries and enterprises to participate in greenhouse gas emissions reduction, so as to meet China's goals of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060.

The ministry has drafted a regulation on voluntary greenhouse gas emissions reduction and support for management systems with relevant departments, and has basically established related infrastructure as well as nationwide registration and trading systems ahead of the launch, Liu said.