China says trading volumes on national emissions trade scheme exceed $157 mln - Reuters

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The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Photo

SHANGHAI, Nov 12 (Reuters) - Trading volumes on China's national carbon emissions trading scheme (ETS) have exceeded 1 billion yuan ($156.50 million) since it was launched in mid-July, China's environment ministry said on Friday.

The Ministry of Ecology and Environment said on its official WeChat account that ever since the ETS was set up on July 16, cumulative trading volumes have reached 1.044 billion yuan.

It said the scheme had been "operating smoothly and orderly" and trading had gradually increased as the first compliance deadline approached.

The new ETS is a part of China's plans to make use of "market mechanisms" to help bring its carbon emissions - now the world's highest - to a peak before 2030 and to net-zero by 2060.

($1 = 6.3898 Chinese yuan)

Reporting by Brenda Goh; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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