'China’s ETS poised to become largest carbon market in the world'

China’s emmissions trading scheme (ETS) is poised to surpass Europe to become the largest carbon market in the world, with carbon allowances of nearly four billion tonnes, Sandy Singh (pictured), Research Assistant at the Gas Market Analysis Department of the Doha-based Gas Exporting Countries Forum (GECF) has said in a report on “EU carbon price and its impact on natural gas demand”.

China has launched its national ETS in January 2021, and is one of the key instruments needed to meet its enhanced climate change goals to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060 The China ETS will start trading later in June 2021 and its implementation will begin in the power sector, with 2,225 power plants whose historical annual emissions exceed 26,000 tonnes of CO2 equivalent, said Singh.