The Development Of China'S Carbon Market: A State-Of-The-Art Review

In October 2011, the National Development and Reform Commission of China approved the pilot projects for carbon emissions trading in Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, Guangdong and Hubei provinces from 2013 to 2015. In January 2016, the NDRC made unified arrangements for the construction of the national carbon market and requested to ensure that the national carbon market would be started in 2017. Since its launch in 2011, the seven pilots have basically built a carbon trading market system with clear responsibilities, smooth operation, active trading and active compliance. They have accumulated many useful experiences during the operation and have played an active role in energy transformation. It also greatly promoted the construction of carbon trading mechanism and provided a wealth of experience and lessons for the establishment of a national carbon market. The Chinese carbon market is about to officially launch and will also surpass the EUETS to be the largest carbon trading system in the world.