China's carbon trading market shows stronger vitality during past four years

China's national carbon market has shown stronger vitality during the past four years, facilitating a green transformation in power generation, according to the Ministry of Ecology and Environment on Wednesday.

The country launched the online trading of its national carbon market on July 16, 2021. The market saw transaction values exceed 18 billion yuan (approximately 2.51 billion U.S. dollars) in 2024, representing a nearly 25 percent year-over-year increase and setting a historical high.

The price of carbon dioxide emissions quotas exceeded 100 yuan (about 13.94 U.S. dollars) per ton in November 2024. Recently, the carbon price has stabilized at 70 to 80 yuan (about 9.76 to 11.15 U.S. dollars) per ton, nearly doubling compared to the initial carbon market.

Carbon trading, which allows the buying and selling of permits to emit carbon dioxide or other greenhouse gases, is regarded as one of the critical tools to help reduce carbon footprints and meet emissions targets.

"As of the most recent trading day (July 15), the market reported a trading volume of over 670 million tons of carbon emissions and a total turnover of over 46.2 billion yuan (about 6.44 billion U.S. dollars), indicating a continual expansion of transaction scale," said Xu Mingyi, general manager of Shanghai Environment and Energy Exchange.

So far, the first batch of over 2,000 thermal power companies participating in the national carbon emissions trading market has established the concept that "emissions come at a cost, while emission reductions can yield benefits".

While actively taking on the primary responsibility for carbon reduction, power enterprises are also leveraging advanced technologies to reduce costs and improve efficiency.

"Our research found that for key emission companies of the power generation industries in the national carbon emissions trading market, the carbon emission intensity in 2023 decreased by approximately 8.78 percent compared to 2018. As a result, the total amount of carbon emissions was reduced by about 2.8 percent. This results in an average annual reduction in emission costs of approximately 12 billion to 13 billion yuan," said Zhang Xin, chief economist of the National Climate Change Strategy Research and International Cooperation Center.

China's carbon trading market shows stronger vitality during past four years

Protesters filled Mexico City's Paseo de la Reforma on Saturday, rallying in solidarity with Venezuela and denouncing U.S. influence in Latin America.

The United States launched a large-scale military operation against Venezuela in the early hours of Jan 3, taking by force Venezuelan President Nicolas Maduro and his wife, Cilia Flores.

Holding numerous flags and banners while chanting slogans intermittently, a huge crowd of protesters criticized U.S. military actions against Venezuela and the unlawful control over President Maduro and his spouse, calling for respect for national sovereignty and regional peace.

"We oppose the U.S. intervention and hegemony towards the countries in Latin America. The United States has flagrantly trampled on international law, bombed Caracas and kidnapped the Maduro couple. The U.S. interventionism has become extremely blatant. We must firmly oppose and be highly vigilant, because this is not only related to a certain country, but also to all countries," said a protester.

"We demand that the United States stop interfering in Venezuela's internal affairs. The country must immediately cease its exploitation and plundering of the countries in Latin America," said another protester.

Protest erupts in Mexico City over US military operation in Venezuela