China To Expand Carbon Market With Major Industries By 2027

China is accelerating the expansion of its carbon market with a plan to incorporate major industrial sectors by 2027.

The national carbon emissions trading market will be largely established by 2030, according to guidelines issued by the Communist Party Central Committee and the State Council. The move will help deliver President Xi Jinping’s pledge to peak China’s emissions by the end of the decade. 

China’s carbon market was launched four years ago, covering only power generators, the country’s main source of emissions. Three other heavily polluting industries — steel, aluminum and cement — will be added this year, although they’ll be subject to less stringent rules in their first two years of inclusion.