The Interim Regulations on the Administration of Carbon Emission Trading were promulgated

　　Premier Li Qiang of the State Council recently signed an order of the State Council to promulgate the "Interim Regulations on the Administration of Carbon Emission Trading" (hereinafter referred to as the "Regulations"), which will come into force on May 1, 2024.

　　Carbon emission trading is an important policy tool to control and reduce greenhouse gas emissions such as carbon dioxide through market mechanisms, and to help actively and steadily promote carbon peak and carbon neutrality. It is of great significance to formulate special administrative regulations to provide a clear legal basis for the operation and management of the national carbon emission trading market, and to ensure and promote its healthy development.

　　The "Regulations" summarize practical experience, adhere to the whole process management, focus on building a basic institutional framework, and ensure the function of carbon emission trading policy; It is clearly proposed to adhere to the leadership of the party, clarify the supervision and management system, build a basic institutional framework for the management of carbon emission trading, and prevent and punish the falsification of carbon emission data.

　　The Ministry of Justice and the Ministry of Ecology and Environment said that the "Regulations" have built a basic institutional framework for the management of carbon emission trading from six aspects. The first is the legal status and responsibilities of registration institutions and trading institutions. The second is the coverage of carbon emission trading, as well as trading products, trading entities and trading methods. The third is the determination of key emitting enterprises. Fourth, the allocation of carbon emission allowances. Fifth, the preparation and verification of emission reports. Key emitting enterprises shall prepare an annual greenhouse gas emission report, and the competent department of ecology and environment of the provincial-level government shall verify the report and confirm the actual emissions。 Sixth, the settlement of carbon emission allowances and market transactions. Key emitting enterprises shall, on the basis of the verification results, pay their carbon emission allowances in full, and may purchase or sell carbon emission allowances through the national carbon emission trading market, and the purchased carbon emission allowances can be used for settlement。

　　It is understood that since the national carbon emission trading market was officially launched in July 2021, it has covered an average of about 5.1 billion tons of carbon dioxide emissions per year, accounting for more than 40% of the country's total emissions. By the end of 2023, a total of 2,257 power generation companies have been included in the national carbon emission trading market, with a cumulative turnover of about 440 million tons and a turnover of about 24.9 billion yuan.