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  The Interim Regulations on the Administration of Carbon Emission Trading

2024-2-7

Premier Li Qiang recently signed a decree of the State Council promulgating 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. There are 33 articles in the Regulations, which mainly include the following.

The first is to uphold the Party′s leadership. It is clarified that the management of carbon emission trading and related activities shall adhere to the leadership of the Communist Party of China and implement the Party and state line, principles, policies and decision-making arrangements.

The second is to clarify the supervision and management system. It stipulates that the competent department of ecology and environment of the State Council shall be responsible for the supervision and management of carbon emission trading and related activities, and the relevant departments of the State Council shall be responsible for the relevant supervision and management work in accordance with the division of duties.

The third is to build a basic institutional framework for the management of carbon emission trading. Clarify the legal status and responsibilities of national carbon emission allowance registration institutions and trading institutions, the coverage of carbon emission trading, trading products, trading entities and trading methods, the determination of key emitting entities, the allocation of carbon emission allowances, the preparation and verification of annual greenhouse gas emission reports, and the settlement and market trading of carbon emission allowances.

Fourth, prevent and punish the falsification of carbon emission data. It mainly makes clear provisions in terms of strengthening the main responsibility of key emitting enterprises, strengthening the management of technical service institutions, strengthening supervision and inspection, and increasing penalties.
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