China to accelerate building carbon emission calculation system

BEIJING - China's Ministry of Ecology and Environment said Thursday that it would expedite the construction of a unified and standardized national system to calculate carbon emissions.

Focusing on sectors, companies and key products in the calculation, the ministry and relevant departments will also formulate a list of greenhouse gases, said Li Gao, a ministry official, at a press conference.

Li said amid China's green shift, the national carbon trading market, which opened in July last year, had operated in an orderly manner, with structure and rules established and expectations met.

As of Oct 21, the total transaction volume of the market reached 8.58 billion yuan ($1.2 billion), said the official.

The ministry will ramp up data quality management, strengthen the functions of the market, and optimize the country's certified emissions reduction mechanism to help the market thrive, Li added.

China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.