The State Council issued the 15th Five-Year Carbon Peaking Action Plan. It
directs strengthening market mechanisms and enhances China’s national carbon
emissions trading market (national ETS), gradually expanding coverage to
petrochemicals, chemicals and other sectors. Industries with relatively stable
total emissions will be prioritized for aggregate quota control; carbon
allowance totals will be aligned with dual-control emission targets. The plan
calls for prudent implementation of mixed free and paid allowance allocation. It
instructs active development of a national voluntary greenhouse‑gas reduction
trading market and promotion of certified voluntary emission reductions.
Authorities will build a higher‑quality green certificate market, expand
green‑certificate applications, and establish mid‑to‑long‑term green‑certificate
and green‑power trading arrangements. Policy will improve coordination among the
carbon market, green certificates and green power markets and explore mechanisms
to reflect the low‑carbon value of nuclear and non‑electric uses of renewables.
Target: over the 15th Five‑Year period unit‑product carbon emissions in sectors
covered by the national ETS to fall about 3%; quota settlement completion rates
for key emitters to remain at high levels.
