China’s national carbon emissions trading market, launched in July 2021, has recorded cumulative turnover of over 62.9 bln yuan as of July 28. It currently covers four high-emission sectors — power, steel, cement and aluminium smelting — accounting for more than 65% of China’s CO2 emissions. The market is expected by 2027 to extend to major industrial emitters including chemicals, petrochemicals, civil aviation and paper, expanding coverage to roughly 80% of national greenhouse gas emissions.