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China will accelerate the construction of a unified and standardized national system to calculate carbon emissions, said the Ministry of Ecology and Environment.
Focusing on sectors, companies and key products in the calculation, the ministry and relevant departments will also formulate a list of greenhouse gases, it said.
China national carbon trading market, which opened in July last year, had operated in an orderly manner, with structure and rules established and expectations met, it said. As of Oct. 21, the total transaction volume of the market reached 8.58 billion yuan (about 1.2 billion U.S. dollars), according to the ministry’s data.
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, it added.
China’s carbon oxide emissions per unit of GDP declined by 3.8% in 2021 from the previous year, falling by 50.8% from the level seen in 2005, according to a report released by the ministry.
Non-fossil energy accounted for 16.6% of the country’s total primary energy consumption in 2021, installed capacity of wind power and solar power reached 635 million kW, coal consumption per unit of GDP declined significantly and forest coverage and forest stock volume increased for the 30th consecutive year, according to the report.