Huang Runqiu, Minister of Ecology and Environment, recently stated at the opening ceremony of the 2024 Global Energy Transformation Conference that it will further strengthen the construction of the carbon market, steadily expand industry coverage, enrich trading varieties and trading methods, and improve the national voluntary greenhouse gas emission reduction trading market. By the end of this year, in addition to the existing power industry, the national carbon emissions trading market will also include key emission industries such as steel, cement, and aluminum smelting.

Huang Runqiu introduced that from 2013 to 2023, China supported an average annual economic growth of 6% with an average annual energy consumption growth rate of 3.2%. Energy consumption intensity dropped by 26.1%. Coal consumption accounted for the proportion of primary energy consumption dropped from 67.4% to 55.3%.

Huang Runqiu said that in the next step, we will give full play to the leading, optimizing and counteracting role of ecological and environmental protection, and focus on accelerating the promotion of green and low-carbon development from three aspects. The first is to actively cultivate and develop green productivity. In-depth implementation of an ecological and environmental management system that is sub-regional, differentiated, and precise control. Accelerate the optimization and adjustment of industrial structure, energy structure and transportation structure, and comprehensively carry out multi-field and multi-level collaborative innovation in pollution reduction and carbon reduction. Improve economic policies for green and low-carbon development, promote the research and development and promotion and application of green and low-carbon technologies, and promote the sustained and healthy development of the environmental protection industry. The second is to actively respond to climate change. Implement the "1+N" policy system for carbon peak and carbon neutrality, promote the gradual shift from dual control of energy consumption to dual control of carbon emissions; further strengthen the construction of the carbon market; further improve the carbon pricing mechanism, and accelerate the establishment of a carbon footprint management system. The third is to actively participate in global climate governance. Constructive participation in the multilateral process of climate change and actively promote international cooperation on climate change. Source: Sinochem New Network