China Broadens Carbon Trading to Heavy Industries

China announces plans to extend its carbon trading market to the steel, cement, and aluminium smelting sectors, impacting 1,500 new firms. This expansion will increase the carbon dioxide volume covered by the scheme to 8 billion metric tons, accounting for over 60% of the nation's emissions.

China has unveiled plans to broaden its carbon trading market to include the steel, cement, and aluminium smelting sectors. This expansion comes as a significant move, compelling an additional 1,500 companies to purchase credits to offset their emissions, according to the environment ministry's announcement on Wednesday.

With this extension, the total volume of carbon dioxide emissions covered by the trading scheme is projected to rise to 8 billion metric tons. This figure represents more than 60% of China's total emissions, as detailed by ministry spokesperson Pei Xiaofei during a briefing.

Prior to this development, the initiative encompassed around 5 billion metric tons of carbon dioxide emissions, primarily targeting 2,200 power firms. This strategic expansion reiterates China's commitment to addressing and mitigating its climate-warming emissions effectively.

(With inputs from agencies.)