China News Service, Wuhan, September 15 (Reporters Ruan Yulin and Liang Ting) The 2026 China Carbon Market Conference was held in Wuhan on the 15th. United Nations officials stated at the conference that China has always been at the forefront with practical actions in addressing climate change, and this is also true in the carbon market, where China has played a key role.
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change Secretariat, delivered a video speech at the opening ceremony, saying that the climate crisis is causing serious damage, and we should strengthen our determination to take climate action. When it comes to addressing climate change, China has always been at the forefront with practical actions. This is also true in the field of carbon markets. China has played a key role in promoting the establishment and development of the early market mechanisms of the United Nations and the clean mechanism under the Kyoto Protocol. China's carbon pricing mechanism is also continuing to improve. These efforts have promoted the carbon market and become an important tool in the global response to climate change.
Simon Steele called on us to work together now to fully unleash the potential of the global carbon market and reduce emissions reduction costs. By raising climate ambition and raising more funds for climate action, China's rich experience can benefit other countries. Through South-South cooperation, China can share knowledge, capabilities and practical experience, allowing other developing countries to learn from China's experience.
"China's experience is of great significance." Selwin Hart, Special Advisor to the United Nations Secretary-General on Climate Action and Just Transition, said that following the inclusion of the steel, cement, and aluminum smelting industries, China's national carbon emissions trading market now covers more than 60% of the country's carbon dioxide emissions. Coupled with China's extraordinary deployment of renewable energy and clean technologies, this has laid a solid foundation for clean electrification and industrial transformation. The next stage will be crucial. Further expanding the carbon market to major industrial sectors, strengthening carbon price signals, and gradually shifting to total cap control can promote industrial upgrading and enhance competitiveness while accelerating emission reductions.
Selwyn Hart said China’s influence extends far beyond its borders. "I welcome the Alliance for Compliance Carbon Market Opening jointly launched by Brazil, China and the EU. Strengthening cooperation will help improve the carbon market, increase transparency and reduce fragmentation." China can also help developing countries design a carbon pricing system that suits their own national conditions on the basis of extensive South-South cooperation and combine climate action with investment, industrial development and employment.
The EU Emissions Trading System is the largest and longest-running carbon market in the world today. China's national carbon emissions trading market was officially launched on July 16, 2021. It is currently the largest carbon market covering emissions in the world.
Kurt Vandenberghe, Director-General of the European Commission’s Directorate-General for Climate Action, said here that the EU has the longest carbon emissions trading system in the world, and China has the largest carbon emissions trading system in the world. Therefore, it is logical and in line with the common interests of both parties for the two to learn from each other and cooperate.
Rachel Kyte, the British Special Representative for Climate Affairs, said that both China and the United Kingdom have already felt the extreme weather related to climate change, which is unfolding before us in an unprecedented form. The carbon market is one of the most effective tools to promote emission reduction and improve green competitiveness. We must harness market forces to strengthen climate resilience. The UK attaches great importance to bilateral cooperation with China in the field of carbon market construction, including but not limited to technical exchanges and holding bilateral ministerial-level climate dialogues.
Rachel Kate said that we have seen the latest progress in China's carbon emissions trading market, which has expanded from the initial power industry to steel, cement, aluminum smelting and other sectors, and will gradually shift from intensity control to total volume control, which is expected to have a transformative impact on China and the global carbon market.
