The progress and prospects of China’s national emissions trading scheme

China, the world largest emitter of greenhouse gases, committed to realize carbon neutrality before 2060, accordingly, the country’s climate policies have been highly concerned. China’s emissions mitigation measures focused on regulations and financial support in the past. Along with a growing recognition on the advantages of market mechanisms, the practices of a national carbon emissions trading scheme (hereafter referred to as the national ETS) have been moved forward. The national ETS is now positioned as a core climate policy and expected to play a proactive role for low-carbon technology innovation, industrial transformation and the establishment of a carbon neutral economy in China. This presentation summarizes the latest progress of the national ETS, clarifies its features and initial effects, and looks ahead to the policy future direction.