China plans to tighten its national carbon market to reduce emissions and address overallocation.
China plans to tighten its national carbon market supply to compel large polluters to reduce emissions, marking the most significant step to strengthen the system, which has provided little support for climate action. Draft plans aim to address overallocation of allowances and set limits on carryover volume. A retroactive reduction to 2023 emissions permits and devaluing hoarded permits post-2025 could cut half of current oversupply.
April 15, 2024
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