China’s national emissions trading scheme (ETS), the world’s largest carbon market covering a seventh of emissions globally, hit 10 billion yuan (US$1.4 billion) in total transactions on Thursday.
The Shanghai Environmental and Energy Exchange (SEEE), which oversees the ETS, said on Thursday that its trading volume had reached 10.12 billion yuan since the scheme’s launch on July 16 last year.
Its carbon price and trading volume, however, both fell below expectations.
According to SEEE, a total of 223 million tonnes of carbon allowances were changed hands during the past 350 trading days. The ETS’s carbon price, however, closed at 56.5 yuan per tonne on Thursday, far below the 65 yuan per tonne forecast by data provider Refinitiv earlier this year.
