Wuhan, May 27 (Xinhua) -- (Lian Xun, Zhang Yangchun) Carbon Emission Rights Registration and Settlement (Wuhan) Co., LTD. (" China Carbon Registration ") recently disclosed that the three major "industrial giants" in China, namely steel, cement and aluminum smelting, have officially joined the national carbon market, and over 1,000 key emission units have completed the opening of national carbon market accounts.

A relevant official from the Market Service Department of China Carbon Dioxide Trading Corporation introduced that currently, the carbon dioxide emissions controlled by the power generation industry in the national carbon market exceed 5 billion tons, accounting for approximately 40% of the total national emissions. After incorporating the steel, cement and aluminum smelting industries, China's mandatory carbon market will cover a scale of over 8 billion tons, accounting for more than 60% of the country's total carbon dioxide emissions, and has become the world's largest carbon market in terms of greenhouse gas coverage.

It is reported that this expansion work is not only an improvement of the carbon market mechanism, but also a testing ground for China to explore the collaborative governance model of "effective market + proactive government". By bringing 60% of carbon emissions under market-based control, China has sent out a strong signal that the low-carbon transformation is irreversible, providing a feasible path for developing countries to balance emission reduction and development in global climate governance.

Since the launch of the national carbon market in 2021, Hubei has rapidly risen to become an important hub of the national carbon market thanks to its location in the China Carbon Depository and Clearing Corporation. To date, China Carbon Depository and Clearing Corporation Limited has managed over 3,900 enterprise accounts across the country, issued a total of 27.9 billion tons of carbon quotas, and the scale of fund settlement has exceeded 89.3 billion yuan. Its business scale remains the largest in the world.