SHANGHAI, Sept. 24 (Xinhua) -- By the end of August, the cumulative trading volume of China's carbon emissions rights trading market was nearly 700 million tonnes, with a trading value of approximately 48 billion yuan (about 6.6 billion U.S. dollars).

Notably, the total transaction volume for the whole of 2024 was the highest since the market began trading in 2021, according to a report on the development of the national carbon market, which was released during the China Carbon Market Conference 2025 in Shanghai on Wednesday.

In 2024, China's carbon emissions rights trading market operated for 242 trading days, with the average daily carbon emissions quota trading volume increasing 43.55 percent from the compliance period prior. The cumulative trading volume for the whole year was 189 million tonnes, with a total transaction volume of some 18.11 billion yuan, per the report.

The country's electricity carbon emissions intensity in 2024 decreased 10.8 percent compared to 2018, according to the report.

In March 2025, the State Council approved the inclusion of the steel, cement and aluminum smelting industries in the national carbon emissions trading market, on the basis of the power generation industry.

After the market expanded its industry coverage for the first time, more than 1,300 key emissions units were established, and the proportion of carbon dioxide emissions covered in the national total increased to over 60 percent.

China has committed to peaking its carbon emissions before 2030 and achieving carbon neutrality before 2060.