Since 2013, China worked on establishing a national carbon trading scheme that would dwarf the prominent EU emissions trading system (EU ETS) market. China is one of the world’s largest carbon emitters, much of which is produced from the burning of coal.

Although the country has emerged to become a global leader in the renewable energy space, its power sector remains reliant on coal. In 2019, coal accounted for 51.2% and 64.2% of the total capacity installed and power generated in China.

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