China releases "National Carbon Market Development Report (2024)" to promote the development of the carbon emission trading market.

The Chinese government has released the "National Carbon Market Development Report (2024)," advancing the policy refinement of the carbon emission trading market, expanding the sectors covered by the market, implementing both free and paid carbon allowance distribution, increasing trading varieties and participants, and enhancing market activity.

Concurrently, efforts are being made to develop a voluntary greenhouse gas emission reduction trading market, support projects related to ecosystem carbon sinks and renewable energy, deepen international exchange and cooperation, participate in global climate governance, and promote negotiations on global carbon market mechanisms.

Carbon Emission Trading Market: A market where companies buy and sell carbon emission allowances, aiming to reduce carbon emissions through economic means.

Carbon Sink: The ability to absorb and store carbon dioxide through methods such as afforestation.