What’s new: The Hainan provincial government is expected to launch an international carbon emissions trading exchange in the beach holiday destination city of Sanya in the second half this year, local state-run newspaper the Hainan Daily reported.
The announcement was made during a meeting held Friday by the local financial supervision bureau of Hainan province. The exchange, whose establishment was recently approved by the bureau, is a key step in implementing China’s green development strategy, the report said.
The background: In July, China launched a national carbon trading market, as part of efforts by the world’s largest greenhouse gas emitter to realize its ambitious climate goals.
President Xi Jinping in 2020 announced the nation’s plan to peak carbon emissions by 2030 and reach net zero carbon emissions before 2060.
Related: In Depth: China’s Launch of World’s Largest Carbon Market Has a Sputtering Start
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
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