China

This Country Framework is part of the Regulatory Frameworks for Project-Based Carbon Credit Markets. To learn more click here.

Overview

China operates two interlinked carbon markets: a compliance-based emissions trading system (ETS) and a voluntary offset program known as the China Certified Emission Reduction (CCER) scheme, with the ETS serving as the primary channel through which offsets are used.

Launched in 2021, the national ETS is the world’s largest carbon market in terms of covered emissions.¹ Although the system is currently based on government-set industry carbon intensity benchmarks (allocating allowances per unit of output) that decline over time, it is expected to shift toward absolute caps on emissions by 2027, following an expansion of coverage beyond the power sector under the 2024–2025 emissions allocation framework released in November 2025 to include steel, cement, and aluminum sectors.² With the expansion, the national ETS covers around 60 percent of emissions.³ Under the ETS, regulated emitters can use CCER credits to offset up to 5 percent of their compliance obligation,⁴ creating structured demand for domestic offsets. The system’s design includes measurement, reporting, and verification (MRV), gradual tightening of benchmarks, and progressive sectoral expansion to drive emissions reduction in line with China’s goal of reaching peak emissions before 2030.

The CCER 2.0 framework, relaunched in 2024 after a six-year suspension, allows projects such as renewables, methane capture, and afforestation to generate tradable credits under stricter methodologies. The first batch, 9.5 million tons of CO₂-equivalent from nine offshore wind and solar-thermal projects, was issued in March 2025.⁵

Together, the ETS and CCER systems underpin China’s evolving carbon-market architecture, combining regulatory emissions control with project-based mitigation incentives aligned with the country’s goal of peaking emissions before 2030.

China is developing domestic administrative measures for cross-border carbon trading under Article 6 of the Paris Agreement, but with its own priorities and approach factored in. The Ministry of Ecology and Environment (MEE) has begun drafting rules to govern such transactions “in line with China’s national circumstances” to facilitate bilateral crediting arrangements and converting some credits from existing voluntary or Kyoto-era mechanisms into Article 6–compliant units. It signaled plans to adopt international trading rules as early as 2026 and to pilot a bilateral credit program with another country in the medium term. Engagement with Thailand, Singapore, Malaysia, Vietnam, Turkey, and Brazil to exchange views on institutional design and data quality has already begun.⁶ As of January 2026, project methodologies have been expanded, with 17 new methodologies approved between 2024 and 2025.⁷

I. Supply-Side Regulations

China has accelerated the expansion of project-based methodologies under CCER 2.0, which functions as a regulated compliance-offset mechanism within China’s national ETS. Although project developers voluntarily generate credits, CCERs are issued, verified, and approved under MEE rules and may be used by ETS-covered companies to meet some of their compliance obligations.

A. Regulatory Framework

Market Classification: China allows the use of carbon credits in its compliance market as part of the CCER scheme.
Regulatory Status: China’s carbon credit supply is governed by two core regulations: the Interim Regulations on the Administration of Carbon Emissions Trading⁸ and the Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading.⁹ The State Council’s Interim Regulations establish the national legal framework for the ETS, assigning the MEE as regulator, mandating a unified registry, authorizing “other approved trading products,” and providing the legal basis for CCER integration. The Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading revived the CCER program, defining project eligibility, credit issuance, and transfer rules. The government issued other supporting rules in late 2023 to govern registration, trading, and verification. This collectively ensures a unified, transparent, and regulated framework for carbon credit generation called the Rules for Voluntary Greenhouse Gas Emission Reduction Registration (Trial), which set procedures for project registration, account setup, and credit issuance.¹⁰
Key Authorities: The MEE is the primary regulator; provincial and municipal Ecology and Environment Bureaus (EEBs) carry out inspections and penalties on the ground; the State Administration for Market Regulation (SAMR) licenses and audits third-party validators and verifiers; and independent institutions authorized by the MEE to run the national registry and trading platform jointly safeguard market integrity.
Sanctions: Penalties include monetary fines (RMB 10,000–200,000, approximately USD 1,410–28,160),¹¹ revocation or suspension of project or verification licenses, credit cancellation, temporary bans on participation, public naming or criticism, and potential criminal referral.¹²

B. Credit Generation Standards

Eligible Activities: Seventeen methodologies have been approved thus far under China’s CCER 2.0framework. These additions mark a shift from traditional renewables and land-use activities toward industrial decarbonization and technology-based mitigation. The methodologies were approved in waves:¹³

On October 24, 2023, the first batch was issued, comprising afforestation carbon sequestration, mangrove restoration, grid-connected solar thermal power generation, and grid-connected offshore wind power generation.
On December 27, 2024, two additional methodologies were approved: energy saving in highway tunnel lighting systems and coal mine low-concentration gas and air exhaust gas utilization.
On November 21, 2025, three oil and gas methodologies were released: recovery and utilization of associated gas from offshore oil fields, onshore gas field test gas release and jet recovery and utilization, and recovery and utilization of low-volume associated gas from onshore oil fields.
On December 2, 2025, coastal salt marsh vegetation restoration and seagrass bed vegetation restoration were issued, followed on December 3, 2025, by recovery and purification of sulfur hexafluoride from electrical equipment.
On December 17, 2025, large-scale pig farm manure biogas recycling projects and centralized treatment of agricultural waste were approved.
On December 23, 2025, energy efficiency improvement methodologies for existing public building envelopes and heating, ventilation, and air conditioning systems were released.
On December 26, 2025, two additional methodologies were issued: medium-deep geothermal well heat-exchanger systems and electrolysis-based green hydrogen production.

Methodology Framework: The regulation does not reference any international frameworks.
MRV Requirements: These requirements establish strict third-party validation and verification requirements for project-based crediting. Independent Validation and Verification Bodies (VVBs) must approve a project’s design prior to registration and verify each monitoring report before certified emission reductions are issued. To ensure impartiality, the same VVB may not conduct both validation and verification for the same issuance cycle. All VVBs are required to hold, or are encouraged to obtain, national accreditation recognized by the SAMR and the MEE.¹⁴
Registry System: CCERs are tracked through a national voluntary emission-reduction trading registry system, established by the MEE, that designates a registry institution to operate the system. The National Center for Climate Change Strategy and International Cooperation (NCSC) currently serves as the registration institution responsible for operating and maintaining the registry.¹⁵ Through the National Greenhouse Gas Voluntary Emission Reduction Registration System and Information Platform,¹⁶ the registration institution receives project and emission-reduction registration and cancellation applications, and records all project documentation, issuance records, ownership changes, and cancellations to ensure full traceability and prevent double counting. It is also required to publish comprehensive project-level information, including project design documents, validation reports, and monitoring and verification documentation, along with all registration, issuance, and cancellation notices, making project-level data publicly accessible.¹⁷

C. Integrity Principles

Additionality Tests: Projects are required to demonstrate “additionality, authenticity, and uniqueness.” A project is considered “additional” if it would not be the optimal choice based on internal rate of return or other financial indicators compared with alternatives providing the same products or services, it faces financing or technological barriers, and it—when implemented as a voluntary emission-reduction activity—overcomes those barriers to achieve reductions beyond the baseline scenario.¹⁸
Permanence Safeguards: These safeguards do not explicitly set an overarching permanence or reversal-risk rule within the broader regulations governing the CCERs.
Quantification Standards: Projects must follow a MEE-approved methodology that defines the project boundary, baseline scenario, and emission-factor parameters and requires the use of conservative calculation methods. Each project must also meet the general test of being “measurable, traceable, and verifiable” and retain all source data for a minimum of 10 years. After each monitoring period, project owners are required to submit a monitoring report prepared in accordance with the approved methodology, which a VVB must independently audit before the registry can issue CCER credits.¹⁹
Double-Counting Prevention: The prevention of double counting is tracked through three linked provisions. First, the eligibility criteria require every credit to be “unique,” ensuring that each ton of emission reduction can be issued only once. Second, a single national registry, managed by the MEE, records all issuances, transfers, holdings, and cancellations, serving as the definitive legal record of ownership. Third, credits are entered into this registry only after independently verified measurement data have been accepted and the issuance decision has been publicly disclosed.²⁰

D. Sustainable Development

Co-Benefits: These include building sustainable development safeguards directly into the project validation process. Independent validators must confirm that each project “meets sustainable-development requirements and causes no adverse impact” before it can be registered. The Project Design Document (PDD) and validation report are then published online for a 20-day public comment period, allowing civil society to raise social or environmental concerns before approval.²¹
Net-Zero Compatibility: This willalign project approval procedures with China’s net-zero framework, linking voluntary carbon trading to national goals of peaking emissions before 2030 and achieving carbon neutrality by 2060. The regulation’s purpose clause explicitly situates the CCER system within these dual-carbon objectives, and during validation, third-party auditors must confirm that each project “meets sustainable-development requirements and does not adversely affect any aspect of sustainable development,” reinforcing consistency with China’s pathway toward net-zero emissions.²²

II. Demand-Side Regulations

A. Use Authorization Framework

Applications Allowed:
Voluntary claims: CCER credits are generated by project-based emission reduction or removal activities and can be purchased by corporations or other entities for voluntary offsetting or to support “net-zero” claims.
Compliance integration: CCER credits are also integrated into the compliance regime—regulated emitters under China’s ETS may use CCERs to offset a portion of their surrender obligations (currently up to 5 percent) under national rules.²³
Nationally determined contribution (NDC) alignment: By incorporating CCERs and linking them to the ETS and China’s broader “dual-carbon” objectives (peaking before 2030 and neutrality by 2060), the government is positioning CCER as a mechanism that contributes to national climate goals, thus indirectly supporting NDC achievement. While China has not explicitly stated that each CCER credit is counted toward the NDC, the regulatory architecture creates the potential for credits to feed into domestic mitigation pathways aligned with NDC targets.
Regulatory Status: The “Carbon Emissions Trading Management Measures (Trial Implementation)” (2021) allow key emitters to use CCERs to offset up to 5 percent of their verified annual emissions. The “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation)” (2023) set the framework for voluntary project-based credits, but they do not appear to include strong, detailed rules specifying how the credits must be used on the demand side (e.g., clear rules around retirement by third-party buyers, or tracking of usage toward national targets).
Oversight Bodies:

MEE is responsible for ETS compliance use (e.g., setting the quantitative limit and registry recording).
SAMR is responsible for consumer-protection enforcement if misrepresentation occurs, though it is unclear if current consumer protection laws extend to credit use and claims.

Standards Integration: No other international standards were explicitly referenced in the regulations.
Enforcement Mechanisms:

The MEE and its provincial branches are responsible for verifying whether entities correctly apply offsets and meet the 5 percent limit. If an entity fails to surrender sufficient allowances or misuses credits, enforcement mechanisms include correction orders, fines of up to RMB 30,000–50,000 or approximately USD 4,240–7,070²⁴ (for late or falsified reporting), and public disclosure of non-compliance. Enforcement is thus administrative and compliance-driven, ensuring entities don’t overuse or misreport CCERs in their ETS submissions. However, there is no separate liability regime for the quality or claims integrity of the CCERs they use. This exists only for exceeding usage caps or misreporting data.²⁵
Enforcement applies to project owners, verifiers, and traders on the supply side (e.g., falsification of project data) but not to buyers’ or corporates’ use or public representation of CCERs. There are no penalties or compliance checks for incorrect use, double claiming, or greenwashing in voluntary applications. Oversight bodies―the MEE and the SAMR―may theoretically intervene if there’s fraud or misrepresentation, but this would occur under general consumer-protection or anti-fraud laws, not carbon-specific enforcement.²⁶

B. Corporate Use Requirements

Mitigation Hierarchy: This is not explicitly addressed in the regulations.
Scope Coverage: This is not explicitly addressed in the regulations.
Quality Standards: This is not explicitly addressed in the regulations.
Accounting Treatment: The regulation designates a national registry that manages registration, transfers, and cancellations of every carbon emission trading product, and states that cancellation is the official ledger entry for compliance surrender.²⁷

C. Transparency and Assurance

Public Reporting: Cancellations or retirements must be recorded. When a CCER is used for ETS offsetting, Corporate Social Responsibility (CSR), or other approved purposes, the unit must be canceled in the national registry. The registry “records, stores, and maintains” every CCER’s registration, ownership changes, and cancellations. The internal reporting to the MEE, however, is not public: The registry and exchange must file periodic activity reports with the MEE; however, no article states that these data must be published (this is only a requirement on the supply side for cancellations). There is currently no article that mandates public reporting of CCER retirements or users’ progress toward voluntary or mandatory targets. The regulation does not require, but encourages, the retirement to be used for public welfare purposes.²⁸
Third-Party Verification: There is no external assurance of credit use and cancellation of CCERs.
Science-Based Targets: This is not explicitly addressed in the regulations.
Policy Advocacy: This is not explicitly addressed in the regulations.

D. Market Integrity Protection

Anti-Greenwashing: Although not explicitly stated, the rules include safeguards against double claiming, but only limited measures address greenwashing risks. All issuances, transfers, and cancellations are recorded in a single national registry, whose records serve as the final legal basis for credit ownership and status. Once CCERs are used for ETS compliance, carbon-neutral events, or other approved purposes, the registry must cancel those units to prevent them from being claimed again. The framework also embeds supply-side integrity requirements, though these remain partial—for example, there is no explicit permanence obligation for project-based credits.²⁹
Co-Benefits Delivery: The framework sets no requirement for project owners or credit users to demonstrate that CCER retirements deliver community, biodiversity, or other sustainable-development co-benefits. It only specifies that CCERs may be canceled for ETS compliance, carbon-neutral events, or other approved purposes, and encourages participants, for public-welfare purposes, to cancel their credits voluntarily.³⁰

III. Market-Side Regulations

A. Infrastructure Framework

Market Structure: The primary government-operated platform in China’s carbon market is the China Beijing Green Exchange, which has been designated for trading project-based credits under the CCER program. Its operations are closely regulated by the MEE in terms of project registration, issuance, transfer, and cancellation of credits.
Market-side rules:

The Interim Regulations on the Administration of Carbon Emissions Trading, effective May 1, 2024, provide a legal framework for China’s national carbon emissions trading system.³¹
Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial), which form the legal foundation for the CCER program, cover governance, eligibility, and enforcement.³²
Rules for Voluntary Greenhouse Gas Emission Reduction Registration (Trial) set procedures for project registration, account setup, and credit issuance.³³
Rules for Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial Implementation) govern trading modes, account requirements, and settlement processes for CCER credits.³⁴

Registry Operations: China’s regulations establish centralized registry systems for both CCERs and allowances, enabling life cycle tracking of issuance, transfer, and cancellation. However, public transparency and serial-level traceability remain limited. While the registration rules and trading and settlement rules for voluntary greenhouse gas emission reduction methods require detailed supply-side record keeping, they do not mandate full public disclosure of individual credit cancellations (retirements) or user-level usage data.³⁵
Data Standards: Overall, the existing rules are foundational, but the detailed, machine-readable data standards and life cycle traceability remain underdeveloped.

B. Trading and Participation

Eligibility Rules: Trading participants are required to meet the access conditions set by the trading institution, open a real-name trading account, and sign a trader access agreement. Each participant must also hold a real-name registry account in the national CCER registry, and is limited to one trading account, though multiple operator roles may be assigned.³⁶The rules further define eligible market participants as legal entities established in China or qualified individuals based in China. Cross-border participation is not addressed but is expected to be governed by future rules.³⁷

All CCER transactions must occur through designated, unified trading systems using approved order types—such as listing agreements, block trades, or single-direction auctions—and within authorized trading venues. The registry and trading institutions are empowered to limit or suspend participation in cases of compliance breaches, effectively linking eligibility to adherence with market conduct rules.³⁸

Trading Mechanisms: CCER trading in China is structured around exchange trading mechanisms, with over-the-counter (OTC) or standalone bilateral trades outside the exchange system not clearly permitted under the current rules.
Settlement Systems: A transaction is deemed established once a buy or sell order is executed within the trading system, becoming immediately effective upon execution. Following each trading day’s close, the exchange performs net clearing on a per-entity, per-transaction basis. Once the clearing results are confirmed, each transaction is settled by delivering CCERs to the buyer’s registry account and issuing payment to the seller’s account. Settlement outcomes are distributed through the trading system; if a participant disputes these results, they must submit a written objection before the next trading day, otherwise the results are considered final. Participants are prohibited from repurchasing or reselling the same CCER product within five trading days. The China Beijing Green Exchange is designated as the sole eligible trading venue for CCER transactions under the national framework.³⁹
Price Discovery: Trading formats, including listing, block trades, and unilateral bidding, are designed to facilitate transparent price formation within China’s regulated exchange system.⁴⁰
Oversight Authority: The MEE serves as the primary regulatory authority for China’s national voluntary carbon market, responsible for rule-making, system oversight, and enforcement. The China Beijing Green Exchange functions as the centralized trading venue for CCER transactions, charged with maintaining market integrity, enforcing trading conduct and compliance, and ensuring adherence to authorized transaction formats and rules.⁴¹
Legal Classification: There is no publicly available Chinese government regulation that explicitly defines the legal nature of carbon credits. Under the current guidance from the State Taxation Administration, emission permits traded in China’s national compliance market and CCERs traded in the voluntary market are classified as “quotas” falling within the value-added tax category of “other intangible assets.”⁴²

C. Market Integrity Safeguards

Anti-Manipulation and Fraud Prevention: This is not explicitly stated; however, the rules require trading entities to satisfy the eligibility conditions established by the trading institution. This includes creating a real-name account in the national CCER registry and opening a corresponding trading account with the exchange. Entities must also ensure that account information remains accurate and up to date.⁴³
Transparency and Reporting Requirements: Trading information is required to be published by the trading institution, ensuring market participants have access to relevant transaction data disclosed through official channels.⁴⁴

D. Financial and Cross-Border Integration

Financial Regulation Integration: Though not stated explicitly, the project-based carbon credit market rules specify that “trading, settlement, and related activities shall comply with relevant national regulations and follow the principles of fairness, justice, openness, integrity, voluntariness, safety, and efficiency,”which could include financial regulation.⁴⁵Separately, the MEE has issued a notice encouraging banking and insurance institutions to support the development of national carbon trading markets and to develop carbon finance businesses, particularly those linked to emission allowances and CCERs. The notice also encourages the use of carbon-related data (e.g., corporate carbon accounts) to expand green financial services. This signals policy support for financial-sector participation in carbon markets, though without formally reclassifying carbon credits as financial securities.⁴⁶
Cross-Border Trading Framework: This is under development. For now, under the eligibility rules, only entities or legal persons established within China may participate in voluntary carbon trading activities, which implies that cross-border trading is not currently permitted.⁴⁷

E. Regulatory Advancement Development Road Map

Infrastructure Plans: China is reinforcing its market infrastructure to expand the capabilities of the designated exchange (China Beijing Green Exchange) and to offload non-core functions of the exchange away from Beijing.⁴⁸

International Cooperation: China is preparing to link its CCER market with international carbon-trading frameworks under the Paris Agreement Article 6. The government has articulated plans to draft “cross-border carbon-trading administrative measures in line with China’s national circumstances,” signaling upcoming bilateral agreements and registry interoperability with other jurisdictions.⁴⁹
Regulatory Evolution: Integration with broader financial markets appears limited at present: CCER trading is confined to the designated exchange, with OTC transactions not permitted yet (block trades or auctions pending future rollout).
Enforcement Enhancement: Enforcement mechanisms are expected to be strengthened, with increased regulatory scrutiny of misuse, misreporting, and trading irregularities in the CCER market. China is reportedly elevating penalties, improving market-conduct supervision, and tightening rules around validation, verification, cancellation, and claim integrity.

References

Amy Lv and David Stanway, “What’s China’s Carbon Market and How Does It Work?,” Reuters, September 12, 2024, https://www.reuters.com/sustainability/whats-chinas-carbon-market-how-does-it-work-2024-09-12/. ↩
Ministry of Ecology and Environment of the People’s Republic of China, “Notice on the Issuance of the 2024–2025 National Carbon Emissions Trading Market Allowance Cap and Allocation Plan for the Steel, Cement, and Aluminium Smelting Industries,” November 17, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk03/202511/t20251118_1134175.html. ↩
Niu Yuhan, “China’s Carbon Market Set to Introduce Absolute Emissions Caps by 2027,” Eco-Business, August 30, 2025, https://www.eco-business.com/news/chinas-carbon-market-set-to-introduce-absolute-emissions-caps-by-2027/. ↩
Ministry of Ecology and Environment, “Carbon Emissions Trading Management Measures (Trial Implementation),” Article 29, January 5, 2021, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk02/202101/t20210105_816131.html. ↩
Ivy Yin, “China Completes First Issuance of Domestic Voluntary Carbon Credit CCERs,” S&P Global Commodity Insights, March 6, 2025, https://www.spglobal.com/commodity-insights/en/news-research/latest-news/energy-transition/030625-china-completes-first-issuance-of-domestic-voluntary-carbon-credit-ccers. ↩
Ministry of Ecology and Environment, Progress Report of China’s National Carbon Market (2025), 31–33, September 2025, https://www.mee.gov.cn/ywgz/ydqhbh/wsqtkz/202509/W020250927515316322073.pdf. ↩
Quantum Commodity Intelligence, “China Approves CCER Methodology for Public Buildings,” December 23, 2025, qcintel.com. ↩
State Council of the People’s Republic of China, “Interim Regulations on the Administration of Carbon Emissions Trading (Order No. 775),” February 5, 2024, https://www.gov.cn/zhengce/content/202402/content_6930137.htm. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial),” October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
National Center for Climate Change Strategy and International Cooperation, “Rules for Voluntary Greenhouse Gas Emission Reduction Registration (Trial),” November 17, 2023, www.ncsc.org.cn/xwdt/gnxw/202311/t20231117_1056637.shtml. ↩
RMB amounts are converted to USD using an exchange rate of 0.14, reflecting the average rate over the past 12 months from November 2025. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Articles 42–47, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml; State Council of the People’s Republic of China, “Interim Regulations on the Administration of Carbon Emissions Trading (Order No. 775),” Articles 21–28, February 5, 2024, https://www.gov.cn/zhengce/content/202402/content_6930137.htm. ↩
Ministry of Ecology and Environment, “Afforestation Carbon Sequestration (CCER-14-001-V01), Mangrove Restoration (CCER-14-002-V01), Grid-Connected Solar Thermal Power Generation (CCER-01-001-V01), and Grid-Connected Offshore Wind Power Generation (CCER-01-002-V01),” October 24, 2023, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202310/t20231024_1043877.html; Ministry of Ecology and Environment, “Energy Saving in Highway Tunnel Lighting Systems (CCER-07-001-V01) and Coal Mine Low-Concentration Gas and Air Exhaust Gas Utilisation (CCER-10-001-V01),” December 27, 2024, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202501/t20250103_1099966.html; Ministry of Ecology and Environment, “Recovery and Utilisation of Associated Gas from Offshore Oil Fields (CCER-10-002-V01), Onshore Gas Field Test Gas Release and Jet Recovery and Utilisation (CCER-10-003-V01), and Recovery and Utilisation of Low-Volume Associated Gas from Onshore Oil Fields (CCER-10-004-V01),” November 21, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202511/t20251121_1134574.html; Ministry of Ecology and Environment, “Coastal Salt Marsh Vegetation Restoration (CCER-14-003-V01) and Seagrass Bed Vegetation Restoration (CCER-14-004-V01),” December 2, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202512/t20251202_1136958.html; Ministry of Ecology and Environment, “Recovery and Purification of Sulfur Hexafluoride (SF₆) from Electrical Equipment (CCER-11-001-V01),” December 3, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202512/t20251203_1137023.html; Ministry of Ecology and Environment, “Large-Scale Pig Farm Manure Biogas Recycling Project (CCER-15-001-V01) and Centralised Treatment of Agricultural Waste (CCER-15-002-V01),” December 17, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202512/t20251217_1138026.html; Ministry of Ecology and Environment, “Energy Efficiency Improvement of Existing Public Building Envelopes and Heating, Ventilation and Air Conditioning Systems (CCER-06-001-V01),” December 23, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202512/t20251223_1138457.html; Ministry of Ecology and Environment and National Energy Administration, “Medium–Deep Geothermal Well Heat Exchange Heating Technology Application Project (CCER-01-003-V01), Renewable Energy Water Electrolysis Hydrogen Production (CCER-01-004-V01), and Recovery and Purification of Sulfur Hexafluoride (SF₆) from Electrical Equipment (CCER-11-001-V01),” December 26, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202512/t20251226_1139056.html; Ministry of Ecology and Environment, “Medium–Deep Geothermal Well Heat Exchange Heating Technology Application Project (CCER-01-003-V01),” December 26, 2025, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk06/202512/t20251226_1139063.html. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Articles 13, 18, 20, 31, October 19, 2023, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk02/202310/t20231020_1043694.hbeforedouble-countingtml. ↩
Ministry of Ecology and Environment, “Notice on Arrangements for Work Related to the National Voluntary Greenhouse Gas Emission Reduction Trading Market,” October 24, 2023, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk04/202310/t20231025_1043981.html. ↩
National Greenhouse Gas Voluntary Emission Reduction Registration System and Information Platform,accessed February 22, 2026, https://ccer.cets.org.cn/client/home. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Articles 6, 12–13, 15–16, 19–20, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml; National Center for Climate Change Strategy and International Cooperation, “Rules for Voluntary Greenhouse Gas Emission Reduction Registration (Trial)”, Articles 3, 12, 22, November 17, 2023, http://www.ncsc.org.cn/xwdt/gnxw/202311/t20231117_1056637.shtml. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Articles 10 and 48, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
Ibid., Articles 8, 10, 17, 19–20. ↩
Ibid., Articles 6, 10, 22. ↩
Ibid., Articles 12–13. ↩
Ibid., Articles 1 and 13. ↩
Ministry of Ecology and Environment, “Carbon Emissions Trading Management Measures (Trial Implementation),” Article 29, January 5, 2021, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk02/202101/t20210105_816131.html. ↩
RMB amounts are converted to USD using an exchange rate of 0.14, reflecting the average rate over the past 12 months from November 2025. ↩
Ministry of Ecology and Environment, “Carbon Emissions Trading Management Measures (Trial Implementation),” Article 29 (2021 version), Articles 33–37, February 5, 2024, https://www.mee.gov.cn/xxgk2018/xxgk/xxgk02/202101/t20210105_816131.html. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Articles 42–47, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
State Council of the People’s Republic of China, “Interim Regulations on the Administration of Carbon Emissions Trading,” Article 5, February 5, 2024, https://www.gov.cn/zhengce/content/202402/content_6930137.htm. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Articles 6, 28, 35, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
Ibid., Articles 6, 10, 28. ↩
Ibid., Article 28. ↩
Ministry of Ecology and Environment of the People’s Republic of China, “Interim Regulations on the Administration of Carbon Emissions Trading (State Council Order No. 775),” February 5, 2024, https://www.mee.gov.cn/zcwj/gwywj/202402/t20240205_1065850.shtml. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial),” October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
National Center for Climate Change Strategy and International Cooperation, “Rules for Voluntary Greenhouse Gas Emission Reduction Registration (Trial),” November 17, 2023, http://www.ncsc.org.cn/xwdt/gnxw/202311/t20231117_1056637.shtml. ↩
China Beijing Green Exchange, “Voluntary Greenhouse-Gas Emission Reduction Trading and Settlement Rules (Trial),” November 16, 2023, https://www.ccer.com.cn/wcm/ccer/html/2311jygz/20250227/175803224.shtml. ↩
National Center for Climate Change Strategy and International Cooperation, “Rules for Voluntary Greenhouse Gas Emission Reduction Registration (Trial),” November 16, 2023, https://www.ncsc.org.cn/xwdt/gnxw/202311/W020231117528226020716.pdf; China Beijing Green Exchange, “Rules on Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial Implementation),” November 17, 2023, https://www.ccer.com.cn/wcm/ccer/html/2311jygz/20250227/175803224.shtml. ↩
China Beijing Green Exchange, “Rules on Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial Implementation),” Articles 6–7, November 17, 2023, https://www.ccer.com.cn/wcm/ccer/html/2311jygz/20250227/175803224.shtml. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Article 29, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
Ibid., Articles 25–27. ↩
China Beijing Green Exchange, “Rules on Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial Implementation),” Articles 3, 13, 27, 28, 29, 32, November 17, 2023, https://www.ccer.com.cn/wcm/ccer/html/2311jygz/20250227/175803224.shtml. ↩
Ibid., Article 12. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Article 7, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml; China Beijing Green Exchange, “Rules on Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial Implementation),” November 17, 2023, https://www.ccer.com.cn/wcm/ccer/html/2311jygz/20250227/175803224.shtml. ↩
Deloitte, “STA Clarifies VAT Treatment for Carbon Trading and EV Business Activities,” March 17, 2025, https://www.taxathand.com/article/38684/China-Peoples-Republic-of/2025/STA-clarifies-VAT-treatment-for-carbon-trading-and-EV-business-activities. ↩
China Beijing Green Exchange, “Rules on Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial Implementation),” Article 6, November 17, 2023, https://www.ccer.com.cn/wcm/ccer/html/2311jygz/20250227/175803224.shtml. ↩
Ibid., Article 33. ↩
Ibid., Article 4. ↩
General Office of the State Financial Regulatory Commission and the General Office of the People’s Bank of China, “Implementation Plan for the High-Quality Development of Green Finance in the Banking and Insurance Sector,” January 2025, https://www.gov.cn/zhengce/zhengceku/202502/content_7007629.htm. ↩
Ministry of Ecology and Environment, “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading (Trial Implementation),” Article 4, October 19, 2023, https://www.mee.gov.cn/gzk/gz/202310/t20231020_1043695.shtml. ↩
Quantum Commodity Intelligence, “CCER Exchange Teams Up with ‘City of the Future’ to Expand Reach,” July 31, 2025, https://www.qcintel.com/carbon/article/ccer-exchange-teams-up-with-city-of-the-future-to-expand-reach-45824.html. ↩
Mael Maradan, “New Report: Interconnectivity & Article 6 Key to Asia’s Carbon Future,” ClearBlue Markets, September 16, 2025, https://www.clearbluemarkets.com/knowledge-base/new-report-interconnectivity-article-6-key-to-asias-carbon-future. ↩