China kicked off its national carbon emission exchange, the world’s largest carbon market, with the first deal sealed at 7.9 million yuan (US$1.2 million), as the nation adopts a market-based mechanism to drive decarbonisation efforts in the world’s second-largest economy.

Recently, the director of the Beijing Local Financial Supervision Bureau stated that as of June this year, the total transaction volume of various carbon emission products in the Beijing carbon trading market was 68.74 million tons, with a transaction volume of 1.974 billion yuan, and the average transaction price ranked first in China.