FX.co ★ China Expands Carbon Market to Heavy Industries

China revealed its intention on Wednesday to expand its carbon trading market to incorporate the steel, cement, and aluminum smelting sectors. This initiative will mandate an additional 1,500 companies to purchase credits to neutralize their emissions, according to the environment ministry. With this enlargement, the trading program will encompass 8 billion metric tons of carbon dioxide emissions, representing over 60% of the country's total. At present, the system oversees approximately 5 billion metric tons of emissions from 2,200 power companies.