The Ministry of Justice (MOJ) and the Ministry of Ecology and Environment (MEE) are now jointly formulating an interim regulation on the management of carbon emission rights trading, said Zhao Yingmin, vice-minister of ecology and environment, at a recent policy briefing of the State Council.
Zhao disclosed that the regulation will impose heavier punishment on data falsification, strengthen law enforcement, and severely crack down on false registration and trading.
China started to pilot carbon emission rights trading in the cities of Beijing, Tianjin, Shanghai, Chongqing and Shenzhen as well as in Guangdong and Hubei provinces in October 2011. In 2013, these regions began to launch online trading. The State Council approved the plan for establishing a unified carbon emission rights trading market in the country in December 2017.