(ECNS) -- The Hainan International Carbon Emissions Trading Exchange is carrying out preparatory work and expected to operate in the second half of this year, according to local authorities in Hainan province.
The exchange was approved by the Hainan provincial government in February 2022 to establish a market-based ecological compensation mechanism to promote the transformation of its economic society toward a low-carbon mode through carbon finance. It will register in Sanya, the province's capital.
It will serve as a powerful capital market support platform for all kinds of carbon financial products.
The pooling of funds in the carbon market will provide financial support for enterprise transformation, promote the double decline of total carbon emissions and energy consumption, and boost the adjustment of energy structure through market-oriented means.
The carbon emissions trading exchange will serve China's green and low-carbon development strategy.