As China’s carbon trading market celebrates its third anniversary, industry experts are highlighting the need for enhanced legal support and a more robust auditing system to propel its development.
Since its inception, China’s carbon market has made significant strides in promoting sustainable practices and reducing greenhouse gas emissions. However, specialists believe that to fully realize its potential, there must be a solid legal foundation that ensures compliance and fosters investor confidence.
“A comprehensive legal framework is crucial for the carbon market’s credibility and effectiveness,” said Li Wei, a leading environmental economist. “It provides clear guidelines and enforcement mechanisms that can prevent malpractice and encourage genuine emission reductions.”
Alongside legal support, the call for a professional auditing system has gained momentum. Experts argue that rigorous auditing processes are essential to verify emission data and reinforce transparency within the market.
Wang Hui, a sustainability consultant, emphasized the importance of auditing by stating, “Reliable auditing ensures that the reported emission reductions are accurate. This trust is vital for attracting both domestic and international investors to participate actively in the market.”
The combination of strengthened legal measures and improved auditing is seen as a pathway to enhance the market’s integrity. Such developments could position China’s carbon market as a leading force in global efforts to combat climate change.
Industry stakeholders are hopeful that these enhancements will not only advance environmental goals but also stimulate economic growth by creating new opportunities in green industries.
As China continues to take significant steps towards sustainability, the integration of legal and auditing advancements in its carbon market could serve as a model for other nations looking to establish or improve their own carbon trading systems.
Reference(s):
China's carbon market needs more legal, auditing efforts, experts say
cgtn.com
