By the end of 2024, Shandong—one of China’s largest provinces in terms of energy consumption and carbon emissions—had 323 key emitters participating in the national carbon market.
Source: China News Service
By the end of 2024, Shandong—one of China’s largest provinces in terms of energy consumption and carbon emissions—had 323 key emitters participating in the national carbon market. The province recorded total carbon quota purchases of 101 million tons, with transactions worth 5.832 billion yuan (RMB, same below), while cumulative sales reached 133 million tons, generating 8.472 billion yuan. Shandong ranked first in China in both trading volume and transaction value.
Speaking at a provincial government press conference on February 11, Xu Benliang, Chief Engineer of the Shandong Provincial Department of Ecology and Environment, noted that Shandong has the largest number of power enterprises included in the national carbon market and bears the heaviest compliance obligations due to its vast economic scale and energy-intensive industrial structure. The province has successfully met its compliance requirements for three consecutive carbon trading cycles. Through the regulatory mechanisms of the carbon market, Shandong has facilitated the shutdown, restructuring, and transition of inefficient, high-emission small coal-fired power plants.
With carbon reduction as a key priority, Shandong has been actively expanding its renewable energy sector and implementing an innovative emissions offset mechanism for high-energy-consuming and high-emission projects. By the end of 2024, the province had approved 100 such projects, cutting carbon emissions by approximately 10 million tons through offset measures.