As of the end of May 2022, the accumulated transaction value of emissions trading in East China's Zhejiang province this year had totaled 14.6 billion yuan ($2.19 billion), according to a news conference held last week.

The amount accounts for roughly half of the nation's total, statistics show.

Emissions trading, also referred to as "cap and trade", is a market instrument used to reduce emissions and discharge of pollutants through economic incentives.

At the news conference, authorities also announced that a new set of regulations to better protect Zhejiang's ecological environment will come into effect on August 1.

The regulations, which consist of seven chapters and 71 articles, focus on pollution prevention, carbon emission reduction and biodiversity protection, and the realization of value of ecological products, among other aspects.

Cleaners recover waste oil from a docked transport vessel in Jiaxing, Zhejiang province. [Photo/zjol.com.cn]

The measures propose the establishment of a unified system for emissions trading in the province, and the strengthening of the supervision and management of the trading process. The Zhejiang Provincial Department of Ecology and Environment will rely on public data platforms to establish a unified emission rights trading system, and provide services such as releasing information and connecting supply and demand for emissions trading.