Compare ETS
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China National ETS
General Information
China’s national ETS began operating in 2021, with the objective of contributing to the effective control and gradual reduction of CO2 emissions. China’s national ETS is the world’s largest in terms of covered emissions, estimated to cover around 8 billion tCO2 – or more than 60% of the country’s CO2 emissions.
The China national ETS regulates more than 3,500 companies from the power, steel, cement, and aluminum smelter sectors with annual emissions in excess of 26,000 tCO2. Covered entities must surrender allowances for all their covered emissions. The allowances in the China national ETS are 100% freely allocated using an output-based approach. Compliance obligations are currently limited and vary between different types of facilities. The system’s coverage will expand to other sectors over time.
In January 2024, China launched its national GHG voluntary emission reduction trading market, the Chinese Certified Emissions Reduction scheme (CCER). This came after six years of suspension, during which time it was undergoing reform. This reform could contribute to the implementation of an offsetting scheme in the domestic ETS (see ‘Offset Credits’ section).
The national ETS builds on the successful experience of regional carbon markets implemented in seven regions. These pilots continue to operate in parallel with the national ETS, covering sectors and entities not included in the national system.
In January 2024, the State Council of China promulgated the “Interim Regulations for the Management of Carbon Emissions Trading” (Interim Regulations) that establishes a robust legal foundation for the national ETS, which took effect as of May 2024. It further enhances enforcement measures and non-compliance penalties for different stakeholders.
In October, the Ministry of Ecology and Environment (MEE) released the allocation plan and compliance work plan for the power sector for 2023 and 2024. The allocation plan updates benchmarks and excludes indirect emissions. It also sets a limit on banking and cancels borrowing. According to this plan, the compliance is shifting from a two-years cycle to a one-year cycle.
After the launch of the CCER program in January 2024, the Certification and Accreditation Administration (CNCA) announced the list of accredited verifiers in June 2024. In August, the MEE started accepting new project applications and verifications. As of April 2025, there are five accredited validation and verification agencies for the CCER program. More than 70 emission reduction projects have applied for CCER project status, and nine of these projects have successfully had their emission reductions issued, totaling 9.48 million tonnes CO2e.
In March 2025, the MEE published a work plan for extending the sectoral coverage of the national ETS after a public consultation in September 2024. The plan expands the ETS to include the steel, cement, and aluminum smelter sectors, implemented over two phases. Phase 1 (2024 to 2026) aims to familiarize companies in these sectors with the national ETS and enhance emissions data quality. Phase 2 (starting in 2027) aims to decrease the emission intensity and further improve the functioning of the system. This scope expansion brings an additional 1,500 companies into the Chinese national ETS, increasing the system’s emissions coverage by 3 billion tCO2e.
Emissions & Targets
14,314 MtCO2e (2021)
By 2025: Reduction in carbon emissions per unit of GDP of 18% compared to 2020 levels (14th Five-Year Plan)
Before 2030: Peak CO2 emissions; reduction of CO2 emissions per unit of GDP by over 65% from 2005 levels ('1+N’ policy framework; updated NDC)
Before 2060: Carbon neutrality (‘1+N’ policy framework; updated NDC)
Average secondary market price: CNY 95.96 (USD 13.33)
Size & Phases
There are currently no specific phases for the Chinese national ETS.
The cap is the sum of the bottom-up total allowance allocation to all individual covered entities. The cap is adjusted according to the actual production levels.
The national ETS is estimated to have had an annual cap of ~4,500 MtCO2 in 2019 and 2020, ~5,100 MtCO2 in 2021 and 2022, ~5,200 MtCO2 in 2023 and ~8,000 MtCO2 in 2024.
Power (including combined heat and power, as well as captive power plants of other sectors), steel, cement, and aluminum smelter.
Compliance obligations are currently limited (see ‘Allocation’ section).
The scope is expected to be gradually expanded to cover other sectors: petrochemicals, chemicals, flat glass, copper smelter, paper, and aviation. Entities in these sectors have MRV obligation since 2015.
INCLUSION THRESHOLDS:
For 2019 to 2020: Entities with annual emissions of 26,000 tCO2 or greater in any year from 2013 to 2019.
For 2021 to 2022: Entities with annual emissions of 26,000 tCO2 or more in any year from 2020 to 2021.
From 2023: Entities with annual emissions of 26,000 tCO2 or more in the previous year.
Point source
~3,500 (2024)
Allowance Allocation & Revenue
Allowances are distributed for free, using benchmarking.
FREE ALLOCATION (Power sector): Output-based benchmarking is used as the main allocation method, with four distinct benchmarks: conventional coal plants below 300 MW; conventional coal plants above 300 MW; unconventional coal; and natural gas.
A pre-allocation method is adopted for the annual allowance allocation. Allocation is then adjusted ex-post to reflect the actual production in the respective compliance year.
Entities received allowances at 70% of their verified emissions in the previous year. Allocation was subsequently adjusted to reflect actual generation in 2023 and 2024. A unit load (output) adjustment factor distributed more allowances for coal-fired entities operating at load rates below 65%. This may have provided more allowances for less efficient power units.
According to the 2023 to 2024 allocation plan, compliance obligations are limited. Gas-fired plants only need to surrender allowances up to their level of free allocation as per the benchmarks. Coal-fired plants with free allowance below 80% of their verified emissions will have their allocation adjusted upwards to 80% of their verified emissions. This means that 20% remains the maximum shortfall, similar to the previous compliance periods.
FREE ALLOCATION (steel, cement, and aluminum smelter sector):
For the compliance year of 2024, covered entities will receive free allowances equal to their verified emissions.
The MEE will design and publish the annual allocation method for the compliance year 2025 and subsequent years, which will be output-based and intensity-controlled.
AUCTIONING: Allocation currently takes place through free allocation, but the Interim Regulations clarify that auctioning is to be introduced and gradually expanded. There is currently no timeline for this.
There is currently no arrangement for the use of revenues generated by the scheme.
Flexibility & Linking
Borrowing was temporarily allowed in 2021 to 2022.
Banking was allowed with no limit in the first three compliance periods. In the following compliance period, covered entities are allowed to bank up to 10,000 tonnes plus 1.5 times their net sales over 2024 and 2025.
The use of offset credits is allowed.
QUANTITATIVE LIMITS: Covered entities can use CCERs generated from projects not covered by the national ETS for up to 5% of their verified emissions.
QUALITATIVE LIMITS: There were no additional project or vintage restrictions.
In 2012, the National Development and Reform Commission (NDRC) issued the “Interim Measures for the Management of Voluntary GHG Emissions Reduction Transactions”, which provided guidelines for the issuance of CCERs. The registration of CCER projects started in 2015 but the program was suspended in 2017 while regulations were reviewed. MEE launched the CCER system in 2024 with new methodologies, registry, verifiers and exchange.
Only credits from projects registered in the new CCER program are eligible for offset use in China’s national ETS after January 2025.
The National Center for Climate Change Strategy and International Cooperation (NCSC) operates the CCER registry. The Beijing Green Exchange is dedicated to CCER trading platforms.
The China national ETS is not linked with any other system.
ETS: Regional ETSs in Beijing, Chongqing, Fujian, Hubei, Guangdong, Shanghai, Shenzhen and Tianjin
Domestic crediting mechanism (national): China Certified Emissions Reduction (CCER)
Domestic crediting mechanisms: Local offset crediting mechanism in Beijing, Chongqing, Fujian, Hubei, Guangdong, Shanghai, Shenzhen, Tianjin, etc.
Compliance
Two calendar years from 2019 to 2022. One calendar year from 2023 onwards.
MEE publishes an ETS work plan to set the timeline for MRV work each year. MEE published the 2025 work plan in April 2025.
MONITORING: Covered entities are required to set up monitor plans and monitor their emission based on these plans.
REPORTING FREQUENCY: Covered entities must submit a monthly emission report within 40 calendar days after the end of each month, including fuel consumption, low-level calorific value, carbon content of the fuel, purchased electricity, output products, as well as other parameters. Covered entities in the power sector must submit the 2024 emissions reports by the end of March 2025. Covered entities in the steel, cement and aluminum smelter sectors must submit the 2024 emissions reports by the end of June 2025.
VERIFICATION: Provincial-level ecological and environmental authorities are responsible for organizing the verification of GHG reports. They may commission technical service agencies to provide verification services. Verification of 2024 emissions from the power sector must be completed by the end of June 2025. Verification of 2024 emissions from the cement, aluminum smelter and steel sectors should be completed before the end of August 2025. Verification of other key industries should be completed by the end of September 2025.
FRAMEWORK: MRV guidelines, supplementary data sheets, verification guidelines, and other guidance are available for the eight sectors expected to be covered by the ETS. This MRV framework has evolved continuously since 2013 (see ‘Sectors and Thresholds’ section).
The Interim Regulations enhanced enforcement measures and penalties for different parties. Covered entities face a fine for not reporting or cheating in reporting, ranging from CNY 500,000 (USD 69,469) to ten times the illegal gains. Failures in compliance obligations result in fines ranging from five to ten times the market value of the gap, a significant increase from the previous maximum fine of CNY 30,000 (USD 4,416). For those who refuse to surrender allowances after receiving a warning, deductions from the following year’s allocation and potential production suspension are now in force.
Consultancy firms, third-party verifiers and testing organizations involved in MRV data fraud may face penalties up to ten times of their illegal gains, as well as disqualification. Similar punishments also apply for market manipulation. The regulation rectifies the previous absence of penalties for misconduct by technical service providers and market participants.
Market participants involved in market manipulation behaviors may face penalties up to ten times their illegal gains, starting from CNY 500,000 (USD 69,469).
Market Regulation
MARKET PARTICIPATION: Compliance entities. The Interim Regulations indicate that other types of institutions or individuals may in the future also be allowed to participate in the market; however, there is no specific timeline for this.
MARKET TYPES:
Primary: Allowances are currently only distributed by free allocation. The Interim Regulations state the intention to introduce auctioning, though without a specific timeline.
Secondary: China Emission Allowances (CEA) can be traded on a dedicated trading platform managed by the Shanghai Environment and Energy Exchange. CEAs for the 2019 to 2020 period, CEAs for 2021, CEAs for 2022, and CEAs for 2023 are categorized as four different products on the exchange, and have similar prices.
Due to financial market regulations, other products (i.e., derivatives) are currently not allowed.
LEGAL STATUS OF ALLOWANCES: Allowances are not considered financial instruments. For financial accounting purposes, the Ministry of Finance published an interim policy that categorizes only purchased allowances, and not those received for free, as assets in financial statements.
In May 2021, the MEE announced the option of establishing a market-regulating and protection mechanism. This would enable the MEE to respond to abnormal fluctuations in trading prices, for instance through buy-back, auctioning, or adjusting the rules related to CCER use. The necessary triggers and specifics of this mechanism are yet to be defined.
EXCHANGE
Instrument type: Price-based instrument
Functioning: The Shanghai Environment and Energy Exchange implements a system of limits on price increases and decreases for trading over the exchange. For listed trading (the maximum volume for a single transaction does not exceed 100,000 tCO2e), this is 10% above or below the reference price (the closing price of the previous trading day). For block trading (with minimum transaction volume of 100,000 tCO2e), this is 30% above or below the reference price. Only transactions within this price range can be successfully completed on the exchange. It also sets the maximum position limit for the different market participants: the sum of their annual allocated allowances plus 1 MtCO2 for compliance entities, 1 MtCO2for institutional investors, and 50,000 tCO2 for natural persons.
Other Information
The China national ETS has a multi-level governance structure involving three levels of government:
Ministry of Ecology and Environment (MEE):
Acts as the national competent authority setting the rules and overseeing the system, jointly with other national regulators.
Provincial-level MEE subsidiaries: Oversee the implementation of the ETS, including identifying covered entities, organizing MRV, hiring verifiers, calculating allowance, managing provincial registry account, oversee compliance.
Municipal-level authorities: Responsible for managing covered entities directly.
China Carbon Emissions Registration and Clearing Co., Ltd.: Responsible fo.lr operating the CEA registry and clearing platform.
Shanghai Environment and Energy Exchange: Operates the CEA trading platform.
National Center for Climate Change Strategy and International Cooperation (NCSC): Operates the CCER registry.
The Beijing Green Exchange: Responsible for operating the CCER trading and clearing platform.
An evaluation framework is currently under development.
The National Measures for the Administration of Carbon Emission Trading (trial) (2021)
Allocation Plan for the Power Sector (2019-2020) and list of covered entities (2021) (English translation)
Guidelines for Enterprise Greenhouse Gas Verification (trial) (2021)
Notice on Strengthening the Management of Enterprise Greenhouse Gas Emissions Reporting (2021)
Allocation Plan for the Power Sector (2023-2024)
Management Measures for voluntary Greenhouse Gas Emission Reduction Trading (Trial) (2023)
Guidelines for GHG Monitoring and Reporting for various sectors (2013, 2014, and 2015)
Updated Guidelines for GHG Monitoring and Reporting for the power sector (2023)
Updated Guidelines for GHG Monitoring and Reporting for industrial sectors (2023)
Interim Regulations on the Administration of Carbon Emission Trading (2024)
Guidelines for GHG Monitoring and Reporting for Cement, aluminum smelter and steel industries (2024 and 2025)
Work Plan for National ETS covering steel, cement and aluminum smelter sectors (2025)
Japan - Tokyo Cap-and-Trade Program
General Information
The Cap-and-Trade Program of the Tokyo Metropolitan Government (TMG) was launched in April 2010 and is Japan’s first mandatory ETS. It covers around 20% of the metropolitan area’s emissions.
The Tokyo ETS covers CO2 emissions from large buildings, factories, heat suppliers, and other facilities that consume large quantities of fossil fuels. Covered facilities must surrender compliance units for emissions that exceed the installation’s baseline, and the baseline is based on absolute historical emissions and a compliance factor. Compliance factors are determined based on the type of facility and factors such as expected energy efficiency gains and the extent to which they consume energy supplied by other facilities.
Tokyo’s ETS is linked to the Saitama Prefecture ETS, with credits mutually exchangeable between the two jurisdictions.
The Cap-and-Trade Program of the Tokyo Metropolitan Government’s (TMG) third compliance period, spanning from FY2020 to FY2024, ends in March 2025 and the fourth starting from April 2025. The program continues to cover ~1,200 facilities that annually use 1,500 kL or more of energy equivalent to crude oil, and all allowances are freely allocated. In 2022, total emissions of covered facilities dropped by 32% compared to the base year.
Following a public consultation that concluded in 2023, Tokyo announced three major updates for the fourth compliance period (FY2025 to FY2029).
First, the compliance factor will rise to 50% for office buildings and 48% for factories.
Second, to boost the use of renewable energy, off-site renewable energy, including self-consignment and PPA, will count as zero emissions, and certificates derived from renewable energy can be deducted from energy-related CO₂ emissions. In addition, actual emission factors, instead of fixed emission factors, will be used to calculate emissions from electricity, heat, and city gas supplied by retailers, based on contracts at the facilities.
Third, a new system for excess emission reductions will limit credits to those achieved through energy efficiency or renewable energy; credits will no longer be awarded for certification improvements or emission factor adjustments. These updates take effect in April 2025, with guidelines released in September 2024.
In March 2024, the TMG published the results for the third fiscal year of the third compliance period (FY2022), showing that emissions from covered facilities totaled 11.2 MtCO2. This is a 32% reduction below base-year emissions.
Emissions & Targets
59.5 MtCO2e* (2022)
* The overall emissions figure for Tokyo is higher than the total of the emissions by sector because the former includes all GHGs, whereas the emissions by sector only measures CO2 emissions.
By 2030: 50% reduction from 2000 GHG levels (“Tokyo Environmental Master Plan”)
By 2050: Net zero CO2 emissions (Tokyo Environmental Master Plan)
Average price: ~JPY 600 (USD 3.96)
Size & Phases
PHASE 1: 1 April 2010 to 30 September 2016
PHASE 2: 1 April 2015 to 31 January 2022
PHASE 3: 1 April 2020 to 30 September 2026
PHASE 4: 1 April 2025 to 30 September 2031
The Tokyo ETS has phases as well as compliance periods (see ‘Compliance’ section). A phase is defined as the compliance period plus an additional 18-month adjustment period, during which time facilities may continue to trade credits in order to reach their targets for the corresponding compliance period.
The total emission limit under the Tokyo Cap-and-Trade program is the sum of the bottom-up installation-level emissions limits for all individual covered facilities.
The total emissions limit for the fourth compliance period under the Tokyo ETS is a 50% reduction on average over the five years compared to the base-year emissions which are the average emissions of any three consecutive years between FY2002 and FY2007 (see ‘Allowance Allocation’ section).
Consumption of fuels, heat, and electricity in commercial and industrial buildings. Building owners are subject to surrender obligations, and all tenants are required to cooperate in owners’ reduction measures. Large tenants (those with a floor space above 5,000 m2or electricity usage per year over six million kWh) are also required to prepare and submit their own emission reduction report.
INCLUSION THRESHOLDS: Facilities that consume energy equivalent to at least 1,500 kL of crude oil per year.
Downstream (industry, buildings)
~1,200 facilities:
- Office/commercial buildings: ~1000
- Factories: ~200
Allowance Allocation & Revenue
All allowances in the Tokyo Cap-and-Trade Program are allocated for free.
Under the Tokyo ETS, each facility has its own cap, which serves as the “baseline” from which it must achieve its reduction target. Baselines for facilities are set according to the following formula: Base-year emissions x (1 - compliance factor) x compliance period (five years). The compliance factor for each period is determined based on regulations established by the Governor of Tokyo. Prior to the start of each new compliance period, TMG holds expert meetings to garner those experts’ opinions to aid in determining the compliance factors.
For facilities that have been designated as compliance facilities since the launch of the ETS, base year-emissions are based on average emissions of any three consecutive years between FY2002 and FY2007.
Base-year emissions for new entrants are calculated using either historical emissions (average annual emissions for three consecutive fiscal years of the four fiscal years immediately preceding the compliance period) or an emission intensity standard provided by the government (based on emissions from FY2005 to FY2007).
At the beginning of each new compliance period, all allowances are allocated for free to covered facilities for the full five years. Facilities with emissions below their baseline can receive excess emission reductions for the reductions beyond the obligation amount. Those facilities that exceed their baseline must purchase and surrender credits from elsewhere to meet their compliance obligation. Credits may also be issued using renewable energy (see ‘Offset Credits’ section).
COMPLIANCE FACTOR:
First compliance period: 8% or 6% reduction below base-year emissions.
Second compliance period: 17% or 15% reduction below base-year emissions.
Third compliance period: 27% or 25% reduction below base-year emissions.
Fourth compliance period: 50% or 48% reduction below base-year emissions.
The lower compliance factor applies to factories and office buildings that use district heating and cooling for more than 20% of their energy consumption.
In the third compliance period, in medical facilities where electricity is vital to preserve life and health, the compliance factor is two percentage points lower than whichever category would otherwise apply.
The compliance factor will be reduced by three percentage points for facilities with an electrification rate of less than 20% in the fourth compliance period alone.
Facilities demonstrating outstanding performance in emissions reductions, as well as in the introduction, use, and management of energy efficient equipment, are certified as top-level facilities with the limit on the issuance of excess emission reductions removed.
The reduction of the compliance factor for certified top-level facilities, which had been in place until the third compliance period, is eliminated in principle except in certain cases in order to recognize establishments that are proactive in reducing emissions.
QUALIFYING FOR ADDITIONAL EMISSIONS REDUCTIONS THROUGH USE OF RENEWABLE ELECTRICITY: In order to evaluate the energy efficiency efforts of the covered facilities, CO2 emission factors of the supply side (electricity and others) are fixed during each compliance period. If covered facilities procure electricity from TMG-certified suppliers with lower emission factors (0.37 tCO2/1,000 kWh or less), they can deduct the difference between these emission factors from their reported emissions accordingly, to reflect this lower emission factor of purchased electricity. If covered facilities generate electricity from renewable sources for their own use, they can deduct this amount of electricity from the total energy usage of the facility to be reported.
In the fourth compliance period, off-site renewable energy, including self-consignment and PPA, will count as zero emissions, and certificates derived from renewable energy can be deducted from energy-related CO₂ emissions. In addition, actual emission factors, instead of fixed emission factors, will be used to calculate emissions from electricity, heat, and city gas supplied by retailers, based on contracts at the facilities to evaluate the use of renewable energy at the covered facilities.
Flexibility & Linking
Banking is allowed only between consecutive compliance periods.
Borrowing is not allowed.
The use of offset credits is allowed.
QUALITATIVE LIMITS: Four types of offset credits are permitted, based on certification criteria, to complement emissions reduction credits issued to facilities covered by the Tokyo ETS whose emissions fall below their baseline:
- Small and mid-size facility credits: Emissions reductions from non-covered small and medium-sized facilities in Tokyo.
- Outside Tokyo credits: Emissions reductions achieved from large facilities outside of the Tokyo area. Large facilities are those with an energy consumption equivalent to at least 1,500 kL of crude oil in a base year and with base-year emissions of 150,000 tCO2 or less.
- Renewable energy credits: Renewable energy credits generated under the Tokyo ETS encompass the following types: Environmental Value Equivalent, Renewable Energy Certificates, and New Energy Electricity, generated under the Renewable Portfolio Standard Law. Credits from solar (heat, electricity), wind, geothermal, or hydro (under 1,000 kW) electricity production for use under the Tokyo ETS are converted on a one-to-one basis, as are credits from biomass (biomass rate of 95% or more, black liquor excluded).
- Saitama credits (via link): These encompass (1) Excess emission reductions: Emissions reductions from facilities in Saitama with base-year emissions of 150,000 tonnes or less and (2) Saitama’s small and mid-size facility credits: Emissions reductions from non-covered small and medium-sized facilities issued by Saitama Prefecture. For small and medium-sized credits, the link is suspended during the fourth compliance period.
QUANTITATIVE LIMITS: Quantitative limits apply only for Outside Tokyo credits: these are issued only for the reduction amount that exceeds the compliance factor. These credits can be used for compliance for up to one-third of facilities’ reduction obligations.
All offset credits must be verified by a verification agency.
65,187 tCO2e of offset credits were issued in FY2023, and 7,657 tCO2e were surrendered for compliance in FY2023. Out of those, 4,312 tCO2e were renewable energy credits and 3,345 tCO2e were Saitama credits.
Tokyo linked its program with the Saitama Prefecture ETS in April 2011. Tokyo and Saitama credits are officially eligible for trade between the two jurisdictions. About 60 credit transfers have taken place so far between Saitama and Tokyo.
Carbon tax: Japan national carbon tax
Compliance
Five years.
Facilities must submit a “GHG Emissions Reduction Plan” and an implementation status report by the end of November every year.
Compliance units to meet each facility’s targets must be surrendered by the end of the 18-month adjustment period, after the end of the compliance period (see ‘Phases’ section above).
MONITORING AND REPORTING: Annual emissions reporting, including emission reduction plans. Seven GHGs must be monitored and reported: CO2, CH4, N2O, PFCs, HFCs, SF6, and NF3. Large tenants are required to submit their own emissions reduction plans to TMG in collaboration with building owners.
As of April 2025, actual emission factors, instead of fixed emission factors, are to be used to calculate emissions from electricity, heat, and city gas supplied by retailers, based on contracts at the facilities. This should incentivize the use of renewable energy.
VERIFICATION: Annual emissions reports require third-party verification.
FRAMEWORK: These are based on the “TMG Monitoring/Reporting Guidelines” and the “TMG Verification Guidelines”.
In the case of non-compliance, the following measures may be taken:
FIRST STAGE: The governor orders the facility to reduce emissions by the amount of the reduction shortfall multiplied by 1.3.
SECOND STAGE: Any facility that fails to carry out the order will be publicly named and subject to penalties (up to JPY 500,000 [USD 3,303]) and surcharges (1.3 times the shortfall).
Market Regulation
MARKET PARTICIPATION: Compliance facilities, i.e., those above the inclusion threshold (see ‘Sectors and Thresholds’ section); non-compliance facilities (trading account holders). TMG allows only “reduction credits” and not “emission credits,” i.e., one can earn credits only after achieving emission reductions. Basically, only compliance facilities and legal entities with an office in Japan may open trading accounts.
MARKET TYPES:
Primary: All allowances are allocated for free.
Secondary: Covered facilities and other facilities which hold trading accounts trade credits over the counter. Businesses wishing to buy or sell credits can also go through a private intermediary to find a buyer and negotiate the price.
LEGAL STATUS OF ALLOWANCES: Allowances are not financial instruments under the Tokyo ETS.
In general, covered facilities and other market participants (trading account holders) trade over the counter, and the TMG does not control carbon prices.
Other Information
Tokyo Metropolitan Government: Oversees the Tokyo Cap-and-Trade Program, via the Bureau of Environment
For every new compliance period, the TMG establishes a committee of experts to discuss and determine compliance factors and other important issues for the next compliance period.
The TMG held seven committee meetings from September 2022 to August 2023 and ran a public consultation in June 2023.
Revised Tokyo Cap-and-Trade Program for the fourth compliance period
Outline documents and detailed documents for large facilities