The cumulative turnover of China's carbon market has reached nearly 27 billion yuan ($3.71 billion) by July 15, Xinhua reported on Sunday.

As of July 15, the cumulative trading volume of carbon allowances in the national carbon market reached 465 million tons.

China's carbon market is operating in a stable and orderly manner overall, Minister of Ecology and Environment Huang Runqiu said at an industrial conference on Sunday in Wuhan, Central China's Hubei province.

The coverage of the industry will be steadily expanded, and the inclusion of key emission industries such as steel, cement and aluminum smelting into the national carbon market will be accelerated, Huang said.

The national carbon emissions trading market, launched in July 2021, has successfully completed two compliance cycles, covering 5.1 billion tons of annual carbon dioxide emissions, accounting for more than 40 percent of the country's total emissions, and is the largest market in terms of emissions coverage.

The cumulative volume and turnover of carbon emission allowances in the second compliance cycle of the national carbon emissions trading market increased by 47.01 and 125.26 percent, respectively, compared with the first compliance cycle, according to a report on the country's carbon market development.

In January 2024, the national voluntary greenhouse gas emission reduction trading market was officially launched, becoming another important market policy tool launched in China to help achieve the goal of carbon peak and carbon neutrality.

The two carbon markets not only have their own focus and independent operation, but also complement each other and interconnect, which together constitutes the national carbon market system.