China's experience in developing its national carbon market has drawn global attention from participants at the ongoing COP30 conference in Belem, Brazil.

Li Gao, Chinese vice minister of ecology and environment, outlined what China has learned in fostering a market of the kind during a side event titled "High-Quality Development and Experience Sharing of China's Carbon Market," at the "China Pavilion" on November 10.

Li detailed three major takeaways from China's experience--building a market suited to national conditions, enhancing data quality and management through technology, and deepening international cooperation and mutual recognition in carbon markets.

Since 2024, China's emissions trading system (ETS) has expanded to include the steel, cement and aluminum industries, he said, adding that by the end of October 2025, cumulative trading volume had exceeded 770 million tons of carbon allowances, with a total value of over 51.8 billion yuan (about $7.3 billion).

The voluntary emissions reduction market is also growing rapidly, promoting low-carbon technologies and the monetization of ecological products, he said.

Representatives from several countries and international organizations shared their experience in developing their own carbon markets.

Valerie Hickey, global director for Climate Change at the World Bank, called China's ETS "a model of steady and expanding growth" and urged the global community to strengthen exchanges to make carbon markets more efficient and inclusive.

Diana Acconcia, director for international affairs and climate finance at the European Commission's Directorate-General for Climate Action, said she was glad to see China enhancing its emissions trading system.

The European Union is ready to deepen cooperation with China on carbon pricing and to support other developing countries in establishing effective systems, she said.