China's national emissions trading system (ETS) saw 7.66 billion yuan (about $1.2 billion) in turnover in 2021, the media reported.

A total of 2,162 companies included in the country's carbon market produced an estimated 4.5 billion tonnes of carbon dioxide emissions last year, said China Radio International, citing data from the Ministry of Ecology and Environment.

After running pilot projects at the local level for over a decade, China officially launched its long-awaited national ETS on July 16, 2021.

According to the ministry, China's ETS has replaced the EU's as the world's largest emissions trading system.

So far, only the power sector is covered by the system.

Read more: CGTN Explains: Understanding China's national carbon emissions trading market