CHINA’S new national emissions trading scheme (ETS), which launched July 16, saw average daily volumes last week tumble to less than 4 percent of its debut turnover while prices rose, exchange data showed. The world’s largest ETS by volume, covering more than 2,000 power plants responsible for more than 4 billion tons of carbon dioxide emissions, on its debut saw 4.1 million tons of carbon dioxide quotas traded worth 210 million yuan (US$32.40 million). But volumes for the July 19-23 week fell to a total of 729,000 tons of carbon emission allowances with total trade valued at 39.47 million yuan, according to data from the Shanghai Environment and Energy Exchange. That is a daily average of about 145,800 tons. Only one block deal was reached last week. State-backed China Petroleum & Chemical Corp., known as Sinopec, bought 100,000 tons of carbon emission quotas from China Resources Group for 5.29 million yuan Friday. The spot allowance contract price closed at 56.97 yuan per ton Friday, up 11.2 percent from a week earlier. That compares with the EU carbon prices of 50 euros (US$58.82) per ton. Morgan Stanley analysts said in a note they expect China’s near-term carbon price to trade at 40-50 yuan per ton, a level that will help entities migrate from regional ETS schemes to the national ETS. (SD-Agencies) | 