XI'AN -- The cumulative volume of carbon emissions allowances on China's carbon market was 237 million tonnes by June 30, with a turnover of more than 10.91 billion yuan (about $1.52 billion).

China has established the world's largest carbon market for greenhouse gas emissions, and has significantly reduced its carbon emissions intensity, Vice-Minister of Ecology and Environment Guo Fang said at a National Low-Carbon Day activity on Wednesday.

The activity was hosted by the Ministry of Ecology and Environment and the Shaanxi provincial government, and was held in Xi'an, the capital of Northwest China's Shaanxi province.

China has made positive progress in addressing climate change through a series of measures such as energy conservation, carbon reduction, emissions reduction, and the establishment and improvement of a carbon market, Guo said.

China's new energy vehicle production and sales have remained first globally for eight consecutive years, its renewable energy has developed rapidly, and its wind power and photovoltaic installations rank first around the world.

Guo said the Ministry of Ecology and Environment will continue to implement a national strategy to respond actively to climate change, promote the construction of a national carbon market in a steady and orderly manner, and participate actively in global governance to address climate change.

China aims to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.

National Low-Carbon Day was first observed in 2012 to encourage society to participate in green and low-carbon initiatives.