The 23rd Conference of Parties (COP 23) to the United Nations Framework Convention on Climate Change commenced in Bonn, Germany, on Nov 6.

China's special representative on climate change Xie Zhenhua said at the conference on Monday that the preparation work for China's carbon market has been completed, and it is now going through the examination and approval process.

A carbon market refers to a market in which carbon emission quotas can be traded. Carbon markets aim to promote reductions in emissions of six greenhouse gases, particularly carbon dioxide. Thus 1 metric ton of carbon dioxide equivalent is used as the unit of trade.

According to Xie, China's carbon market, which is the world's largest, "will be launched as long as it is approved".

China has already launched pilot trading systems for carbon emission quotas in several provinces and cities, involving many industries. According to official statistics, the quota transaction volume in September had accumulated to 197 million tons of carbon dioxide equivalent weight, worth 4.5 billion yuan ($677.48 million). And both the volume of carbon emissions and carbon emissions intensity had declined within the pilot regions.