BEIJING — China's national carbon market has wrapped up its first compliance period with a steady rise in market activity, said the Ministry of Ecology and Environment on Jan 24.

As of Dec 31, the carbon market reported a total turnover of 7.66 billion yuan (about $1.21 billion) and a trading volume of 179 million metric tons since it started operation last July, said Liu Youbin, a ministry spokesperson.

The average carbon quota price at the market was 42.85 yuan per ton, while the compliance rate was 99.5 percent, he told the press.

As a major institutional innovation to facilitate emissions reduction, the carbon market now involves 2,162 power generation companies, covering 4.5 billion tons of carbon dioxide emissions per year.

"In general, the basic framework of the national carbon market has taken shape," said Liu. He noted that enterprises are showing more awareness and capability of emission reduction. The market has also started to play its role in promoting emission cuts and a low-carbon transition.

He said environmental authorities would improve relevant laws and technical specifications and ensure solid work in the national carbon market construction.

Carbon emitters from other sectors will gradually be included in the market, Liu said last month.

China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.