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Table 1 Chinese carbon trading market inclusion criteria

From: Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China: based on analyst coverage mechanism

Pilot area

Start-up time

Industries to be included

Inclusion criteria

Number of enterprises

Shenzhen

June 18, 2013

Industries (electricity, water, manufacturing, etc.) and buildings

Industries: over 5000 tons of carbon emissions

Public buildings: 20,000 m2 or more

Government buildings: 10,000 m2 or more

721 (in 2019)

Shanghai

November 26, 2013

Electricity, steel, petrochemical, non-ferrous, aviation, and other industries

Annual energy consumption of 10,000 tons of standard coal or more

323 (in 2021)

Beijing

November 28, 2013

Electricity, heat, petrochemicals, cement, road transport, service industry, and other industries

Over 5000 tons of carbon emissions

843 (in 2019)

Guangdong

December 19, 2013

Six industries: electricity, cement, steel, petrochemicals, paper, civil aviation

Over 20,000 tons of carbon emissions or annual energy consumption of 10,000 tons of standard coal

268 (in 2020)

Tianjin

December 26, 2013

Five industrial sectors: electricity and heat, steel, chemicals, petrochemicals, oil, and gas extraction

Over 26,000 tons of carbon emissions or annual energy consumption of 10,000 tons of standard coal

139 (in 2021)

Hubei

April 2, 2014

Sixteen industrial sectors: electricity and heat, non-ferrous metals, iron and steel, chemicals, cement, petrochemicals, etc

Annual energy consumption of 10,000 tons of standard coal or more

373 (in 2021)

Chongqing

June 19, 2014

Electricity, electrolytic aluminum, ferroalloy, calcium carbide, caustic soda, cement, steel

Over 26,000 tons of carbon emissions or annual energy consumption of 10,000 tons of standard coal

242 (in 2015)

Fujian

December 22, 2016

Nine industries: electricity, petrochemical, chemical, building materials, steel, non-ferrous, paper, aviation, ceramics

Annual energy consumption of 10,000 tons of standard coal or more

269 (in 2020)