China has resumed voluntary trading in CO2 credits (Chinese Certified Emissions Reductions/CCER). The revised CCER system allows any company to purchase carbon credits – not just the energy companies currently participating in China’s emissions trading system (ETS). According to a conservative estimate by local investment bank Minsheng Securities, the CCER spot market could reach a volume of around 20 billion yuan (2.56 billion euros) by 2025.