China's carbon emissions market kicked into high gear on Friday, July 16, with giants such as state-owned oil company Sinopec and coal producer China Energy Investment among the first companies to enter the market. Within ten minutes of trading, the daily limit of 10% allowed for the increase in the price per tonne of carbon was reached. That first day, 4 million tons of CO2 equivalent were traded, reaching a price of US$7.42 per ton, well below the price in the European market, where it is quoted at more than US$50 per ton. However, after the auspicious start, the market deflated, falling below 100,000 tons traded per day in the week following its launch, due to limited liquidity, restrictions on access to the market and the caution of large companies, which want to see how the market develops. It is a market in its early stages of construction and experts say it will take time for it to make a significant impact on the decarbonization of China, the world's largest emitter of greenhouse gases.