The issuing value of the bond is 500 million yuan ($76.5 million) with a term of five years. More than 70 percent of the money raised will be used for projects to reduce carbon emissions.

"These efforts would result in a big cut to emissions—which would be amplified by synchronization across markets," she said.

This was a 32.6% increase from the 2,052,000 permit tons recorded in February and a 43.2% increase from the February final imports total of 1,900,000.

Although China saw rapid development of the solid waste management and recycling sectors, it still faces great challenges, Song said.

We (at the NRDC) find that a minimum of 50 percent net GHG reductions target by 2030, below 2005 levels is technologically feasible, affordable and achievable－adding to the tally of recent studies reaching the same conclusion.

The 2105 ferrosilicon contract price on ZCE closed at 7,220 yuan per ton on April 19.

These projects will bring "rigorous risks and challenges" to the environment, it said.

China's industrial output, an important economic indicator, rose 24.5 percent year-on-year in the first quarter of this year, as the country's industrial production rebounded steadily, according to the National Bureau of Statistics on Friday.