China’s long-awaited national carbon market is set to miss a government target to begin by the end of June, a new set-back to plans to create the world’s largest emissions trading system.

It’s unclear when the market will begin operating, a spokesperson with the Shanghai Environment and Energy Exchange, which will host trading, said Monday. Minister of Ecology and Environment Huang Runqiu had said in February that he wanted the first trades to commence by the end of June.

Trading won’t now happen until after July 1 because of a lack of organization, according to a person familiar with its development. It’s unclear how long the start will be delayed, according to the person, who asked not to be identified discussing private information.

The Ministry of Ecology and Environment, which oversees the carbon market, didn’t respond to a faxed request for comment. “We progress our work on the arrangements of the higher authorities and departments,” the Shanghai exchange spokesperson said.

Guest post from Bloomberg