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Climate change: China’s voluntary carbon-credit market reboots in ‘milestone’ for emissions goals

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By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on SCMP or enjoy below:

🗞️ Driving the news: China has rebooted its voluntary carbon market, the China Certified Emission Reduction (CCER) scheme, which was suspended in 2017
This move expands the market beyond the compulsory national Emissions Trading Scheme (ETS), allowing a broader range of enterprises to purchase carbon credits

🔭 The context: The CCER, launched in 2012, complements the ETS, which started in 2021 and is the world's largest carbon market by emission volume
The CCER aims to encourage diverse carbon reduction projects, such as forestation and renewable power generation
This revival is part of China's commitment to peak carbon emissions by 2030 and achieve net zero by 2060

🌍 Why it matters for the planet: The enhancement of China's carbon trading mechanisms, including the CCER, is significant for global climate efforts
It indicates China's proactive approach in involving various sectors in carbon offsetting, contributing to the global goal of reducing greenhouse gas emissions

⏭️ What's next: The revamped CCER scheme is expected to evolve, potentially allowing individuals to sell carbon credits generated from green behaviors
Further regulations, especially regarding cross-border trading and the connection of the CCER with global markets, are anticipated to boost trading activity and market engagement

💬 One quote: "This is a milestone for China’s carbon market construction," (Qin Yan, lead carbon analyst at the London Stock Exchange Group)

📈 One stat: The ETS covers 2,532 key emitters in China's power generation sector, accounting for about 4.7 billion tonnes of carbon emissions in 2022, roughly 40% of the national annual emissions

Click for more news covering the latest on carbon

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