context: The CCER (China Certified Emission Reduction) scheme was paused in 2017 due to low trading volume and a lack of standardisation among projects. Relaunch follows the issuance of a series of guidelines designed to enhance regulatory oversight. Currently, the trading market is accessible to projects in four primary sectors: forestry, mangrove planting, solar thermal and offshore wind. It remains to be seen whether further updates will arrise on cross-border trading or expanding eligible projects.
The national voluntary CCER (China Certified Emission Reduction) trading market was officially restarted in Beijing on 22 January 2024, reports Caixin. Ding Xuexiang 丁薛祥 State Council vice-premier attended the launch ceremony.
The first transaction came from CNOOC (China National Offshore Oil Company) Gas and Power Group, purchasing the equivalent of 250,000 tonnes in emissions reductions. As a buyer in the CCER market, CNOOC can offset one tonne of emissions by purchasing one tonne of emissions reductions. The emissions traded by the company will be used to fulfil the CO2 obligations of its thermal power companies in the third compliance cycle.
The buying price of CCER in January 2024 is expected to be around C¥61.32/tonne, according to Fudan University Sustainable Development Research Centre. Currently participation in the national carbon market is restricted to the electricity generation industry. During the third cycle, cement and electrolytic aluminium, two industries with relatively simple processes and data accounting methods, are expected to take the lead in expanding capacity, reports Caixin.