China paving the way for national carbon market

The Chinese government has released a set of regulations for the country's emerging carbon market, possibly laying the foundations for the development of a national carbon market.

The NGO The Climate Group reported that China's influential National Development and Reform Commission has released a document entitled 'The Interim Regulation of Voluntary Greenhouse Gases Emission Trading in China'.

The rules, which are intended to govern those provinces currently pursuing trial carbon offsetting and emissions cap-and-trade schemes, set out a series of standards regional governments must follow as they roll out carbon trading mechanisms.

Specifically, the new rules promote a series of standardised methodologies for measuring emission reductions delivered through carbon trading mechanisms, including proposals on how to calculate emissions reductions and formulate a measurement plan.

It also details how all emission reductions delivered through voluntary carbon markets must be recorded by the NDRC and independently validated by qualified validation organizations that have been approved by the commission.

The move comes as a host of cities and provinces across China prepare for the launch of carbon trading schemes, loosely modelled on the EU's emissions trading scheme, that are expected to institute a carbon price on emissions-intensive businesses and drive investment in low-carbon technologies.

The plans are being observed by other governments who would view a Chinese carbon pricing mechanism as a huge boost to both the global green economy and international climate change negotiations.

 

 

 

 

Image 01 - Forbidden City, Beijing. user:kallgan.

Image 02 - Glowing Coal. Andreas Fink.