China’s Chongqing beats carbon intensity target a year early

Published 06:44 on September 1, 2015  /  Last updated at 07:32 on September 1, 2015  /  China, China's Pilot Markets  /  No Comments

China’s Chongqing cut its carbon emissions per unit of GDP by 20% from 2010 to 2014, beating its target laid out in the current five-year plan to slash carbon intensity 17% by 2015, local media reported.

China’s Chongqing cut its carbon emissions per unit of GDP by 20% from 2010 to 2014, beating its target laid out in the current five-year plan to slash carbon intensity 17% by 2015, local media reported.

The southwestern megacity, host of one of China’s seven pilot emissions trading schemes, also reduced its energy intensity by 18% over 2010-2014, compared to a target of -16% by end-2015, China Economic Net reported, citing the municipal DRC.

Officials credited Chongqing’s low-carbon pilot programme, which targeted among others emission cuts in manufacturing, growth in green buildings and increased forest coverage.

The municipal government has not published results after the first compliance process of the local emissions trading scheme.

The Chongqing ETS launched in July 2014, but CO2 caps for the 242 participating companies were backdated to Jan. 1, 2013.

Emitters were obligated to hand over allowances to the government to cover their 2013 and 2014 emissions in July, although there is no information on whether they all did so, or whether there was a surplus or shortage in the market.

However, the Chongqing DRC in June slashed the amount of allowances available for the 2014 emissions year and the number of participants, and despite being open for over a year, fewer than 270,000 permits have traded on the local CO2 exchange, by far the lowest total in any of the seven pilot schemes.

In April, Shanghai announced it had also met its carbon intensity target a year early.

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