Even quickly rising carbon prices not sufficient for China to meet climate goals, says investment bank
China needs rapidly rising prices in its emissions trading scheme and a modest carbon tax for non-covered sectors in order to stand a chance of meeting its climate ambitions, but even then it will have to rely on technological progress, one of the country’s top investment banks said Tuesday.
Read MoreLatest carbon market ETF sees managed assets more than triple year-to-date
Total assets under management by the newest carbon market ETF have more than tripled since the start of the year, in a further sign of investors rushing to gain exposure in this burgeoning asset class.
Read MoreChina’s Industrial Bank signs first voluntary carbon forestry offset forward deal
China’s Industrial Bank on Thursday unveiled a deal involving upfront funding and forward purchase of carbon credits from a forestry project in Fujian province, a first of its kind in China that observers say can help overcome financing challenges for voluntary forestry schemes.
Read MoreChina NPC delegate floats idea of carbon market covering Greater Bay Area
China should establish a mandatory emissions trading market covering Guangdong, Hong Kong, and Macao, and use the platform to launch a carbon neutral Belt and Road Initiative, a National People’s Congress delegate and central bank official said Tuesday.
Read MoreFive-year plan sets China on path to further emissions growth
China announced key economic targets for the next five years on Friday, avoiding an absolute cap on greenhouse gas output and instead setting intensity goals that if met would see annual emissions continue to rise.
Read MoreChina central bank official proposes carbon market overhaul
China should set an absolute cap on CO2 emissions in its national ETS, expand beyond spot trade, and phase out the pilot trading schemes to improve the effectiveness of its carbon market, the Shanghai director of the People’s Bank of China (PBOC) has said.
Read MoreChina to leave room for 4% growth in coal consumption in 5-year plan -industry group
China National Coal Association expects the government to cap yearly coal consumption at 4.2 billion tonnes by the end of the 2021-25 five-year plan, it said this week, a move that could potentially generate millions of tonnes worth of additional CO2 emissions.
Read MoreChina’s State Grid releases carbon neutral action plan, vows to accommodate ETS
China’s State Grid Corp. released a ‘carbon peaking and carbon neutral’ action plan on Monday, outlining a raft of measures it will take over the next few years, including making sure the national ETS can have a bigger impact on electricity emissions.
Read MoreChina eyes late June start for trading in ETS
Trading in China’s national carbon market is slated to start in late June, the ecology and environment ministry has said.
Read MoreChina eyes big jump in renewables, eyeing Paris goal
China’s National Energy Administration has proposed to increase the share of renewables in the nation’s power consumption to 40% by 2030 in a move designed to ensure the world’s biggest-emitting nation meets its Paris Agreement obligations.
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