CN Markets: CCER volumes nearly double in April as net zero drives demand for China’s cheapest, oldest credits
The number of carbon offsets traded in China in April nearly doubled month-on-month as an increasing number of companies seek to achieve carbon neutrality, while pilot cap-and-trade schemes remained quiet with Chongqing and Guangdong the notable exceptions.
Read MoreChina environment ministry pitches carbon test for new projects
China’s ecology and environment ministry has proposed introducing a carbon impact assessment as part of the approval process for new energy intensive, high emitting projects as part of efforts to ensure the country meets its climate ambitions.
Read MoreChina carbon market faces surplus of 1.56 bln allowances for 2019-20, analysts find
China is likely to have oversupplied its national emissions trading scheme by as much as 1.56 billion allowances for 2019 and 2020, pushing the fair value of permits in the market to zero.
Read MoreCN Markets: CCER bids rise to nearly 30 yuan as national ETS launch looms
Interest in offsets is rising in China with traders taking punts on units they think will be eligible in the national ETS, while Chongqing and Guangdong performed best among the regional pilot markets over the past month.
Read MoreChina prepares to give emissions trading scheme a legislative foundation
China’s Ministry of Ecology and the Environment (MEE) on Tuesday released draft legislation that aims to write the national ETS into law, a move that would bolster the scheme’s authority and enable the government to hand out stricter penalties for non-compliance.
Read MoreChina moves to bolster data weak spots for carbon market
China’s environment ministry on Monday released new rules designed to prevent false reporting of emissions under its national CO2 trading scheme, targeting dozens of state-owned enterprises that have tasked their own subsidiaries with verifying their CO2 output.
Read MoreBeijing positions itself as hub for China’s voluntary carbon trade
Beijing plans to set up a trading centre for voluntary carbon trading, the municipal government said Wednesday, a move seen as positioning the capital as the key hub for the voluntary market after Shanghai landed the right to serve the national compliance market.
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 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.
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