CCER restarts The national voluntary greenhouse gas emission reduction trading market was launched in Beijing

On the morning of January 22, the National Greenhouse Gas Voluntary Emission Reduction Trading Market was launched in Beijing, and together with the National Carbon Emission Trading Market launched in July 2021, it constitutes a complete national carbon market system. At the launching ceremony, four project development units, including Hebei Saihanba Machinery Forest Farm, China General Nuclear Power Corporation Limited, State Power Investment Corporation and the Third Institute of Oceanography of the Ministry of Natural Resources, signed the Voluntary Emission Reduction Project Development and Emission Reduction Trading Compliance Initiative.

Unlike carbon emission allowances allocated by governments to businesses (CEA, etc.), Certified Voluntary Emission Reductions (CCER) are onevoluntary greenhouse gas emission reduction products,It aims to quantitatively verify the number of products in Chinarenewable energy、Forestry carbon sinks、Methane utilizationand other projects to certify the greenhouse gas emission reduction effect. Emission control units can use CCER to offset part of their carbon emissions, providing flexibility for carbon emission compliance through market mechanisms, and also buying time for high-carbon industries to plan and promote green and low-carbon transformation step by step. Enterprises and individuals can purchase CCER to offset their own carbon emissions, fulfill their low-carbon action commitments and fulfill their social responsibilities, so as to better demonstrate the determination and action of the whole society to participate in the fight against climate change.

Entering 2023, the call for CCER to restart is endless. Over the past year, the conditions for the resumption of CCER have become more and more complete. In April 2023, the Ministry of Ecology and Environment (MEE) issued the Letter on Soliciting Methodological Suggestions for Voluntary Greenhouse Gas Emission Reduction Projects from the Whole Society. On October 19, 2023, the Ministry of Ecology and Environment (MEE) and the State Administration for Market Regulation (SAMR) jointly issued the Administrative Measures for Voluntary Greenhouse Gas Emission Reduction Trading (Trial). On October 24, 2023, the Ministry of Ecology and Environment (MEE) announced for the first time the methodology for four voluntary greenhouse gas emission reduction projects, including afforestation carbon sinks, grid-connected solar thermal power generation, grid-connected offshore wind power generation, and mangrove forest construction. On November 16, 2023, the National Climate Strategy Center and the Beijing Green Exchange successively issued the Registration Rules for Voluntary Greenhouse Gas Emission Reduction (Trial), the Guidelines for the Design and Implementation of Voluntary Greenhouse Gas Emission Reduction Projects, and the Rules for Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial). On December 27, 2023, the State Administration for Market Regulation (SAMR) released the Implementation Rules for the Verification and Verification of Greenhouse Gas Emission Reduction Projects. At the same time, the national greenhouse gas voluntary emission reduction registration system and trading system have been put into use.

The official launch of the national voluntary greenhouse gas emission reduction trading marks a more solid step in the construction of China's carbon market, and marks that China is rapidly improving the diversified carbon market system with the national carbon emission trading market as the main body, which will effectively explore the potential of voluntary carbon reduction in the whole society and make positive contributions to global sustainable development and climate change response. Under the guidance of the new methodology, CCER will promote green and low-carbon development nationwide in accordance with the requirements of authenticity, uniqueness and additionality, encourage enterprises and individuals to participate more actively in green and low-carbon development through market mechanisms, stimulate more innovation and green investment, and promote the development and application of clean technologies, so as to provide a solid market foundation for China to comprehensively promote the transition to a low-carbon economy and set an example for the global response to climate change.