The National Greenhouse Gas Voluntary Emission Reduction Trading Market was launched, and the Beijing Green Exchange was responsible for the operation and management of the trading system
On January 22, 2024, the launching ceremony of the National Greenhouse Gas Voluntary Emission Reduction Trading Market was held in Beijing.
According to statistics, the total trading volume on the first day of the market was 375,315 tons, with a total turnover of 23,835,280 yuan. Sinopec, CNOOC, State Power Investment, China Energy Group, Sinochem, China National Building Materials, Beijing State-owned Assets Corporation, Jingneng Group, BBMG Group, AVIC Trust, CICC, Guotai Junan Securities, CITIC Securities, Huatai Securities, Henan Environmental Energy Center, Yueyang Forest Paper, Beijing and Carbon, Mercuria, Fuhou Carbon Investment and other enterprises participated in the first day of trading.
The voluntary greenhouse gas emission reduction trading market is an important part of the national carbon market, and it is a major institutional innovation that uses market mechanisms to mobilize the whole society to participate in greenhouse gas emission reduction actions. The launch of the voluntary greenhouse gas emission reduction trading market is conducive to promoting the formation of a national carbon market system in which the mandatory carbon market and the voluntary carbon market are complementary and interconnected, which will create huge green market opportunities and help achieve the goal of carbon peak and carbon neutrality.
The National Greenhouse Gas Voluntary Emission Reduction Trading Market can provide support for energy conservation and carbon reduction actions of various industry and market entities through the trading of certified voluntary emission reductions, or CCER. Owners of voluntary emission reduction projects can obtain economic returns through the sale of CCER, and participate more actively and consciously in the development and application of low-carbon technologies, high-emitting enterprises can use CCER to fulfill carbon emission reduction obligations, and enterprises and institutions can purchase CCER to offset carbon emissions, achieve carbon neutrality in products and major activities, and fulfill low-carbon commitments and social responsibilities.
In November 2021, the "Opinions of the State Council on Supporting the High-quality Development of Beijing's Urban Sub-center" (Guo Fa [2021] No. 15) proposed: "Promote the Beijing Green Exchange to upgrade to a national green exchange for the world on the basis of assuming the functions of a carbon trading center such as national voluntary emission reduction, and build a green finance and sustainable finance center." "On March 28, 2023, the Ministry of Ecology and Environment (MEE) officially replied to the Beijing Municipal Government to support the establishment of a national voluntary greenhouse gas emission reduction trading institution in Beijing.
In order to implement the national requirements, under the leadership of the Ministry of Ecology and Environment and the Municipal Bureau of Ecology and Environment, under the guidance of the Municipal Development and Reform Commission, the Municipal State-owned Assets Supervision and Administration Commission and the Municipal Financial Supervision Bureau, and with the strong support of the Beijing State-owned Assets Corporation and the Beijing Equity Exchange, the Beijing Green Exchange has developed and built a national registration system and trading system for voluntary greenhouse gas emission reduction, and compiled and issued the Rules for Voluntary Greenhouse Gas Emission Reduction Trading and Settlement (Trial) to ensure the safe, stable, standardized and efficient operation of the market in terms of infrastructure and trading and settlement rules.
According to the Ministry of Ecology and Environment's Notice on the Arrangement of Relevant Work Matters in the National Greenhouse Gas Voluntary Emission Reduction Trading Market, before the establishment of the National Greenhouse Gas Voluntary Emission Reduction Registration Agency, the National Center for Climate Change Strategy and International Cooperation shall undertake the registration of greenhouse gas voluntary emission reduction projects and emission reductions. Before the establishment of the National Greenhouse Gas Voluntary Emission Reduction Trading Agency, Beijing Green Exchange Co., Ltd. provided centralized and unified trading and settlement services for certified voluntary emission reductions, and was responsible for the operation and management of the National Greenhouse Gas Voluntary Emission Reduction Trading System.
Looking forward to the future, under the guidance and support of competent authorities at all levels, the Beijing Green Exchange will do a solid job in the construction and operation of the national greenhouse gas voluntary emission reduction trading platform, strengthen policy publicity and interpretation, strengthen market capacity building, cultivate a market participant system, explore transaction financing coordination mechanisms, and continue to work towards the goal of building a more effective, dynamic and internationally influential carbon market, so as to contribute to the country's carbon peak and carbon neutrality and global response to climate change.
(For inquiries about the National Greenhouse Gas Voluntary Emission Reduction Trading, please call 400-037-6699)
