Circular of the Beijing Municipal Development and Reform Commission on Further Opening the Carbon Emission Trading Market and Strengthening the Management of Carbon Assets
Since its opening in November 2013, the Beijing carbon emission trading market has been running smoothly and orderly for one year, and the pilot construction of carbon emission trading has achieved remarkable results. In order to further deepen the implementation of the State Council's "Guiding Opinions on Innovating Investment and Financing Mechanisms in Key Areas to Encourage Social Investment" (Guo Fa [2014] No. 60) document, on the basis of summarizing the experience of pilot construction and learning from the successful experience of other pilot cities in China, the city will go further
Step open carbon emission trading market, expand the scope of market trading participants, explore the liberalization of natural persons to participate in carbon trading, encourage key emitting enterprises to strengthen carbon asset management, innovate carbon financial products, and make full use of market mechanisms to promote the city's energy conservation and carbon reduction work, the relevant matters are hereby notified as follows:
1. Expand the scope of non-compliance institutions to participate in carbon trading
The city will relax the conditions for non-compliance agencies to participate in carbon trading, and non-compliance agencies can participate in carbon emission trading if they meet one of the following two conditions.
(1) A legal person registered within the territory of the People's Republic of China with a registered capital of not less than RMB 3 million, established in accordance with the law for two years or more and validly in existence.
(2) Legal persons registered with the administrative department for industry and commerce, with a registered capital of not less than RMB 3 million, and established for one year and validly existing in accordance with the law in Beijing or in areas where cross-regional carbon emission trading cooperation with Beijing has made substantial progress.
Eligible non-compliance institutions can log in to the Beijing Carbon Emission Allowance Registration System (http://jnjp.bjpc.gov.cn) to open a registration account as required, and log in to the Beijing Carbon Emission Allowance Electronic Trading Platform (http://www.bjets.com.cn) to open a trading account as required, and participate in carbon emission trading on the basis of complying with the corresponding trading rules.
2. Explore the liberalization of natural persons to participate in carbon trading
A natural person participating in carbon emission trading must meet the following conditions at the same time:
(1) Have full capacity for civil conduct;
(ii) Be between the ages of 18 and 60;
(3) Passing the risk assessment and having financial assets of not less than RMB 1 million;
(4) One of the following conditions is met:
1. Persons with household registration in Beijing;
2. Hong Kong, Macao and Taiwan residents, overseas Chinese and foreigners who hold valid ID cards and have lived in Beijing for more than two years;
3. Non-Beijing household registration personnel who hold a valid Beijing Work and Residence Permit;
4. Non-Beijing household registration personnel who hold a valid temporary residence permit in Beijing and have paid social insurance and individual income tax in Beijing for more than five consecutive years (inclusive);
5. Regional household registration personnel who have carried out cross-regional carbon emission trading cooperation with Beijing and have made substantial progress.
(5) Do not fall under any of the following circumstances:
1. The staff of the carbon emission trading venues in the city and the areas where the city has carried out cross-regional carbon emission trading cooperation and has made substantial progress;
2. Inspectors included in the city's third-party verification list of carbon emissions;
3. Relevant personnel who have mastered or have access to the city's carbon emission rights policy formulation and quota allocation;
4. Relevant personnel who have knowledge or have access to the formulation of cross-regional carbon emission trading policies and the allocation of allowances.
Starting from December 20, 2014, eligible natural persons can log on to the Beijing Carbon Emission Allowance Electronic Trading Platform (http://www.bjets.com.cn), open a trading account in accordance with the relevant requirements, and participate in carbon emission trading on the basis of complying with the corresponding trading rules.
3. Carry out mortgage financing of carbon emission allowances
Encourage key emitting entities or other allowance holders to mortgage carbon emission allowances to banks and other financial institutions for financing, and use market mechanisms to revitalize carbon assets。 The process is as follows:
(1) Carbon emission allowance holders, financial institutions, and the Beijing Environment Exchange sign a carbon emission allowance mortgage financing agreement;
(2) The Beijing Environment Exchange will freeze the corresponding amount of quotas in accordance with the agreement;
(3) The financial institution shall pay the corresponding account to the quota holder in accordance with the agreement;
(4) After the expiration of the mortgage financing agreement, the Beijing Environment Exchange will unfreeze the corresponding amount of quota in accordance with the agreement.
Fourth, carry out carbon emission allowance buyback financing
Encourage key emitting entities or other allowance holders to sell allowances to other institutional trading participants in the city's carbon emission trading market, and agree to repurchase the sold allowances at the agreed price after a certain period of time, so as to obtain short-term financing。
The allowance holder is the transferor of carbon emission allowances, and other institutional transaction participants are the transferees of carbon emission allowances, and the two parties sign a repurchase agreement to stipulate the number of allowances to be sold, the repurchase time and the repurchase price. During the validity period of the agreement, the transferee can dispose of carbon emission allowances on its own.
5. Carry out the custody of carbon emission allowances
Encourage key emitting enterprises to entrust carbon emission allowances to other professional institutions in the city's carbon emission trading market for trading participants to manage, so as to improve the professional level of carbon asset management and obtain greater benefits。
The key emitting enterprises shall act as the custodians, and the trading participants of other institutions shall act as the trustees, and the two parties shall sign a custodian agreement to clarify the disposal method, income distribution, risk sharing and other related matters during the escrow period.
Units carrying out carbon emission allowance mortgage financing, allowance repurchase financing, and allowance custody business shall be trading participants of the city's carbon emission trading performance institutions, qualified non-compliance agency trading participants, or compliance agency trading participants in areas that have carried out cross-regional carbon emission trading cooperation with the city and have made substantial progress, and natural persons cannot participate for the time being。 On the premise of making overall arrangements for annual compliance, key emitting enterprises should carry out carbon emission allowance mortgage financing, allowance repurchase financing, allowance custody and other businesses。
The Beijing Municipal Development and Reform Commission can make adjustments to the relevant policies for institutions and natural persons to participate in carbon trading according to the implementation effect.
Notice is hereby given.
Beijing Municipal Development and Reform Commission
December 9, 2014
