{"id":118697,"date":"2024-01-25T10:18:45","date_gmt":"2024-01-25T10:18:45","guid":{"rendered":"https:\/\/chinadialogue.net\/?post_type=news_digest&p=118697"},"modified":"2024-04-15T16:28:38","modified_gmt":"2024-04-15T16:28:38","slug":"voluntary-carbon-market-relaunched","status":"publish","type":"news_digest","link":"https:\/\/dialogue.earth\/en\/digest\/voluntary-carbon-market-relaunched\/","title":{"rendered":"Voluntary carbon market relaunched"},"content":{"rendered":"\n

China\u2019s voluntary carbon market, known as the China Certified Emission Reduction (CCER) scheme, relaunched<\/a> on Monday 22 January.<\/p>\n\n\n\n

The first transaction was made by China National Offshore Oil Corporation (CNOOC), which acquired 250,000 tonnes of credits to offset some of its emissions, CGTN<\/a> reported.\u00a0<\/p>\n\n\n\n

The company has seven gas-fired power plants with combined carbon emissions of approximately 7 million tonnes per year, said<\/a> Li Jie, deputy general manager of the power business department of CNOOC. (In 2022, the company directly emitted 9.8 million tons of CO2 equivalent, according to its own calculations<\/a>.)<\/p>\n\n\n\n

CCERs are expected to supplement China\u2019s compulsory Emissions Trading Scheme (ETS) as part of the country\u2019s broader strategy to achieve carbon neutrality before 2060. <\/p>\n\n\n\n

Under the ETS, the government provides \u201cfree<\/a>\u201d emission allowances for major emitters in the power sector \u2013 with other sectors due to be included in the future. If a firm emits more than its quota, it must procure further allowances from the ETS or CCER market \u2013 with CCERs permitted to cover no more than 5% of the additional allowances.<\/p>\n\n\n\n

The CCER scheme was established in 2012 but was suspended in 2017 due to<\/a> the small volume of transactions and insufficient standardisation of projects.<\/p>\n\n\n\n

Last October, the government revealed<\/a> the methodologies for quantifying net emission reductions or removals from four types of projects: forestation, solar thermal power, offshore wind power generation, and mangrove restoration. <\/p>\n\n\n\n

CNOOC\u2019s transaction this week involved the purchase of CCER credits linked to forests, mainly around the Three-North Shelterbelt Project, also known as the Great Green Wall of China, according to Caixin<\/a>.\u00a0<\/p>\n\n\n\n

There are, however, experts who are sceptical that forestry offsets will help reduce climate-warming emissions in the long term. For example, a Greenpeace report found that \u201ccredits from 15 forestry carbon sink projects in China, involving Shell, PetroChina, CNOOC and other companies, have already been banked, but 80% of the projects planted trees that are at medium- to high-risk of burning down,\u201d Reuters reported<\/a>.<\/p>\n\n\n\n

Read China Dialogue\u2019s most recent analyses of China\u2019s <\/em>ETS<\/em><\/a> and <\/em>CCER<\/em><\/a> scheme.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s voluntary carbon market, known as the China Certified Emission Reduction (CCER) scheme, relaunched on Monday 22 January<\/p>\n","protected":false},"featured_media":60006649,"template":"","categories":[758],"tags":[513,544],"country":[],"digest-collection":[50039911],"class_list":["post-118697","news_digest","type-news_digest","status-publish","has-post-thumbnail","hentry","category-business","tag-carbon-emissions","tag-finance"],"acf":[],"yoast_head":"\nVoluntary carbon market relaunched | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"China\u2019s voluntary carbon market, known as the China Certified Emission Reduction (CCER) scheme, relaunched on Monday 22 January\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dialogue.earth\/en\/digest\/voluntary-carbon-market-relaunched\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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