Guangdong to start carbon emission trading next month
2013-November-29 Source:
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Guangdong will launch its carbon emission trading in middle December after Shenzhen, Shanghai and Beijing which launched the program on Jun. 18, Nov. 26, and Nov. 28 respectively.

97% of the permits will be distributed free before Dec 10, and 3% will be auctioned from 2013-2014. And the ratio will be changed to 90% and 10% in 2015. After the 13th Five-Year Plan, the paid quota will increase based on the real situation.

Under the trading program, companies which produce more than their fair share of emissions will be able to buy unused quotas on the market from companies that cause less pollution. So overall the carbon trading will reduce production cost.

About the urgency of energy saving and carbon reduction, Mr. Xu Jin from BP (China) Holdings Limited has a personal experience about it. Xu said that he has got chronic pharyngolaryngitis mostly due to the severe smog in some cities in China and that air pollution can no longer be left to fester.

According to Mr. Duan Maosheng, deputy director of Energy-Environment-Economy Research Institute of Tsinghua University, there are several measures that a country can take to control greenhouse gas emission. One is administrative means like controlling some technical standards. One is market means including emission charge, carbon tax, and emission permit trading. A better way is the combination of the two.

Statistics shows that as of June 2013, China has all together approved 4,920 CDM projects which is expected to reduce 770 million tons of CO2 equivalent annually. More than 3500 projects have been successfully registered in the UN CDM Executive Board, accounting for 53% of all the registered projects globally and is expected to reduce 550 million tons of CO2 equivalent annually, 65% of the annual emission reductions of all the registered projects, making China NO.1 in terms of the number of projects and the annual emission reductions.

Editor: Jane
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