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Hubei opens carbon trading market
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HUBEI Province became the sixth Chinese region to launch a carbon market today as the country deepens efforts to use market mechanisms to reduce energy intensity and emissions.
A total of 510,020 tons of carbon allowances were traded at 21 yuan (US$3.38) on the first day of trading on the China Hubei Emission Exchange, the lowest among China's existing carbon markets. Major participants in Hubei include Hubei Energy Group and PetroChina.
In carbon trading, a cap is set on the amount of carbon dioxide that may be emitted, which is then sold to participating firms in the form of carbon credits. It gives the company the right to discharge a specific volume of emissions. Companies have to buy credits for emissions above allocated quotas on the platform.
China has pledged to cut greenhouse gas emissions per unit of gross domestic product to 40-45 percent below 2005 levels by 2020. Carbon trading is seen as a key tool to help achieve that target while also aiding the country's industrial restructuring.
The government has chosen seven cities and provinces to trial carbon trading. Last year, Shenzhen, Shanghai, Beijing, Guangdong Province and Tianjin launched emissions trading markets. Chongqing will be the last to trial carbon trading.
The country intends to create a national carbon trading system after 2015.
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