Carbon shares soar on new regulations
Print Edition
China’s carbon neutrality shares surged yesterday after the Shanghai Environment and Energy Exchange listed trading regulations of the upcoming carbon emissions trading market in a notice on Tuesday.
China Three Gorges Renewables (Group) Co, surged to the trading limit of 10 percent shortly after the stock trading opened. The company’s shares had been touching trading limit for five consecutive trading days.
More than 40 carbon-related shares edged up. The sector had risen by 37 percent in share price in the past year, and up more than 3 percent in the past month.
The carbon neutrality shares surged one day after China announced details of how to trade on the upcoming carbon emissions trade market, which is believed to open around the end of June.
The exchange’s national carbon emissions trading platform, China’s first such platform, will operate almost like the city’s stock market, with the same trading hours and daily trading limits, it said in a notice on Tuesday.
Trading in carbon emissions will take place from 9:30am until 11:30am and then between 1pm and 3pm from Monday to Friday.
According to the notice, up to 100,000 tons of carbon dioxide equivalent can be traded in a single deal. The authorities also imposed a 10 percent price fluctuation limit on the carbon trade.
The exchange will handle account openings for traders and the operations of the new trading platform until a formal national carbon emissions quota trading operator is set up at a later stage, it said.
Shanghai Environment and Energy Exchange will eventually take over all transactions in eight regional pilot exchanges, which have been up and running since early 2013.
The platform will allow Chinese mainland companies to trade carbon credits.
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