"Administrative Measures on Greenhouse Gases Voluntary Emission Reduction Trading Activities" Issued in the Year

The newspaper reporter learned from the authority of the “Measures for the Management of China’s Greenhouse Gases Voluntary Emissions Trading Activities (Interim)” (hereinafter abbreviated as the “Measures”) that the “Measures” will be introduced during the year and will follow the principle of market Internal regulation of voluntary emission reduction trading activities.

According to the reporter’s understanding, an important part of the “Measures” is that the emission reductions conducted at the exchanges should be certified using the CCER standard system.

The chief scientist of the carbon investment and carbon market of Citic Securities (Trust, Information) told reporters that CCER is China's certified emission reduction, the English is ChineseCertifiedEmissionReduction, that is, China's CER, CER is the Clean Development Mechanism (CDM) China Certified Nuclear Energy Emission Reduction.

Although voluntary emission reductions are of concern, voluntary emission reductions are based on corporate social responsibility and personal awareness as a prerequisite for transactions. Enterprises that carry out voluntary emission reductions are more for their own images. Therefore, even if the Measures are introduced, the market will not do so. Great, "Don't hold too much hope," the authority said.

However, voluntary emission reductions, which account for a very small proportion of the carbon market, are still significant and will provide a reference test ground for China’s true carbon market. "The trend is that the country's policies are being implemented step by step, step by step, and the current work must be prepared in advance and cultivate the market first," Tang Renhu said.

The Measures regulate the market

According to the reporter’s understanding, the key to the “Measures” lies in the “standard” word, and in particular, the standards for emission reduction certification standards, the “Measures” proposed the CCER standard system.

Tang Renhu told this reporter that the CCER standard system includes several types of standards: one is the CDM project that has been registered with the National Development and Reform Commission, but has not yet registered with the United Nations EB and no longer goes to the United Nations registered emission reductions; the other is , China's own voluntary emission reduction standards, for example, the Beijing Environment Exchange and the Bluenext Environmental Exchange introduced the voluntary emission reduction standard panda standard; the third category is the international voluntary emission reduction standards (VCS standard, gold standard Etc.) As long as the "Measures" are met, CCERs can be included.

The CCER standard system is applicable to voluntary emission reductions, but it also has the meaning of coercion. Tang Renhu pointed out that the emission reductions that are forcibly traded on exchanges are called CCERs. For such emission reductions, the state can provide credit guarantees.

Regarding the specific contents of the Measures, the relevant market participants mentioned to this reporter that the “Measures” specifically include the regulators, the transaction subjects (sellers and sellers), transaction partners, registration systems, trading venues, third-party certification, and emission reductions. Issues such as quantity issuance, and principles are stipulated in these aspects.

These principled issues have been held since the National Development and Reform Commission initiated research and formulation of the "Measures" since 2009, and new discussions have been held for each discussion. The "Measures" have been repeatedly revised in accordance with the opinions of various parties. Sixth Edition.

An expert from the National Development and Reform Commission believes that the current voluntary emission reduction trading market is mainly characterized by non-standard systems, such as the absence of certification of emission reduction certification bodies and the unification of certification standards. In addition, an information disclosure platform has not yet been established.

Among them, in terms of emission reduction certification organizations, China has not yet conducted qualification accreditation for certification agencies in voluntary emission reduction transactions. In the Clean Development Mechanism (CDM), certification of CDM project emission reductions is specified by the United Nations EB. Independent DOE.

The concern of Air China International (hereinafter referred to as Air China) is that the funds paid by enterprises that implement voluntary emission reduction actions can be effectively used and the corresponding emission reduction effect can be exerted.

The relevant person of Air China told this reporter that voluntary emission reduction activities need to be regulated by policies. The application, registration, issuance, and transaction of voluntary emission reduction projects are regulated. Only by ensuring the efficiency, openness, fairness, and transparency of the use of funds, can we guarantee The social responsibility fulfilled by enterprises through voluntary emission reduction methods is implemented.

Discover and guide market demand

The key to the "Measures" lies not only in the "standard" word, but also in helping to discover and guide market demand. Among the issues considered are pricing mechanisms and solutions to buyers' needs.

In fact, voluntary emission reduction trading activities have been relatively long in China, but the transaction volume is very small. According to the reporter’s understanding, so far, the voluntary emission reduction volume of an environmental exchange in China is only a few hundred thousand tons of carbon dioxide equivalent. In sharp contrast, as of the end of June this year, 258 of China's CDM projects registered by the EB have received emission reductions, and the total issuance volume is equivalent to 210 million tons of carbon dioxide equivalent.

According to Mu Lingling, deputy general manager of the Tianjin Emissions Exchange, CDM projects are equivalent to voluntary emission reductions in developing countries. However, He Yaolin, general manager of Gas and Carbon Asset Information Consulting (Beijing) Co., Ltd., does not comment on this. Fully endorsed, he believes that CDM projects have the benefit of being driven by economic considerations.

If voluntary emission reduction is done solely for social welfare and responsibility, not only does it have no economic benefits, it may even increase costs. Such transactions are difficult to promote.

If you want to find and guide market demand, you need to consider the pricing mechanism. At present, there is no clear pricing mechanism for voluntary emission reduction transactions. Basically, both buyers and sellers of emission reduction transactions negotiate pricing, “you love me”. A few items are traded on domestic environmental exchanges, but there is no clear pricing mechanism. On the website of the Environmental Exchange, it is difficult to find price information for voluntary emission reductions.

“The possible voluntary emission reduction pricing mechanism is based on abatement cost pricing for emission reduction projects, which covers the basis of the development and operating costs of emission reduction projects plus project owners’ reasonable profits as emission reduction prices. This pricing mechanism requires government The relevant regulations will be formulated, and the designated agencies will conduct assessments, give reference prices for emission reductions, and publicize them,” said Air China.