Guangdong allows 465 million tons of carbon emission for 2019

On November 1, 2019, the Department of Ecology and Environment of Guangdong Province announced that Guangdong’s total carbon emission allowance was set to 465 million tons for 2019, of which 438 million tons were allocated to the emission-controlling enterprises and 27 million reserved for the new projects and market readjustment.

On November 1, 2019, the Department of Ecology and Environment of Guangdong Province announced that Guangdong’s total carbon emission allowance was set to 465 million tons for 2019, of which 438 million tons were allocated to the emission-controlling enterprises and 27 million reserved for the new projects and market readjustment.

The total allowances have been expanded compared to the 422 million tons in the previous year.

The emission allowances for 2019 are partially free and partially paid. The free proportion for the power companies is 95 to 100, and for companies in the sectors of steel, petrochemical, cement, papermaking, and aviation, the ratio is 97%.

According to the allocation plan, after November 2019, emission-regulated enterprises will receive free quotas after registration, and they can purchase need-to-pay allowances as needed. The total amount of paid allowances will be controlled within 5 million tons for 2019, which will be issued through irregular biddings.

Since Guangdong launched the carbon trading market in 2013, its trading volume has reached 134 million tons, with a turnover of 2.6 billion yuan. For 2018 alone, the transaction volume has hit 49.91 million tons, with a turnover of 837 million yuan.

According to Guangdong’s Provincial Department of Ecology and Environment, the sound development of Guangdong’s carbon market attracts overseas investments. In 2018, cross-border carbon emission rights transactions through cross-border renminbi trade settlements reached 1.04 million tons, exceeding the total transaction volume from 2014 to 2017.

In 2018, Guangdong’s carbon market made remarkable achievements. Carbon emissions per unit of the product in the power, petrochemical, paper producing, and civil aviation industries have decreased respectively by 0.7%, 2%, 1.2%, and 3.1% year-on-year.

Source: Xinhua net and Guangzhou Daily

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/05/guangdong-allows-465-million-tons-of-carbon-emission-for-2019/.

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