Guangdong’s carbon transaction volume accounts for half of China in 2018

According to a press conference held by the Department of Ecology and Environment of Guangdong Province, in 2018, the intensity of carbon emissions per unit of GDP in Guangdong has dropped by 20.5%, which meets the goal set by the Thirteenth-Five-Year Plan.

Sixty percent of its emission-regulated enterprises have reduced carbon intensity

According to a press conference held by the Department of Ecology and Environment of Guangdong Province, in 2018, the intensity of carbon emissions per unit of GDP in Guangdong has dropped by 20.5%, which meets the goal set by the Thirteenth-Five-Year Plan.

In six years of exploration, Guangdong has incorporated step by step 250 enterprises from steel, petrochemical, power, cement, aviation, and paper producing sectors into its carbon market. These enterprises emit 65% of the province’s carbon. As of now, Guangdong’s carbon trading volume has reached 134 million tons, with a total transaction value of 2.6 billion yuan, ranking first in the seven pilot carbon markets.

Among them, the trading volume in 2018 was 49.91 million tons, with a turnover of 837 million yuan, accounting respectively for 56% and 46% of the total of the seven pilot markets. The transaction volume has increased by 199% compared with 2017, ranking first in the country.

According to the director of Guangdong Research Center for Climate Change, more than 80% of the emission-regulated companies have actively participated in the energy-saving and carbon-reducing projects, and about 60% have reduced their carbon intensity, which implies that enterprises in Guangdong have become more aware of energy conservation and carbon reduction.

Also, Guangdong is the first of the seven pilots to implement a combination of free and paid allowances. 97% of the allowances for enterprises are obtained through free distribution, and 3% through auctions.

Source: China Environment News

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/06/guangdongs-carbon-transaction-volume-accounts-for-half-of-china-in-2018/.

Leave a Reply

Your email address will not be published. Required fields are marked *