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Credits for emissions to expand

By ZHENG JINRAN | China Daily | Updated: 2017-02-18 07:52

Carbon-trading market will be rolled out nationwide following successful pilot

China has already become the second-largest carbon-trading market in the world, and many companies have positive attitudes about the launch of the national market in 2017, a study from the UN development department found.

Since 2013, China has established pilot regional carbon-trading markets in Beijing, Shanghai, Tianjin, Shenzhen, Chongqing, Hubei province and Guangdong province, involving 2,391 companies, said the China Carbon Market Report 2017, released by the United Nations Development Program on Friday.

Carbon trading refers to the buying and selling of carbon permits and credits to emit carbon dioxide.

The total carbon credits and permits are about 1.2 billion metric tons in these pilot markets, and in 2015, the trading volume in these markets reached 100 million tons, though smaller than the amount in the European Union, making China the world's second-largest carbon trading market, it added.

The trading volume in 2016 remained flat from 2015, the report said.

China has announced the launch of the national carbon-trading market this year, making it the world's largest, said the National Development and Reform Commission, the country's economic regulator.

It would cover 7,000 to 8,000 companies from eight major industries including iron and steel, and power generation, with the total carbon credits reaching three to four billion metric tons, according to another report released by Ant Financial on Friday.

Mao Yang, a lead researcher of the UNDP report, said he and his team surveyed 341 companies from Nov 16 to Dec 15, and found 80 percent of the respondents planned to invest or increase their investment in the carbon market. The share in previous reports was about 20 percent.

But the survey also showed that respondents still want more information about the carbon credits, the trading volume in the market and other necessary information, he said.

The pilot carbon market is developing into a mature one, and the national carbon market may grow into an important financial market in the country, Albert de Haan, co-founder of European Climate Exchange, said on Friday, adding that many international companies have given more attention and explored China's growing carbon market.

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