The Full Text of the New Policy on Carbon Emissions Trading Officially Released and Will Be Effective from May 1st, 2024

On January 25, 2024, the State Council of China announced the Provisional Regulation on the Management of Carbon Emission Trading which will come into effect on May 1, 2024. The Regulation aims to standardize the national carbon emission trading and related activities, strengthen the control of greenhouse gas emissions, actively and promote carbon peak and neutrality, promote green and low-carbon development of the economy and society.

The Regulation have a total of 33 articles, which mainly include the following aspects: 

1. Provide legal basis for carbon trading by clarifying the coverage, trading products, trading entities, and trading methods; 

2. Provide services for carbon emission trading by clarifying the responsibilities of national carbon emission registration and trading institutions; 

3. By clarifying the determination conditions and list of key emission units, controlling key industries and enterprises that emit greenhouse gases, and strengthening social supervision of key emission units through public disclosure; 

4. By formulating a carbon emission quota allocation plan, clarifying the total amount and allocation of carbon emission quotas, and formulating allocation methods, providing a trading basis for carbon emission trading; Standardize the preparation and verification forms of emission reports through unified technical specifications for greenhouse gas emission statistics, inspection and testing, and other means; 

5. By clarifying the responsibility rules of third-party organizations for testing greenhouse gas emissions, avoid the occurrence of violations such as third-party fraud; 

6. By clarifying the supervision and management agencies’ responsibilities on the full payment of carbon emission quotas, further strengthen timely control of greenhouse gases.

It is worth noting that the Regulation emphasise that "carbon emission trading should gradually be integrated into a unified public resource trading platform system”, which helps to promote the public interest of carbon emission trading.

 

Original article: https://mp.weixin.qq.com/s/jLj9bQN1NH1IQ27Djo_gKQ

Translator: Richard

Checked by

Editor: Richard

Contact: v10@cbcgdf.org; +8617319454776


 

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