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Launch of the world’s largest carbon credit system

 


Late last year, in a shockingly ambitious pledge, Chinese President Xi Jinping announced that his country would peak its greenhouse gas emissions by the end of the decade and that China would bring back its carbon footprint to net zero by 2060 alone. The objectives are as timely as they are ambitious; according to the Intergovernmental Panel on Climate Change (the world’s leading authority on the subject), we only a decade left modifying our emissions drastically enough to avoid the worst effects of climate change. So it’s great news for all of us that China, the world’s largest emitter of greenhouse gases by far, is serious about reducing its carbon footprint. However, there remains a sizable gap – no, a gulf – between Beijing’s high climate-friendly rhetoric and the country’s actual and projected emissions – which are sizable to say the least.

China currently produces around one-third of the world’s total carbon emissions each year (to the tune of over 10 gigatonnes), with around one-third of these emissions coming directly from coal. While Beijing has ramped up its domestic production of clean energy in recent years, the world’s second-largest economy still relies on particularly dirty fossil fuel for more than half of its electricity production. In fact, while President Xi has touted Beijing’s climate goals, much of the country has returned to coal for reasons of energy and economic security. As of last year, according to Forbes reports, China was currently in the process of adding or planning to add more coal-fired capacity than the current total capacity of the United States or India. And that’s only domestic – China has grown significantly coal production abroad as well as.

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And it will only get worse. China was the only major economic power to have managed to achieve minimal economic growth even as the pandemic decimated many global markets, and the country’s economic rebound is in direct contradiction to its decarbonization goals. So what is China going to do about it? Are President Xi’s words just empty promises?

The rollout of a new carbon credit system across China over the past month shows that Beijing is, in fact, extremely serious about its decarbonization promises. As we speak, thousands of power plants across China are actively adding up their carbon emissions from last year – no small task – in a “collective flexing of the bureaucratic muscle” that “could eventually emerge the tool. most powerful of China to decarbonize its gargantuan coal. – a powerful economy ”Forbes reported this week.

This tally is just the first step in a hugely ambitious carbon credit trading program that will be the largest of its kind once it goes live. Chinese power companies will be given credits that will allow them to emit a certain amount of greenhouse gas emissions. Companies that exceed their allocation will have to pay, while companies that reduce their emissions and end up with additional credits will be able to sell those on the market to companies that need them, giving utilities a double incentive to contribute their carbon. . footprint in order to benefit from their bottom line.

China’s long-awaited program was finally launched on February 1, but it will take years to fully roll out. For now, the main focus of the project is getting an accurate reading of emissions data, which has been a huge problem in the past, with a long history of misreporting in addition to normal human errors. In order to encourage accurate reporting, the program itself is much more carrot than stick, giving companies extremely high caps on carbon emissions and extremely low fees for exceeding those caps. It is only once reliable emissions data is secured that Beijing will begin to tighten those numbers to encourage companies to seriously cut emissions.

While the program has been criticized for its lack of power and for being much more limited in scope than initially promised (initially the credit system was designed to apply to a number of economic sectors, and not just to the power sector, which is still the goal), experts see the deployment as the start of China’s best bet to meet its emissions targets as well as reassurance for the rest of the world that the president Xi is ready to put his money where it is.

By Haley Zaremba for Oil Octobers

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