Over 4,500 enterprises have registered on China's voluntary carbon market for greenhouse gas reductions, also known as the China Certified Emission Reduction (CCER) scheme, since it was launched on Jan 22 this year.
The CCER program, enabling companies within specific sectors to trade their carbon reduction credits following their voluntary engagement in emission-reduction initiatives, supplements the country's existing Emissions Trading System (ETS), which has been operational since July 2021 and is limited to enterprises with designated emission quotas.
Under the CCER program, carbon-emitting companies compensate credit-holding entities for carbon credits and to offset their own emissions. At present, the trading market is mainly open to entities in four major fields: afforestation, solar power generation, offshore wind power generation and mangrove planting.
"So far, the CCER registration system has synchronized its old and new accounting information and handled more than 4,500 new accounts, including nearly 40 project owners, 1,220 national and local key emission reduction units, and the rest are investment institutions or common enterprises," said Xu Huaqing, principal investigator of the National Center for Climate Change Strategy and International Cooperation.
As a market-based emission reduction tool, the scheme plays a significant role in reducing emissions cost and achieving carbon peaking and carbon neutrality goals.
4,500 entities registered on China's voluntary carbon market for emission reductions
