Business
Trade carbon for a green future
  ·  2022-02-21  ·   Source: China Pictorial
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The office of China Beijing Green Exchange (CBGEX), a carbon trading platform in Beijing. In addition to carbon trading, CBGEX also provides carbon accounting and consulting services for the carbon neutral program of the Beijing 2022 Olympic and Paralympic Winter Games.

Facing the challenge of global warming, China has introduced various measures to curb carbon emissions. The platform for carbon exchange is one of the country’s major efforts. China Beijing Green Exchange (CBGEX) is one of China’s earliest certified carbon trading platforms designated by the country’s National Development and Reform Commission. Formerly known as China Beijing Environment Exchange (CBEEX), the platform was established on August 5, 2008. It was renamed CBGEX in May 2020 and is now a professional platform for trading various environmental equities.

Ming Dengli, director of the Climate Change Department of Beijing Municipal Bureau of Ecology and Environment, addresses the media on Beijing’s effort for carbon emission reduction.

In 2020, Beijing’s carbon dioxide emissions per 10,000 yuan of GDP was 0.41 tons, a 26-percent drop from 2015, a figure higher than the 20.5-percent decrease target set by the country’s 13th Five-Year Plan (2016-2020). CBGEX has played a pivotal role in propelling carbon emission reduction in Beijing.

Wang Huijun, vice executive president of China Beijing Green Exchange (CBGEX), introduces the development of CBGEX.

Beijing Public Transport Group, for instance, was included in the carbon market in 2016. Since then, it has gradually replaced high-carbon emission diesel vehicles with low-carbon electric vehicles and natural gas vehicles. Compared with 2016, the group’s diesel consumption in 2020 dropped by nearly 60 percent, and its emission intensity fell by more than 11 percent. Since 2018, the group has begun to see surplus of carbon emission quota. In 2020 alone, there was a surplus of 39,000 tons of carbon quota, with a market value of nearly 2.7 million yuan (around US$420,000).

In 2021, the average price of carbon quota transaction on CBGEX reached 72.86 yuan (around US$10) per ton, and the highest price exceeded 107 yuan (around US$15) per ton. By the end of 2021, the cumulative turnover of Beijing’s carbon market allowances exceeded 2.11 billion yuan (around US$300 million).

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