Establishment of National Registry System for Domestic Emissions Trading Scheme & Voluntary Carbon Emission Reduction (ETS)
China issued tentative ETS regulations in June 2012, following which the National Development and Reform Commission launched ETS pilot programs in the cities of Beijing, Tianjin, Shanghai, Chongqing and Shenzhen, as well as the provinces of Guangdong and Hubei. The pilots form part of one of China's 12th Five-Year Plan (2011-2015)’s key endeavours and it is hoped that a carbon market can be rolled out to other regions and eventually across the nation from 2015. Based on this, the ETS project aims to develop a national ETS registry to prepare for the implementations of the national ETS based on seven pilots.
The Project is to contribute to the development of measures aimed at reducing the carbon intensity in the Chinese economy as set in China’s 12th Five-Year Plan. The objectives of this project are threefold:
• Establish a national voluntary emissions reductions registry system to maintain a common voluntary market with centralised information disclosure and standardised trading commodities.
• Establish a national registry for regional and nationwide emissions trading schemes to help achieve the national objective of developing a functioning carbon market.
Conduct capacity building by carrying out education and training activities to build and enhance the capacities of stakeholders in the voluntary project market, and regional and national emissions trading markets.
Thanks to the implementation of the ETS project, China is better prepared to launch a nationwide Emissions Trading Scheme by 2015, following the launch of the ETS pilots in 2012.
Norway, a great contributor to the development of the the EU ETS, has been consulted extensively while designing China’s own ETS system, with comprehensive exchanges between Chinese and Norwegian experts. At this stage an initial proposal for the design framework of the eventual trading system has been created, and trainings have been conducted for various relevant parties on how to use carbon emissions registry systems.
Who finances it?