August 30, 2018 – The Guangdong Provincial Development and Reform Commission announced that until further notice it will not approve any applications for more credit issuances in its provincial offset mechanism called Pu Hui Certified Emission Reduction (PHCER). The Guangdong government aims to evaluate the current mechanism before the authorities restart to approve further applications. The announcement did not indicate what shape or form of the advancement is ought to have and at what point the mechanism continues to operate.
As the central government paused the national offset mechanism China Certified Carbon Emission Reduction (CCER) in 2016, the Guangdong offset mechanism was much appreciated among emitters as offsets in the largest pilot emissions trading systems of China. Of the overall 399 million allocations per annum, Guangdong’s emitters are permitted to use carbon credits of both kinds amounting to 1.5 million.