September 25, 2018 – The Hebei Development and Reform Commission (DRC) announced in its “Puhui Certified Emissions Reduction Pilot Working Plan” that it will launch a voluntary offset market in five provincial cities by the end of 2018. The five cities are Shijiazhuang, Baoding, Cangzhou, Zhangjiakou and Chengde. The document further notes that the offset market is planned to encompass the entire province by 2020. According to the plan of the DRC, the credits generated in Hebei shall later become eligible for compliance purposes of companies in the province under the national ETS. The launch of the Hebei offset market comes after the suspension of the national offset mechanism in 2016 and of the regional Guangdong offset mechanism in August 2018.
Years of groundwork came to a conclusion with the official ushering in of trading in the Chinese national emissions trading system (ETS) on 16 July