July 16, 2018 – Shanghai announced that it will offer 2 million carbon allowances in an additional auction on July 31. The goal of this auction is to help emitters comply with the ETS after shortages of certificate supply. The auctioning will be limited to ETS participants and the allowances bought must be used for compliance. Originally, this year’s compliance deadline had been set for June 30. It was postponed by a month due to some emitters facing compliance problems because they were unable to purchase permits. This situation was caused by the tendency of many potential sellers to hoard their allowances due to uncertainties related to the transition to the national ETS.
climate
Jul 18, 2018
Sino-German Project on Capacity Building for the Establishment of ETS in China
Project country
China
Political Partners
German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU); Ministry of Ecology and Environment of the People's Republic of China (MEE)
Implementation Partners
National Center for Climate Change Strategy and International Cooperation of the People's Republic of China (NCSC)
Duration
07/2012 - 03/2020
The Chinese government has set itself the goal of reaching the peak of CO2 emissions by around 2030 and reducing CO2 emissions per unit of GDP by 60 to 65% compared to 2005 levels. To achieve these targets, China is gradually establishing a national Emission Trading System (ETS) as one of the key building blocks of its mitigation strategy. Since the start of the project in 2012, the Sino-German project “Capacity Building for the Establishment of Emissions Trading Schemes (ETS) in China” has been supporting the Chinese government in this endeavour through knowledge transfer and strengthening of the political leverage of key institutions and stakeholders required to develop and operate an ETS. Initially, the project supported the development of the regional pilots ETS. Since 2016, the focus lies on support for the roll out of the national ETS. The project is jointly implemented by GIZ and the Ministry of Ecology and Environment (MEE) of the People’s Republic of China. It is executed on behalf of the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) within the framework of the International Climate Initiative (IKI) that is financing climate and biodiversity projects in developing and newly industrialising countries, as well as in countries in transition.
