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1st batch of 5,000 carbon emission permits bought
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The first carbon emission permits in Shanghai traded at 27 yuan (US$4.43) each yesterday after the city launched its carbon trading market.
Sinopec Shanghai Gaoqiao Co bought the first batch of 5,000 permits, known as Shanghai Emissions Allowances (SHEA), for 2013 compliance from Shanghai Waigaoqiao No. 3 Power Generation Co at 27 yuan each in the first trade on the Shanghai Environment and Energy Exchange. One SHEA confers the right to discharge 1 ton of carbon dioxide, the primary greenhouse gas emitted through human activities.
In carbon trading, participating companies have to buy permits for emissions above allocated quotas. Shanghai’s pilot program caps emissions from 191 major energy users, including industrial companies and commercial buildings, which were granted initial free quotas based on their expected emissions from the government.
The Shanghai Development and Reform Commission, which administers the market, said it will allow other companies and individuals to participate gradually in the future.
Xie Zhenhua, vice director of the National Development and Reform Commission, said at yesterday’s launch that the Shanghai platform should work with other regions to introduce a national scheme.
Shanghai became the second Chinese city to trade carbon emissions after Shenzhen as China seeks to cut emissions per unit of gross domestic product by up to 45 percent by 2020 from 2005 levels. A third market will open in Beijing tomorrow.
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