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深圳碳排放权交易体系介绍英文版

发布时间: 2015-04-17 17:33:16  

(Left to Right) Mr.SU Wei (Director-General of Department of Climate Change, NDRC), Mr. XU Shaohua (Executive Vice Governor of Guangdong Province), Mr. XIE Zhenhua (Vice Minister of NDRC), and Mr. LV Ruifeng (Executive Vice Major of Shenzhen Municipal Government) at the Shenzhen ETS launching ceremony on June 18, 2013.

Shenzhen, First of Seven Pilots

  Shenzhen, a vibrant city of 15 million population with annual GDP growth rate of 10% (2012), is the first of seven pilots to launch its carbon trading system. In the coming months Beijing, Shanghai, Tianjin, Chongqing and the provinces of Guangdong and Hubei are expected to join Shenzhen and launch their own ETS systems. Together, these regions have a CO2 inventory over 1.5 billion tons; a population of approximately 250 million, a geographic area bigger than 481,000 km2, nearly equal to that of California and New England combined. The cumulative economies of these seven pilots exceed 29% of China’s GDP.

Aggressive Goals

  The Shenzhen ETS covers about 40% of its total CO2 inventory. Its primary goals are to cap enterprise emissions and reduce CO2 intensity by 25%. Ultimately China’s leaders will refer to the experience again through Shenzhen ETS when they were to consider the emission trading on national level.

Multi-Sectoral

  The ETS includes 635 enterprises and 197 large buildings in 2013. The sectors covered by the ETS are energy sector (primarily power sector), water supply sector, large-scale public buildings sector, and manufacturing sector. Over time, transportation sector is also expected to be included into the program since 2014.

Mechanics

  Prior to program launch, Shenzhen inventoried its sources, defined its total cap, and allocated emission allowances that are useable over the three-year term of the pilot. During the course of the ETS, covered enterprises must measure and report their CO2 emissions first and then use qualified third party verification bodies to verify their emissions. The goal of the enterprises are to keep their emissions no more than their allocated carbon intensity —either through process changes or via efficiency upgrades. Those that are able to operate below their cap may either bank (keep for later use or sale) or sell their surplus allowances.

Meaningful Penalties

  If the enterprises emit more emissions than the quantity of allowances/CCERs surrendered, then the enterprise must: (a) forfeit an equal quantity of allowances; and (b) pay a monetary penalty equal to three times the average market price of allowances.

Lessons for the Pilots, China, and the Rest of the World

  In the context of China’s billions tons CO2 (2011) and 1.3 billion people (2012), Shenzhen’s scope has been referred to as a drop in the bucket. However, it is important to remember that lessons learned through the Shenzhen experience will be incorporated into the remaining 6 pilots and ultimately into the national cap-and-trade scheme that China was planning. In this sense, Shenzhen will bring about significant and profound impacts.

Shenzhen, the first of China’s seven Emissions Trading Systems

  

Unique Elements of the Shenzhen ETS

A Fixed Cap with Adjustable Features

Shenzhen has capped emissions between 2013 and 2015 at approximately 132 million tons, which is the sum of allowances cap 120 million tons (about 40 million tons allowances each year) and 12 million tons offsetting credits for three years. The cap includes the following design features that are uniquely designed to protect the needs of a growing economy, guard against extreme price swings, and protect the integrity of the cap:

1. A reserve equal to 2% of Shenzhen allowances (SZAs) will be provided to new entrants without charge
2. 90% of SZAs will be distributed without charge
3. A reserve equal to 3% be auctioned
4. An up to 10% of SZAs may be given to enterprises without charge based on the real production data and carbon intensity
5. Enterprises that fail to achieve their carbon intensity may have their allocated SZAs deducted by an unlimited amount
6. To mitigate price increases, a reserve equal to 2% of SZAs be offered for sale at a fixed price
7. To mitigate price crash, up to 10% of already distributed effective SZAs may be back purchased by the government for price stabilization

  

Market Results To Date

Five months after its kick-off, the Shenzhen carbon market holds trades nearly every business day, with total volume of more than 120,000 tons and total value more than 8 million RMB.

Daily and total trade volumes can be expected to increase when the final regulations are published (December 2013), compliance reports are submitted (March 31, 2014), verification reports are submitted (April 30, 2014), and when SZAs/CCERs must be surrendered (June 30, 2014).

  

相关附件

深圳碳排放权交易体系介绍英文版.pdf

 

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