Topic: The First China Carbon Market Conference
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On November 8, the China Carbon Market Conference 2023 · Shanghai was held in Shanghai International Convention Center. The conference was hosted by Shanghai Municipal People's Government, Hubei Provincial People's Government, and the Ministry of Ecology and Environment, organized by Shanghai Municipal Bureau of Ecology and Environment, Hubei Provincial Department of Ecology and Environment, and the Climate Department of the Ministry of Ecology and Environment, co organized by Shanghai Environmental Energy Exchange, and supported by Sina Finance strategic media.
During the meeting, Mr. Pedro Barata, Executive Vice Chairman of the Executive Board of the United Nations Clean Development Mechanism, received an exclusive interview with Director Li Tao of Sina Finance ESG Rating Center, detailing his views on the current situation of China's carbon market, the development of the global and Chinese carbon markets, and how ESG can help the development of the carbon market.
Pedro Barata first congratulated and highly praised China's achievements in the national emission trading system, which is "very inspiring today". Balata said that China's national carbon emission trading system is the largest emission trading system in the world. Its significance lies in providing a carbon price, which is one of the most important indicators to measure the effectiveness of the carbon market. Secondly, China has established a highly compliant law enforcement system in the process of rapid development. "I think China has the opportunity to build on its achievements."
How will the global carbon market and China's carbon market develop in the future? Balata said that at the international level, after a long discussion on Article 6 of the Paris Agreement by the United Nations, we have seen positive developments. "We are entering a stage where we will see countries begin to implement international forms of emission reduction trading cooperation, which has already emerged among some European countries, Japan and African countries." Secondly, Barata also noted that in the past few years, more and more domestic emission reduction trading systems have emerged, The coverage of the global emission reduction trading system and carbon market has greatly increased. China is one of them. Its market has covered 12% of global carbon emissions.
In terms of development, Barata proposed that there are two trends at present: one is the transition of emission reduction trading system from so-called free distribution to auction, or to a system that improves government revenue and is used for green transformation; Another trend is more and more cooperation. The carbon market and emission reduction trading system have increased cooperation in experience sharing, and also have more cooperation in the connection of actual trading systems or the use of similar tools, such as internationalization through the CCR system. Balata said: "It is very encouraging to hear the Chinese top leadership talk about the internationalization of the carbon market." Balata believes that this is a positive development, but it needs to be carried out in a very thoughtful way.
What is the relationship between ESG and the development of carbon market? Can ESG help the development of carbon market in some ways? Barata said that ESG is a strong supporter of the carbon market. Although it is impossible for ESG to play a role in the compliant carbon market in some jurisdictions in the world, it can play a role in a potential voluntary carbon market, which is dominated by companies that voluntarily commit to reduce or even offset carbon emissions. Wherever they are, financial groups and financial centers are very actively involved in using the carbon market as their ESG response.
"Wherever we talk about carbon credit lines, such as the CCER system (the national voluntary greenhouse gas emission reduction trading market), we need to ensure that these carbon credit lines have a high degree of environmental integrity," Balata said, "As far as I know, an interesting thing that has happened in the current reform of the CCER system is that a lot of focus has been put on making the system provide better quality environmental results. To a certain extent, the system has been improved, which I think is very beneficial. If Chinese enterprises do not participate in the compliance market, they can achieve voluntary goals and provide funds for emission reduction through the voluntary carbon market."
During the interview, Li Tao also introduced the Sina Finance ESG Rating Center and the ESG Global Leaders Conference held annually in Shanghai to Barata, and invited Barata to attend the conference.
Note to the author: The idea of Article 6 of the Paris Agreement is that countries with difficulties in reducing greenhouse gas emissions or high emission reduction costs can purchase emission reduction credit lines from countries whose emission reductions have exceeded their commitments.
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