On the first anniversary of the opening of the China Carbon Emission Trade Exchange (CCETE) on July 16, the China International Carbon Trading Conference was held with a combination of online and offline events in Shanghai, organized by Shanghai Environment and Energy Exchange (SEEE).
The organizers officially released the first corporate carbon credit evaluation standards (CCCES), and announced that they would start the development of the carbon price index (CPI) at the meeting.
The release of the CCCES provides companies with a tool to comprehensively demonstrate their carbon emission reduction capabilities. It is the first standard to reflect the willingness and ability of market entities to repay debts under the dual carbon goal.
- First, the standards can be applied to green financial business fields such as green credit, green bonds, and trust insurance, to provide a basis for financial evaluation of environmental projects;
- Second, it can help governments at all levels construct the policy system and relevant indices, to evaluate low-carbon companies and industrial parks;
- Third, it can be connected to the ESG rating system to provide a reference for the rating.
The CCETE has been running smoothly on the whole, with 2,162 key emission units in the power generation industry being included in the first batch, covering about 4.5 billion tons of carbon dioxide emissions, meaning that it has more potential than any other carbon market in the world.
The first compliance cycle was successfully concluded last December, with a completion rate of 99.5 percent. The cumulative transaction volume of carbon emission allowances was 179 million tons, with a total transaction value of 7.66 billion yuan ($1.14 billion).
The research and development of the carbon price index (CPI) will also provide a reference for government departments, companies, investment institutions and other relevant parties to make strategic decisions, to help further develop the carbon market.
