China: Beijing approves 33 CCER projects

The Chinese central government approved 33 new Chinese Credited Emission Reductions (CCER) projects, according to an announcement posted on its website on Thursday.

It is the third time that China approved CCER projects. The CCERs can be used by compliance companies as offsets to fulfill their duties in the Chinese pilots at low prices.

The central government held a conference to verify each project on 22 June.

“All applications were approved,” said David Lee, director of Treasure Carbon New Energy Environment Protection Technology Company, a Shanghai-based CCER developer.

Lee said the central government was speeding up approvals of CCER projects. “Now, the government holds conferences every month to verify them,” Lee added.

Wind power and hydropower projects made up the largest part of the 33 CCER projects, with 13 for wind power and 7 for hydropower.

The government has not issued credits from the approved CCER projects, because it is yet to finish building the online CCER registration system, according to Daisy Li, vice president of Timing Carbon, a Beijing-based carbon asset management company.

“If the central government begins to issue credits, the price of CCER may range from yuan (CNY) 5/tonne to CNY15/tonne (€0.6-1.8/tonne),” said a senior manager of a state-owned carbon asset management company. His judgement came from CCER buyers who have talked with him. Ling Ma