On 13 June 2012, the National Development and Reform Commission (NDRC) released the document Interim Management of Voluntary GHG Emission Reduction (hereafter known as the Interim Regulation), which is a milestone for the Chinese offset mechanism. Similar to the EU ETS, the Chinese carbon markets have Chinese Certified Emissions Reduction (CCER) as their primary offset mechanism. CCERs can be issued to different type of offset projects within all provinces in China. With the average price of emission allowances at around CNY 30 in the seven Chinese pilot ETSs, CCERs therefore provide compliance companies with a more cost-effective option to complete a certain amount of their compliance obligations.
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