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        China is to allocate carbon emission quotas for enterprises

        Date:2013-12-30 10:53

        According to an online article in the Australian newspaper “Sydney Morning Herald”, China is the world's largest emitter of carbon dioxide. In the initial stage of this mechanism, the Government will allocate carbon emission quotas free of charge to participating enterprises, which means that companies need to pay additional costs only after they have used up their quotas. The carbon trading market forces the enterprises to buy emissions permits from companies having surplus quotas after having exhausted their own emission quotas. The current four carbon markets in China operate in the following modes:

        Guangdong: in 2013, the absolute upper limit of total carbon dioxide emissions from 202 companies of power generation, cement, steel and manufacturing is 350 million tons. In the next few years, the ceramics, textiles, non-ferrous metals, plastics and paper making industries will also enter the mechanism. At the initial period, the companies will receive 97% of quota free of charge, and the remaining 3% will be obtained through auction. By 2015, the proportion of auctioned quota will have risen to 10%. Currently, the government has not defined the lower limit of carbon emissions, but it suggests that list price for the first auction should be 60 yuan per ton.

        Beijing: the carbon emissions trading in Beijing will be officially opened on November 28, covering 490 large enterprises engaged in power generation, manufacturing and construction industries. In 2013, the quota obtained by participating companies is equivalent to 98% -100% of the average emissions in 2009-2011. Within the next two years, this proportion will gradually decline, and the quota in the manufacturing sector in 2015 will be reduced to 94%. On April 30 each year, the company is required to submit last year’s emission reports. The government will allocate annual carbon emissions quota to enterprises on June 30.

        Shanghai: the Shanghai mechanism covers 191 companies engaged in power generation, manufacturing, aviation, ports, commercial buildings and so on, regulated by the Development and Reform Commission of Shanghai. In 2013, the upper limit of carbon dioxide emissions is 160 million tons. On November 26, the first transaction was completed, at the transaction price of 27 yuan per ton. The quotas for the enterprises from 2013 to 2015 are based on the emissions from 2009 to 2011. Only spot trading is allowed for the time being, but because the companies have obtained the quotas for 2014 and 2015, the quotas in both years are all tradable.

        Shenzhen: The mechanism in Shenzhen was established in June 2013, involving 635 enterprises and 200 public buildings, covering all sectors of economy. Different from mechanisms with other emission upper limits, the Shenzhen mechanism is based on efficiency. The free quotas received by the enterprises are determined by the estimated economic output next year. If an enterprise can not meet the benchmark set by the government, they must buy emission permits on the market. The total annual emission of currently involved enterprises is about 31 million tons, which is the lowest among all the pilot mechanisms in China. The quota from 2013 to 2015 issued by the government is “about 100 million tons”. The initial transaction price was about 30 yuan per ton, and rose to a height of 130 yuan later; now the price is about 70 yuan, and the transaction volume is not big.

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