China is the world’s largest CO₂ emitter
China reboots voluntary offset market
Relaunch comes seven years after market was closed to new entrants because of low volumes and lack of standards
China has relaunched its voluntary offset market, setting the stage for a major expansion of carbon trading in 2024 amid growing expectations the country’s emissions trading scheme will also be expanded. Trading of carbon offsets, known as China Certified Emission Reduction (CCER) credits, officially resumed on 22 January, according to the Ministry of Ecology and Environment (MEE). The scheme was set up in 2012, but new project registrations were suspended in March 2017 as a result of low trading volumes and a lack of standards in carbon audits for projects. The first transaction following January’s relaunch was made by China’s offshore-focused NOC CNOOC, which purchased 250,000t of credits
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