China just took a huge step towards a greener future! 🌱 On Monday, the first-ever transaction was completed on the Chinese voluntary carbon market for greenhouse gas reductions in Beijing.
The China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil and gas producer, purchased a whopping 250,000 tonnes of carbon credits to offset its emissions. To put that into perspective, one tonne of carbon credits can offset one tonne of carbon dioxide emissions. That's a big deal! 🤯
But what's this all about? Let's break it down:
China's carbon trading system has two main parts:
- National Emissions Trading Scheme (ETS): This is mandatory. The government sets emission caps for companies that emit a lot of carbon. If they go over their limit, they have to buy allowances to cover the extra emissions.
- China Certified Emission Reduction (CCER) scheme: This is the voluntary market. Companies can choose to offset their emissions by purchasing carbon credits. It's like going the extra mile for the planet! 🌍❤️
This first deal on the voluntary market shows that businesses are stepping up to tackle climate change. It’s not just about following regulations; it's about making a real difference. Way to go, CNOOC! 🙌
As the world focuses more on sustainability, moves like this are super important. Who knows? Maybe we'll see more companies join in and make our world a cleaner, better place. 🌟
Reference(s):
First carbon credits deal completed on China's voluntary carbon market
cgtn.com
