How Does One Offset Carbon Emissions?

Implement the requirements of the Third Plenary Session of the Eighteenth Central Committee of the Party, the Outline of the Twelfth Five-Year Plan and the State Council's Work Plan for Controlling Greenhouse Gas Emissions during the Twelfth Five-Year Plan, promote the establishment of a national carbon trading market, and The Reform Committee organized the drafting of the "Interim Measures for the Management of Carbon Emissions Trading", which was released on December 10, 2014, and will be implemented after 30 days.

Interim Measures for the Management of Carbon Emissions Trading

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Chinese name: Interim Measures for the Management of Carbon Emissions Trading
Issued: National Development and Reform Commission

Release date: December 10, 2014
Execution time: December 30, 2014

The National Development and Reform Commission issued the "Interim Measures for the Management of Carbon Emissions Trading" on the 12th, which stipulates that the measures will be implemented 30 days after the date of issuance. ^[1]

Chapter I General Provisions

The first is to promote the construction of ecological civilization, accelerate the transformation of economic development methods, promote the innovation of systems and mechanisms, give full play to the decisive role of the market in the allocation of greenhouse gas emissions resources, strengthen the control and management of greenhouse gas emissions, and regulate the carbon emission trading market. For the construction and operation of these measures.

Article 2 These Measures shall apply to the supervision and management of carbon emission trading activities within the territory of the People's Republic of China.

Article 3 The trading of carbon emission rights referred to in these measures refers to the trading activities of emission quotas and state-certified voluntary emission reductions carried out by the trading entity in accordance with these measures.

Article 4 The trading of carbon emission rights adheres to the combination of government guidance and market operation, and adheres to the principles of openness, fairness, justice and integrity.

Article 5 The National Development and Reform Commission is the carbon trading authority of the State Council for carbon emissions trading (hereinafter referred to as the carbon trading authority of the State Council). It is responsible for the construction of the carbon emissions trading market and manages, supervises and manages its operations in accordance with these Measures. guide.

The Development and Reform Commissions of provinces, autonomous regions, and municipalities are provincial carbon trading authorities (hereinafter referred to as provincial carbon trading authorities) for carbon emissions trading, and manage and supervise carbon emissions trading related activities in their respective administrative regions in accordance with these Measures. And guidance.

All other relevant departments should coordinate the management of carbon emissions trading in accordance with their respective responsibilities.

Article 6 The department in charge of carbon trading under the State Council shall timely announce the types of greenhouse gases, industry scope and key emission unit determination standards included in carbon emissions trading.

Chapter II Quota Management

Article 7 Provincial carbon trading authorities shall submit a list of all key emission units that meet the standards in the administrative region and report to the carbon trading authority of the State Council and the carbon trading authority of the State Council in accordance with the key emission unit determination standards announced by the State Council s carbon trading authority. Announced to the public after confirmation.

With the approval of the carbon trading authority of the State Council, provincial carbon trading authorities can appropriately expand the industry coverage of carbon emission trading and increase the number of key emission units included in carbon trading.

Article 8 The State Council s carbon trading authority shall determine the greenhouse gas emissions, economic growth, industrial structure, energy structure, and the participation of key emission units in the country and provinces, autonomous regions, and municipalities in accordance with the requirements of the national greenhouse gas emission control targets. Total emissions quotas of the country and provinces, autonomous regions and municipalities.

Article 9 In the initial period, the allocation of emission allowances is mainly free of charge, and paid distribution is introduced in due course, and the proportion of paid distribution is gradually increased.

Article 10 The carbon trading department of the State Council shall formulate a national quota allocation plan, specifying the number of freely allocated emission quotas by provinces, autonomous regions, and municipalities directly under the central government, and the number of emission quotas reserved by the state.

Article 11 The carbon trading authority of the State Council reserves a certain amount of total emission quotas for paid distribution, market regulation, and major construction projects. The proceeds from paid distribution are used to promote national carbon reduction and related capacity building.

Article 12 The carbon trading authority of the State Council shall, in accordance with the specific conditions of different industries, and with reference to the opinions of the relevant industry authorities, determine uniform methods and standards for the free allocation of quotas.

The provinces, autonomous regions, and municipalities directly under the Central Government may formulate and implement stricter allocation methods and standards than the unified national free quota allocation methods and standards based on local conditions.

Article 13 The provincial carbon trading authority shall propose the number of free allocation quotas for key emission units in the administrative region based on the free allocation method and standard determined by Article 12. Key emission units in the region allocate free emission quotas.

Article 14 Of the total emission allowances of each province, autonomous region and municipality, the remaining allowances after deducting the allowances allocated free of charge to key emission units in the administrative region shall be used by the provincial carbon trading authority for paid allocation. The proceeds from paid distribution are used to promote local carbon reduction and related capacity building.

Article 15 If a key emission unit is closed, suspended, merged, separated, or undergoes a major change in production capacity, the provincial carbon trading authority may adjust the free quota it has obtained in accordance with the actual situation.

Article 16 The carbon trading authority of the State Council is responsible for establishing and managing a carbon emissions trading registration system (hereinafter referred to as the registration system), which is used to record relevant information on the holding, transfer, settlement, and cancellation of emission quotas. The information in the registration system is the ultimate basis for judging the ownership of emission allowances.

Article 17 The registration system sets up accounts with different functions for the carbon trading authorities of the State Council and provincial carbon trading authorities, key emission units, trading institutions and other market participants. After the participants have opened an account in accordance with the corresponding requirements of the carbon trading authority of the State Council, they can conduct relevant business operations of quota management in the registration system.

Chapter III Emissions Trading

Article 18 The initial trading products of the carbon emission trading market are emission quotas and nationally certified voluntary emission reductions, and other trading products are added in due course.

Article 19 Key emission units and institutions and individuals that meet the requirements of the trading rules (hereinafter referred to as trading entities) can participate in carbon emission trading.

Article 20 The carbon trading authority of the State Council is responsible for identifying carbon emission trading institutions and supervising their businesses. Specific trading rules are formulated by the trading agency and reported to the carbon trading authority of the State Council for the record.

Article 21 The trading of trading products stipulated in Article 18 shall, in principle, be carried out in the trading institutions determined by the carbon trading department of the State Council.

Article 22 For the purpose of public welfare and other purposes, trading entities may voluntarily cancel their emission quotas and state-certified voluntary emission reductions.

Article 23 The department in charge of carbon trading under the State Council is responsible for establishing a carbon emission trading market regulation mechanism and maintaining market stability.

Article 24 The transaction system of a trading institution determined by the state shall be connected to the registration system to realize data exchange and ensure that transaction information can be reflected in the registration system in a timely manner.

Chapter IV Verification and Quota Payment

Article 25 Key emission units shall formulate emission monitoring plans in accordance with national standards or the requirements of the enterprise's greenhouse gas emissions accounting and reporting guidelines published by the State Council s carbon trading authority, and report them to the provincial carbon trading authorities Filing.

Key emission units shall implement monitoring activities in strict accordance with the documented monitoring plan. In the event of major changes to the monitoring plan, a change application shall be submitted to the provincial carbon trading authority in the province, autonomous region, or municipality in which it is located in a timely manner.

Article 26 Key emission units shall compile their greenhouse gas emission reports for the previous year in accordance with national standards or the guidelines for the accounting and reporting of greenhouse gas emissions of enterprises promulgated by the State Council s carbon trading authority, as well as the documented emission monitoring plan After the verification agency performs the verification and issues the verification report, it shall submit the emission report and verification report to the provincial carbon trading authority in the province, autonomous region, and municipality within the prescribed time.

Article 27 The competent carbon trading department of the State Council shall, in conjunction with relevant departments, manage the verification institutions.

Article 28 The verification agency shall carry out carbon emissions verification in accordance with the verification guidelines promulgated by the carbon trading authority of the State Council. If key emission units have objections to the verification results, they may file an appeal with the provincial carbon trading authority.

Article 29 Provincial carbon trading authorities shall review the emission reports and verification reports of the following key emission units, and the related costs of the review shall be arranged by the finance of the same level:

(1) Key emission units required by the carbon trading authority of the State Council for review;

(2) The key emission unit whose verification report shows that there are problems with the emission situation;

(3) A certain percentage of key emission units other than those specified in (1) and (2).

Article 30. Provincial carbon trading authorities shall annually confirm the emissions of all key emission units in their administrative regions in the previous year, and notify the key emission units of the results of the confirmation. The confirmed emissions are the basis for key emission units to fulfill their quota payment obligations.

Article 31 The key emission unit shall submit to the provincial carbon trading authority of the province, autonomous region, or municipality each year an emission quota that is not less than its previous year's confirmed emissions, and fulfill its obligation to pay the quota for the previous year.

Article 32 Key emission units may use state-certified voluntary emission reductions to offset some of their confirmed carbon emissions in accordance with relevant regulations.

Article 33 Provincial carbon trading authorities shall analyze the annual payment of quotas of key emission units in their administrative regions each year, and report the payment of quotas to the carbon trading department of the State Council. The carbon trading authority of the State Council should announce to the society the quota payment status of all key emission units in the previous year.

Chapter V Supervision and Management

Article 34 The carbon trading authority of the State Council shall promptly announce to the society the following information: inclusion of greenhouse gas types, inclusion in industries, inclusion in the list of key emission units, emission quota allocation methods, rules on the use, storage and cancellation of emission quotas, and key annual emissions Quota payment of units, the list of recommended verification agencies, the list of confirmed transaction agencies, etc.

Article 35 Trading institutions shall establish a transaction information disclosure system, announce transaction information such as transaction prices, transaction volumes, and transaction amounts, and timely disclose relevant information that may affect major changes in the market.

Article 36 The carbon trading authority of the State Council guides the business work of provincial carbon trading authorities and supervises and manages the following activities:

(1) the relevant business situation of the verification agency;

(2) the relevant business of the trading institution;

Article 37 The scope of supervision and management of carbon emissions trading by provincial carbon trading authorities includes:

(1) Reporting status of emission reports and verification reports of key emission units within the jurisdiction;

(2) Quota payment of key emission units within the jurisdiction;

(3) Transactions of key emission units and other market participants in the jurisdiction.

Article 38 The carbon trading authority of the State Council and the provincial carbon trading authority shall establish credit records of the relevant behaviors of key emission units, verification agencies, trading institutions and other practitioners and persons participating in carbon emissions trading, and incorporate them into relevant credit management system.

Article 39 The carbon trading authority of the State Council shall establish a black list for the participating institutions and personnel of the carbon emissions trading that have serious violations of the law and expose them according to law.

Chapter VI Legal Liability

Article 40 If a key emission unit commits one of the following acts, the provincial carbon trading department of the province, autonomous region, or municipality directly under the Central Government shall order it to make a correction within a time limit. If it is not overdue, an administrative penalty shall be imposed according to law.

(1) Misreporting, concealing or refusing to fulfill its obligation to report emissions;

(2) Failure to submit verification reports in accordance with regulations.

If it has not been corrected within the time limit, the provincial carbon trading authority will appoint a verification agency to measure its emissions and use this emissions as the basis for fulfilling its quota payment obligations.

Article 41 If the key emission unit fails to fulfill the quota payment obligation on time, the provincial-level carbon trading department of the province, autonomous region, or municipality directly under the Central Government shall order it to perform the quota payment obligation; Provincial carbon trading authorities of provinces, autonomous regions, and municipalities directly under the Central Government shall impose administrative penalties in accordance with the law.

Article 42 If the verification agency has any of the following circumstances, the provincial carbon trading authority in the province, autonomous region, or municipality where it is registered shall be given administrative penalties in accordance with the law and reported to the carbon trading authority of the State Council; The competent transaction department ordered it to suspend the verification business; if it caused economic losses to key emission units, it shall bear the liability for compensation according to law; if it constitutes a crime, it shall be investigated for criminal responsibility according to law.

(1) issuing false and untrue verification reports;

(2) There are major errors in the verification report;

(3) Unauthorized use or publication of the commercial secrets of the unit under inspection;

(4) Other illegal acts.

Article 43 In any of the following circumstances , a trading institution and its staff shall be ordered to make corrections within a time limit by the carbon trading department of the State Council; if the corrections are not made within the time limit, administrative penalties shall be imposed in accordance with the law; if economic losses are caused to the transaction subject, they shall be liable for compensation in accordance with law ;Constitute a crime, be held criminally responsible.

(1) Failure to announce transaction information in accordance with regulations;

(2) Failure to establish and implement a risk management system;

(3) Failure to submit relevant information to the carbon trading authority of the State Council in accordance with regulations;

(4) carrying out illegal transactions;

(5) Disclosure of the business secrets of the transaction subject;

(6) Other illegal acts.

Article 44 For key emission units punished in violation of the provisions of Articles 40 to 41 of these Measures, the provincial carbon trading authority shall notify relevant departments of industry and commerce, taxation, and finance and make announcements. .

Article 45 The carbon trading authorities of the State Council and provincial carbon trading authorities and their staff have failed to perform their duties under these Measures, neglecting their duties, abusing their powers, using their positions to facilitate the acquisition of improper benefits, or leaking information about known entities. And personal commercial secrets shall be ordered to be corrected by the superior administrative organ or supervisory organ; if the circumstances are serious, administrative penalties shall be imposed according to law; if a crime is constituted, criminal responsibility shall be investigated according to law.

Article 46 In the process of participating in the carbon emission rights transactions, each party participating in the affairs stipulated in these measures, seeks benefits by improper means and causes economic losses to others, shall be liable for compensation according to law; if it constitutes a crime, criminal liability shall be investigated according to law.

Chapter VII Supplementary Provisions

Article 47 The meaning of the following terms in these Measures:

Greenhouse gases: natural and man-made gaseous components that absorb and re-emit infrared radiation in the atmosphere, including carbon dioxide (CO ₂ ), methane (CH ₄ ), nitrous oxide (N ₂ O), and hydrofluorocarbons (HFCs) , Perfluorocarbons (PFCs), sulfur hexafluoride (SF ₆ ) and nitrogen trifluoride (NF ₃ ).

Carbon emissions: refers to greenhouse gas emissions from coal, natural gas, petroleum and other fossil energy burning activities and industrial production processes, as well as from land use, land use change and forestry activities, and greenhouse gases caused by the use of purchased electricity and heat emission.

Carbon emission right: It refers to the right obtained in accordance with law to emit greenhouse gases into the atmosphere.

Emission quota: It is the carbon emission quota allocated by the government to key emission units for a specified period, and it is the certificate and carrier of carbon emission rights. One unit quota is equivalent to one ton of carbon dioxide equivalent.

Key emission unit: refers to a greenhouse gas emission unit that meets the standards for carbon emissions trading and has the status of an independent legal person as determined by the carbon trading authority of the State Council.

National Certified Voluntary Emission Reductions: refers to the voluntary greenhouse gas emission reductions that have been filed and registered in the national registration system in accordance with the Provisional Measures for the Management of Voluntary Greenhouse Gas Emission Reduction Transactions issued by the National Development and Reform Commission. Amount, referred to as CCER.

Article 48 These Measures shall be implemented after 30 days from the date of promulgation

How Does One Offset Carbon Emissions?

Interim Measures for the Management of Carbon Emissions Trading

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