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Hainan Intl Carbon Emission Trading Center to open in Sanya

Print chinadaliy.com.cn Updated: 2022-05-16

The Hainan International Carbon Emission Trading Center, one of the key trading venues of the Hainan Free Trade Port and an important part of implementing China's green development strategy, will be set up in Sanya and is scheduled to begin operation in the second half of 2022.

Through the market-oriented trade of blue carbon products, the center will promote Hainan's blue carbon methodology as an international standard and incorporate it into the international ocean governance system. 

Different from the established local and regional carbon market pilots, the Hainan center mainly involves the international market. It will attract international customers, trade international products, and build an international carbon market in China by taking advantage of the favorable policies of the Hainan FTP, an official of the Hainan Provincial Financial Bureau said.

Establishing the international carbon market in Hainan is an important way to achieve the nation's goals for achieving peak carbon emissions by 2030 and carbon neutrality by 2060, as well as a crucial link in developing a market-oriented ecological compensation mechanism. It is also an important platform for implementing the Hainan FTP strategy, which will drive the green industry to gather in Hainan, and establishing a carbon inclusive trading system for residents.

"We will export the standards, technologies, rules, and R&D capabilities of carbon emission reduction products to the countries involved in the Belt and Road Initiative, thus providing support for China to do well in the international blue carbon market and to have a role in international climate governance," an official of the Sanya municipal people's government said.

On March 26, Sanya turns off its urban lighting in response to Earth Hour's environmental protection initiative. [Photo/VCG]

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