On August 17, 2023, the Ministry of Ecology and Environment issued a notice, announcing that the national greenhouse gas voluntary emission reduction trading system (hereinafter referred to as the “trading system”) officially opened the account opening function, accepting market participants’ applications for opening registration accounts and trading accounts. This is an important measure for China to establish a national carbon emission trading market, and also an effective means to promote the realization of carbon peaking and carbon neutrality.
According to the notice, market participants can choose to open different types of accounts according to their own situation. For those who have already opened registration accounts in the old voluntary emission reduction registration system, they can directly use the same account and password to log in to the new voluntary emission reduction registration system and the trading system. For those who have not opened registration accounts in the old voluntary emission reduction registration system, if they need to use the old CCER to offset the quota payment for 2021 and 2022, they need to open registration accounts in the old voluntary emission reduction registration system, trading accounts in any one of the nine trading institutions, and registration accounts in the new voluntary emission reduction registration system respectively. The application materials for opening a registration account in the new voluntary emission reduction registration system are preliminarily approved by the trading system management agency (Beijing Green Exchange), and then submitted to the new voluntary emission reduction registration system management agency (National Center for Climate Change Strategy Research and International Cooperation) for review. After passing the review, the registration account is opened. The trading system management agency completes the opening of the trading account after reviewing the application materials for opening the trading account.
It is understood that the national greenhouse gas voluntary emission reduction trading system is a carbon asset management platform based on blockchain technology, which can realize the issuance, transfer, offset and other functions of carbon assets. The platform aims to provide market participants with a fair, transparent, efficient and secure carbon trading environment, and promote the healthy development of the carbon market. At present, the platform has connected four types of users, including national key emission units, local key emission units, project owners, etc., covering multiple industry sectors such as energy, industry, construction, transportation, etc.
It is reported that the emission reductions (hereinafter referred to as “old CCER”) that have been filed before March 14, 2017 are still traded in Beijing Green Exchange and other nine trading institutions. Those who have the demand for trading old CCER can continue to open registration accounts in the old voluntary emission reduction registration system and trading accounts in any one of the nine trading institutions through the nine trading institutions. For relevant account opening requirements, please refer to the websites of each trading institution.
