D04 - Including CCUS in China Emissions Trading System

发表时间:2018-09-06 17:28

The PFP1 report for the ADB CCS Center for
Excellence (Guangdong) Project RDTA8714-D04

Including CCUS in China Emissions Trading System

LiangXi, Li Jia, Wang Lan, Jiang Mengfei, Wang Li, Liu Muxin, Xiaolu Chen


EXECUTIVE SUMMARY

Carbon Capture, Utilization andStorage (CCUS in short) is considered as an effective technology to achievegreenhouse gas (GHG) emission reduction. In December 2015, Asian DevelopmentBank and Chinese Government published Roadmap for Carbon Capture and StorageDemonstration and Deployment in the People’s Republic of China on COP21.Chinese Government announced that China GHG emission will reach its peak in2030. Carbon Emission Trading System (ETS) is an important method and includingCCUS in China ETS is an important approach for carbon emission reduction.

From 2011, China ETS pilots wereimplemented in 2 provinces and 5 cities, and the carbon emissions tradingnominal total coverage (including direct and indirect emissions) has coveredmore than 40% of local direct carbon emission expected. Until September of2017, the total GHG emission allowance trading in these 7 regions has exceed197million ton, as 4.5 billion RMB. In these 7 regions, Hubei province achieve thehighest total volumes and Guangdong province won the second, and then is Shenzhen,Shanghai, Chongqing, Beijing Tianjin and Fujian. At the end of August 2016, 125projects have been approved by National Development and Reform Commission(NDRC) as Clean Development Mechanism (CDM) in Guangdong province. Therefore,Guangdong province is the place for low-carbon transition, carbon marketdevelopment and the exploration of including CCSin China’s ETS.

On 19 December 2017, Chinaformally launched its national emissions trading system, which will be thelargest emissions trading system worldwide. The China’s national emissionstrading system initially only covers power sector, more than 3 billion metrictons of carbon from about 1,700 power companies will be included in the market.China’s ETS will gradually expend its market coverage to include other sectorsin coming years.

Thisresearch project is under the supported of Guangdong Development and ReformCommission. According to the national and international researches, this reportanalysed the impact on CCS project financing after including CCS in ETS, andexplored the specific implementation method of including CCS in ETS. The keymessages of this report are: introduction on the international experiences ofincluding CCS in ETS; discussion on the main methods of including CCS in ETS,the carbon emission computing methodology and Monitoring, Reporting andVerification (MRV) System construction of CCS projects; and research on theimpact of CCS project financing after including CCS in ETS.


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