A new CO2 growth cap in Shanghai and new regulations across China
June 11, 2018 – The government of Shanghai announced a new at 5.15 million tonnes cap on CO2 emission growth, thereby setting the target significantly lower than the 5.8 million tonnes cap in 2017. The cap is furthermore the lowest since the city introduced the caps, which are based on the annual carbon intensity reduction goal, three years ago. In Addition, the city also announced a lower cap for coal consumption and further investment in low carbon projects and in the new national emissions trading platform.
Several pilot cities also made important announcements last week. Guangdong announced that it would hold a PHCER offset credit auction, while Shenzhen and Tianjin both announced that June 30 will be their compliance deadline. The latter two also slightly amended their compliance regulation, while Hubei announced new offset eligibility rules.
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