Trading volumes in China's national emissions trading scheme (ETS) continued to increase over 1-5 November, totalling 1.97mn t of CO2 equivalent (CO2e) settled and up by 80.7pc from a week earlier.
These included 214,437t of open bid trades, up by 25.1pc from the week of 25-29 October, with the weighted-average price slightly weaker by 0.3pc to 42.47 yuan/t ($6.63/t). Open bid trades settled at Yn42.69/t today, up from Yn42.41/t on 29 October.
Bulk agreement transactions totalled 1.76mn t, nearly double the 920,000t from last week, with the average price at Yn41.51/t.
The rising trading volume is responding to a nearing deadline for the first compliance cycle for the national ETS. China's ecology and environment ministry, which oversees the ETS, sent a notice on 26 October urging the emissions entities covered by the national trading scheme to clear their allowance deficits before 31 December.
Weekly policy review
China sets out a detailed plan to urge coal-fired power units to upgrade to less coal-intensive facilities, which will curb China's long-term coal consumption.
The plan, published by the country's main economic planning agency the NDRC, aims to cut average coal-based power consumption from its current level of 305.5g standard coal per kilowatt hour (g/kWh) to lower than 300 g/kWh. It indicates a reduction of at least 1.8pc coal-use per unit of power generation. The current coal-use level was calculated based on the average of power plants operating above the...
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