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⚠️First year of operation will not be smooth, but China's new national Carbon market is facing many more obstacles in run-up to looming compliance deadline.
'Free borrowing' practice and 'Unclear tax rules' could hamper the market #OCTT
Thread 🧵
'Free borrowing' practice and 'Unclear tax rules' could hamper the market #OCTT
Thread 🧵
What is Free Borrowing?
Ahead of looming Compliance deadline on 31 Dec, provincial Ecology and Environment authority is under pressure to ensure enterprises to surrender enough allowances in time.
However, allocation for 2019-2020 has not finalized
Ahead of looming Compliance deadline on 31 Dec, provincial Ecology and Environment authority is under pressure to ensure enterprises to surrender enough allowances in time.
However, allocation for 2019-2020 has not finalized
In addition, only some of the covered 2162 enterprises have got their trading accounts (or some do not want to trade either)
Shandong province reportedly issued notice to allow 'ETS entities borrowing allowances from each other, and pay back in 2022'
Shandong province reportedly issued notice to allow 'ETS entities borrowing allowances from each other, and pay back in 2022'
On 24 October, China released Top-level design document in the '1+N' Carbon Peak and Neutrality policy framework.
On the eve of #COP26, and 1 year after China announced 2060 carbon neutral pledge, the implications of this landmark doc are HUGE:
🧵thread:
On the eve of #COP26, and 1 year after China announced 2060 carbon neutral pledge, the implications of this landmark doc are HUGE:
🧵thread:
This doc is released by the Communist Party of China and General Office of the State Council:
gov.cn/zhengce/2021-1…
It is dated 22 September, and titled 'Opinions on Completely, Accurately and Comprehensively Implementing Carbon Peak and Carbon Neutrality'
gov.cn/zhengce/2021-1…
It is dated 22 September, and titled 'Opinions on Completely, Accurately and Comprehensively Implementing Carbon Peak and Carbon Neutrality'
This official policy document (the Opinions as above) is the 'top-level design' in China's '1+N' policy framework, i.e. the 1⃣
The N will be gradually released, consisting of Carbon peak action plan and detailed sectoral roadmaps
The N will be gradually released, consisting of Carbon peak action plan and detailed sectoral roadmaps
