Aerial photo taken on Aug. 3, 2021 shows a photovoltaic power station in Yunzhou District of Datong City, north China's Shanxi Province. (Xinhua/Cao Yang)
BEIJING, Sept. 23 (Xinhua) -- China has started to tap into the building of international carbon markets, with Hainan and Guangdong provinces in southern China as forerunners, reported stcn.com Wednesday.
Hainan has proposed to promote the building of an international trading venue for carbon emission rights, and according to a study meeting on the establishment of such a venue held in July 2019, Hainan will introduce foreign investors in building the venue.
Guangdong has recently put forward to study and build a carbon emission rights trading market in the Guangdong-Hong Kong-Macao Greater Bay Area, encouraging investors from Hong Kong and Macao to participate in Guangdong's carbon market trading and establishing a cross-border trading mechanism for carbon emission rights.
"The construction of the Greater Bay Area carbon market relies on the unique location characteristics of the Pearl River Delta. In the cross-border trading of carbon emission rights, international investors from Hong Kong and Macao would be introduced. Besides, efforts would be made to build mature carbon trading platforms and develop green financial products,"said Pan Yuhang, a postdoctoral fellow of HKU Business School.
In August last year, related financial authorities in Guangdong pointed out in a document on supporting the construction of the Greater Bay Area with finance that by relying on Guangdong's carbon trading platform, efforts would be made to carry out foreign exchange pilot projects for carbon emission trading and carbon finance business innovation, and encourage qualified foreign investors to participate in the trading of carbon emission rights in the Greater Bay Area in foreign exchange and RMB.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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