Longyuan sells credits on Beijing ETS

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Goldwind engineers peer down during routine maintenance of a wind turbine at the Longyuan Rudong Intertidal Demonstration in Rudong, Jiangsu Province, China. China's largest offshore wind farm sits in a difficult location where high tide puts the turbines in three meters of water, but low tide brings them out of the water completely.
Chinese wind giant Longyuan has sold 10,000 carbon credits to PetroChina within Beijing’s newly implemented carbon market, heralding a new source of potential revenue for Chinese renewables developers.

China has launched – or will imminently launch – seven pilot carbon markets, covering certain cities and regions, including Beijing, Shanghai and Guangdong province.

Each of the pilot markets will allow companies to buy offsets – known as Chinese Certified Emissions Reductions (CCERs) – to help meet some of their legally binding obligations.

In Beijing – where 40% of carbon emissions are now covered by the ETS – companies can meet 5% of their obligation via CCERs.

PetroChina paid Longyuan 16 yuan ($2.63) each for credits generated at a wind farm in Gansu province. That compares to Log in to read complete article.

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