1. Ministry of Ecology and Environment Issues Notice on GHG Emission Reporting Management for Power Generation Enterprises for 2023-2025
On February 7, the Ministry of Ecology and Environment issued a notice regarding the management of greenhouse gas (GHG) emission reporting for power generation enterprises from 2023 to 2025. It requires provincial ecological environment departments to organize relevant work according to the provisions of the Trial Measures for Carbon Emission Trading Management.
The notice announced that the national grid average emission factor for 2022 was 0.5703t CO2/MWh. It also activated the National Carbon Market Management Platform, requiring provincial ecological environment departments to apply for key emission unit accounts based on the determined list and inform the units of their login names and initial passwords.
2. Launch Ceremony of National-Level Green Exchange Held in Tongzhou District
On the morning of February 4, the launch ceremony for the "National Green Development Demonstration Zone Construction in Beijing City's Sub-Center—Establishing a National-Level Green Exchange" was held in Tongzhou District, Beijing.
During the signing ceremony, the Tongzhou District People's Government signed with the National Development and Reform Commission's Price Cost Investigation Center. The Tongzhou District Canal Business Administration Committee signed ESG cooperation agreements with the Beijing Green Exchange and Beijing ESG Research Institute.
The Beijing Green Exchange signed climate finance cooperation agreements with the Tongzhou District Ecological Environment Bureau and Miyun District Ecological Environment Bureau, among other government departments of the first batch of national climate finance pilot cities. It also signed strategic cooperation agreements with financial institutions such as ICBC, ABC, PICC Group, and Beijing Bank.
3. Lenovo Group Plans to Achieve National Carbon Neutrality Goal 10 Years Ahead of Schedule
On February 7, Lenovo Group officially released its net-zero emissions target (net-zero) roadmap, aiming to achieve net-zero greenhouse gas emissions across its entire value chain by the 2049/50 fiscal year. Lenovo Group became the first high-tech manufacturing company in China to have its net-zero target validated by the Science-Based Targets initiative (SBTi).
SBTi is the world's first organization to standardize the definition of net-zero and propose a four-step path to achieving net-zero goals, including the achievement of near-term science-based targets, long-term reduction targets, mitigation actions beyond the value chain, and long-term neutralization of residual emissions. According to SBTi requirements, companies adopting the net-zero standard must simultaneously set near-term (5-10 years) and long-term (by 2050) science-based targets.
4. Emirates Completes 100% Sustainable Fuel Test Flight
Recently, an Emirates Boeing aircraft took off from Dubai International Airport, using 100% sustainable aviation fuel, flying for over an hour along the Dubai coastline.
Sustainable aviation fuels are alternative fuels made from renewable resources. Their sources are diverse, ranging from used cooking oil, municipal waste, and energy crops to synthetic fuels produced from CO2 captured from the air or industrial emissions. Compared to traditional aviation fuels, sustainable aviation fuels can reduce CO2 emissions by nearly 80%, making them a key measure in the industry's efforts towards carbon neutrality.
5. HSBC China Included in PBOC's Carbon Reduction Support Tool Financial Institution Scope
HSBC Bank (China) Limited (HSBC China) has recently been selected to be included in the scope of financial institutions supported by the People's Bank of China's (PBOC) Carbon Reduction Support Tool.
In 2021, the PBOC launched the Carbon Reduction Support Tool to provide low-cost funding to eligible financial institutions, supporting them in offering preferential interest rate loans for projects with significant carbon reduction effects in the three key areas of clean energy, energy conservation and environmental protection, and carbon reduction technologies. In 2022, the Carbon Reduction Support Tool facilitated carbon reductions exceeding 100 million tons of CO2 equivalent.
In January, the PBOC announced the extension of the Carbon Reduction Support Tool until the end of 2024, expanding the scope to include certain local legal financial institutions and foreign financial institutions, further broadening policy benefits and deepening international cooperation in green finance.
6. SF Express's Digital Carbon Management Platform Receives SGS Evaluation Recognition
SF Holding Co., Ltd.'s digital carbon management platform, the Fenghe Sustainable Development Management Platform, received professional recognition from SGS and has been officially launched and put into operation.
The Fenghe Sustainable Development Management Platform incorporates various carbon emission scenarios, including vehicle energy use, aircraft energy use, rail transport, site electricity use, cold warehouse refrigerants, employee commuting, and emission reduction projects, achieving digital control of quantified carbon emissions.
SGS is an internationally recognized testing, inspection, and certification body, registered with the CNCA as a greenhouse gas verification body and one of the first energy management system certification bodies. It has been committed to the field of low-carbon energy conservation, providing comprehensive low-carbon solutions to numerous renowned clients.
7. Second China-Japan-Korea Carbon Neutrality Forum Successfully Held
On February 7, Seoul time, the Secretariat of the Trilateral Cooperation Secretariat (TCS), the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), and the UN Secretary-General's Climate Action Team jointly hosted the second China-Japan-Korea Carbon Neutrality Forum to share policies and practices on carbon neutrality among the three countries and explore cooperation in carbon neutrality transitions.
The forum gathered government officials, local government representatives, and experts from international organizations and think tanks from China, Japan, and South Korea. They shared experiences from different perspectives, reaffirming the determination and role of the three countries in achieving carbon neutrality.
8. Five Listed Securities Firms Including CICC and Huatai Securities Approved to Engage in Carbon Emission Trading Business
Recently, five listed securities firms—CICC, Huatai Securities, Orient Securities, Shenwan Hongyuan Securities, and CITIC Securities—announced they had been approved to engage in carbon emission trading business.
Carbon emission trading refers to the public buying and selling activities of carbon emission allowances by carbon emission trading entities, enabling enterprises to fulfill their carbon emission obligations through market mechanisms. Currently, including the five newly approved listed securities firms, eight securities firms in the industry have obtained qualifications to engage in carbon emission trading business.
As important intermediaries in the capital market, securities firms play a significant role in engaging in carbon emission trading. CICC stated, "Securities firms participating in carbon emission trading can enrich the carbon market from multiple dimensions, such as market liquidity, price discovery, information mining, and carbon financial instruments, based on their mature trading capabilities and risk control systems, enhancing the effectiveness and continuity of market transactions and promoting the discovery of reasonable carbon prices."
