THE provincial authority has encouraged Futian District to take the lead in a pioneering initiative focused on establishing carbon accounts for enterprises, Shenzhen Economic Daily reported.

The initiative is in alignment with the provincial authority’s commitment to support China’s dual carbon goals. The comprehensive plan, introduced by the Department of Ecology and Environment of Guangdong Province, encompasses Nansha in Guangzhou as well, making it part of the pilot program for enterprise carbon accounts.

The plan also puts forth proposals to trial high-standard climate investment and financing measures and to explore the disclosure of carbon emission data by financial institutions for key enterprises.

Efforts will be undertaken to achieve a seamless integration of carbon market development and carbon peaking efforts by 2025, with carbon emissions from enterprises engaged in carbon trading accounting for a substantial 70% of the province’s energy-related carbon emissions.

Moreover, the plan places emphasis on strengthening research collaborations with countries along the Belt and Road in the domains of rules, technologies, and standard systems related to carbon markets, carbon inclusivity, and green finance. The plan aims to develop a standardized system and trading mechanisms, facilitating the global expansion of Guangdong’s low-carbon products and technologies, such as photovoltaics, wind turbines, and new energy vehicles.

The establishment of a carbon market in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has also been outlined in the plan. Under the guidance of the national environmental authority, Guangdong Province will collaborate with Hong Kong and Macao to create a coordinated GBA carbon market mechanism, enabling regular communication and cooperation, as per the plan.

(Wang Jingli)