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China’s National Carbon Market Development
Zhang Xiliang
Institute of Energy, Environment and Economy
Tsinghua University
Some unique circumstances for China’s national ETS construction
Emissions
 Approximately 80% of China’s energy-related emissions come from
the power sector and the industry sector;
 Over 70% of China’s electricity is used in manufacture sectors;
 Approximately 50% of China’s coal is used in the power generation
sector.
Energy market conditions
 The price of electricity and heat is heavily regulated;
 The increased mitigation cost in the power sector is difficult to be
passed on the users and consumers.
China’s national ETS: an overview
Coverage
 8 sectors covering the power sector and the main manufacturers
 electricity/heat, iron & steel, non-ferrous metal, construction material, petrochemical engineering,
chemical engineering, and civil aviation.
 Emission: direct emissions from the burning of the fossil fuels and indirect
emissions associated with the uses of electricity and heat
Threshold for participation
 26000 tons CO2 emissions per year
 Number of entities covered: approximately 8500
 Total emissions (direct): 6.7 billion tons or 72% of China’s total energy-
related emissions
 Cap-setting approach: A hybrid of the top-down approach and the
bottom-up approach
Allowance allocation methods
 Primary allocation method: Output-based free allocation
 Auction is to be encouraged.
Estimation of emissions covered by ETS
Sectors Sub-sectorss Total emissions
Emissions covered
by China ETS
Share
Power generation fossil fuel power generation 3642.64 3642.64 100.00%
Industry
pulp and paper making 31.09 26.43 85.00%
oil refinery 533.70 533.70 100.00%
chemical 1190.98 1071.88 90.00%
mineral product manufacutre 585.31 292.66 50.00%
iron & steel 1486.38 1159.37 78.00%
non-ferrous metal 76.87 7.69 10.00%
Sum of 6 industries 3904.33 3091.73 79.00%
Total China 9410.58 6734.37 72.00%
China’s national ETS is essentially a multi-region and
multi-sector tradeable performance standard (TPS)
Thank you for your attention.
zhang_xl@tsinghua.edu.cn
6
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China’s national carbon market development - Zhang Xiliang

  • 1. China’s National Carbon Market Development Zhang Xiliang Institute of Energy, Environment and Economy Tsinghua University
  • 2. Some unique circumstances for China’s national ETS construction Emissions  Approximately 80% of China’s energy-related emissions come from the power sector and the industry sector;  Over 70% of China’s electricity is used in manufacture sectors;  Approximately 50% of China’s coal is used in the power generation sector. Energy market conditions  The price of electricity and heat is heavily regulated;  The increased mitigation cost in the power sector is difficult to be passed on the users and consumers.
  • 3. China’s national ETS: an overview Coverage  8 sectors covering the power sector and the main manufacturers  electricity/heat, iron & steel, non-ferrous metal, construction material, petrochemical engineering, chemical engineering, and civil aviation.  Emission: direct emissions from the burning of the fossil fuels and indirect emissions associated with the uses of electricity and heat Threshold for participation  26000 tons CO2 emissions per year  Number of entities covered: approximately 8500  Total emissions (direct): 6.7 billion tons or 72% of China’s total energy- related emissions  Cap-setting approach: A hybrid of the top-down approach and the bottom-up approach Allowance allocation methods  Primary allocation method: Output-based free allocation  Auction is to be encouraged.
  • 4. Estimation of emissions covered by ETS Sectors Sub-sectorss Total emissions Emissions covered by China ETS Share Power generation fossil fuel power generation 3642.64 3642.64 100.00% Industry pulp and paper making 31.09 26.43 85.00% oil refinery 533.70 533.70 100.00% chemical 1190.98 1071.88 90.00% mineral product manufacutre 585.31 292.66 50.00% iron & steel 1486.38 1159.37 78.00% non-ferrous metal 76.87 7.69 10.00% Sum of 6 industries 3904.33 3091.73 79.00% Total China 9410.58 6734.37 72.00%
  • 5. China’s national ETS is essentially a multi-region and multi-sector tradeable performance standard (TPS)
  • 6. Thank you for your attention. zhang_xl@tsinghua.edu.cn 6 6