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On May 17th, 2021, the China Ministry of Ecology and Environment (MEE) issued a notice [1] to publish 3 Rules under the Measures on the Management of Carbon Emission Trade (Trial), namely the Rules on the Management of Carbon Emission Registration (Trial), the Rules on the Management of Carbon Emission Trade (Trial), and the Rules on the Management of Carbon Emission Settlement (Trial). All three Rules entered into force immediately after the issuance.
The Measures on the Management of Carbon Emission Trade (Trial) was issued in January 2021, which specifies the management of carbon emission allowance, carbon emission permits, greenhouse gas emission, and the supervision of all above activities, etc. (ChemLinked News [2]). In order to further standardize the national carbon emission registration, trade, and settlement activities, MEE formulated the 3 Rules to guarantee the implementation of the Measures.
For the rules on registration management, requirements for account management and carbon emission registration are specified. Key emission units and other individuals and units that meet requirements will be subject to the registration. And for the rules on trading management, besides the specification on trading, requirements for risk management are specified. As for the rules on settlement management, the specification on fund settlement account management, settlement, and supervision and risk management are keywords.
As specified in the notice, before the National Carbon Emission Registration Institution is established, China Hubei Carbon Emission Exchange (CHEEX) will be responsible for the account opening and operation and maintenance of the registration system. Shanghai Environment and Energy Exchange will be responsible for the account opening and operation and maintenance of the National Carbon Emissions Trading Institution before the institution is established.
