Tencent’s SSV (Sustainable Social Value) business department recently reached out to consulting agencies specialized in CCER (Chinese Certified Emissions Reductions) to help the group achieve net zero emissions by 2030. According to current forecasts, certified emission reductions required by Tencent by 2030 exceed one million tons of carbon dioxide equivalent. China’s national carbon market officially started trading on July 16, 2021. The cumulative trading volume of carbon emission allowances (CEA) reached 179 million tons, representing 7.661 billion CNY (1.2 billion USD) in value. The average carbon price being ~56 CNY/ton (February 2022), the value of Tencent’s million-ton carbon emission reduction target would surpass 50 million CNY. According to present Chinese national CEA regulation, CCER can be used to offset 5% of the annual total CEA of the emitter. The national CCER trading centre is expected to reallow new project certifications after a temporary suspension in 2017.
(BJX)
