Today is Friday, September 22, 2023.
China. Carbon Markets.
According to a recent insight from August 2023 by the firm King & Wood Mallesons (KWM), the largest law firm in Asia, China is experiencing rapid growth and development in its dual carbon market segments:
– Compliance Carbon Market, trading China Emission Allowances (CEA), and
– Voluntary Carbon Market, focused on China Certified Emission Reduction (CCER).
You may recall that CCER was suspended in 2017, due to low trading volume and lack of standardisation in carbon audits.
KWM indicates CCER to resume soon, as the Chinese government is finalising the development of a centralised trading system.
Overall, four trends and improvements are mentioned:
(1) internationalisation of carbon markets;
(2) new platforms and products, including carbon finance and derivatives;
(3) corporate environmental data disclosure and transparency;
and (4) engagement of individuals to cut their own carbon footprint.
Click here for more details in the full 12-pages insight by the law firm.
Japan. Wind and Hydrogen.
Japan is seeking for renewables sources of energy adaptable to the country’s insular geography. Land is limited but the coastal area is large. This means potential for offshore wind power, as well as a significant ship fleet, that is starting to experience the hydrogen economy.
The port of Kobe is turning into a hydrogen hub. Kawasaki Heavy Industries launched the world’s first liquefied hydrogen carrier. Since it first sailed in 2021, the intentions have been three-fold: import hydrogen (still depending on coal from Australia), scale up sea transportation towards reduced costs, and be ready for green-hydrogen.
Indeed, hydrogen is a key new energy source for Japan, with a pioneer strategy set already in 2017, as we already posted.
About offshore wind, the first large-scale farm in the country, Goto Floating Wind Farm, will start commercial operations in January 2024. Click here for an article (in Japanese) by Nikkei, with a short video about the project .
Recall that Japan has significant natural challenges, such as typhoons, earthquakes, tsunamis. As such, the Japanese people have to be extraordinarily resilient and count on science and technology at this forefront of its green revolution.
Click here for an article from Euronews further elaborating these topics and challenges.
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- Source: https://www.carboncreditmarkets.com/en/single-post/carbon-world-news-china-and-japan
