This aerial photo taken on Oct 23, 2020 shows technicians checking power transmission lines to make sure the stable operation of local power supply in Zhoushan, east China's Zhejiang province. (PHOTO / XINHUA)
The first batch of cross-boundary green electricity certificates between the Chinese mainland and Hong Kong and Macao were recently traded via a Guangzhou exchange center, marking a milestone in the two special administrative regions’ decarbonization drive as they push forward with their green goals.
The trading through the Guangzhou Power Exchange Center was made between four enterprises in Hong Kong and Macao and three electricity firms on the Chinese mainland.
Certificates totaling 14,200 were transacted, involving 14.2 million kilowatt-hours (kWh) of electricity. The deal represents a reduction of 4,260 metric tons of standard coal, cutting carbon dioxide emissions by 10,650 metric tons.
Green electricity certificates are a form of “electronic identification” providing proof that the electricity has been generated using renewable energy sources. By purchasing the certificates, companies can demonstrate that their operations or activities are carbon-free
It is the first time that cross-boundary trading in green electricity certificates has been carried out in the country.
Green electricity certificates are a form of “electronic identification” providing proof that the electricity has been generated using renewable energy sources. By purchasing the certificates, companies can demonstrate that their operations or activities are carbon-free.
The move comes at a time when Hong Kong and Macao are ramping up efforts to move toward their “dual carbon” goals.
Hong Kong has set a target to achieve carbon neutrality before 2050 and reduce the city's carbon emissions by 50 percent, compared with 2005 levels, before 2035.
Macao has launched an environmental protection plan (2021-2025) as its blueprint to promote the building of a low-carbon city.
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The cross-boundary trading in green electricity certificates provides a new transaction mechanism for Guangzhou, Hong Kong and Macao, said a senior representative from Guangzhou Power Exchange Center.
As part of the first transactions, the international unit of China Southern Power Grid and a public utility company in Macao completed trading the equivalent of 5.2 million kWh of electricity
“Hong Kong and Macao users can directly trade green electricity certificates or buy them through an agent after registration on the platform,” the representative said.
As part of the first transactions, the international unit of China Southern Power Grid and a public utility company in Macao completed trading the equivalent of 5.2 million kWh of electricity.
The trading paves the way for green energy cooperation between Macao and Guangdong, and will ensure clean, high-quality power services for Macao, helping the city fulfill its green goals, the Macao public utility company stated.
Power producer CGN New Energy Holdings Co Ltd said in a statement that the completion of trading with Hong Kong and Macao enterprises for the first time provides a new avenue for local companies to consume green electricity.
With the launch of a new policy on green electricity certificates, confidence in such certificates will be enhanced and enterprises from Hong Kong and Macao can contribute to low-carbon development by purchasing the certificates, the statement added.
The central government earlier this year expanded the scope of certificates to all types of clean power.
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Carbon emissions from energy-related activities account for around 88 percent of the total carbon dioxide emissions in China, while those generated by the power sector account for 42 percent of the amount of the whole energy industry.
