Page 10 - Research on Financial Development Mechanism and Path of Forestry Carbon Sequestration in Developing Countries under Double Carbon Targets

and protection activities, so as to reduce the concentration of carbon dioxide in the
atmosphere. Forestry carbon sequestration trading is an emission reduction trading
mechanism that uses forestry carbon sinks to offset greenhouse gas emissions. The
forms of forestry carbon sequestration projects traded mainly include afforestation,
vegetation restoration, sustainable forest management, and projects to avoid deforesta-
tion and forest degradation. With China's proposal to achieve the goals of peak carbon
dioxide emissions by 2030 and carbon neutrality by 2060, China's policies and actions
to deal with climate change have been incorporated into the overall layout of ecolog-

ical civilization construction and the overall decision-making of economic and social
development. As an important way to increase the carbon sink capacity and realize the
economic value of forest ecosystems, forest carbon sink transactions will also play an
increasingly important role in the process of achieving the "double carbon" goal. As a
microcosm of China's participation in global climate governance, the practical process
of forest carbon sequestration trading in China reveals the changing process of Chi-
na's role in international climate cooperation, especially at a stage of profound adjust-

ment and change in global climate governance. From the Kyoto Protocol to the Paris
Agreement, the "North-South dichotomy" climate cooperation mechanism dominated
by western countries has gradually blurred. Emerging economies such as China have
begun to propose their own "National Independent Contribution (NDC)" in response to
global climate change under the "common but differentiated" initiative, and have estab-
lished carbon emissions trading mechanisms at the regional and national levels.
In recent years, the afforestation area of China has been continuously expanding,
and its barren hills and wasteland suitable for afforestation are vast, which has the re-
source advantages needed for the development of forestry carbon sequestration proj-

ects. In 2006, China officially launched the CDM forestry carbon sequestration proj-
ect. In 2012, China issued the "Interim Measures for the Administration of Voluntary
Greenhouse Gas Emission Reduction Transactions". After five years of development,
nearly 100 CCER forestry carbon sequestration projects were completed. In 2017, the
acceptance of new CCER projects was suspended, and the resumption of the CCER
trading market was put on the agenda in the past two years. In the past 20 years, the
practice of forestry carbon sequestration trading in China has been accompanied by the