Page 101 - Research on Financial Development Mechanism and Path of Forestry Carbon Sequestration in Developing Countries under Double Carbon Targets

Chapter 2 Forestry Carbon Sequestration and Carbon Finance

Carbon Emissions Trading (Trial) and the Administrative Rules for the Settlement of
National Carbon Emissions Trading (Trial), were revised and improved.
CCER, as an important supplementary mechanism of the national carbon market, is
an indispensable component of the carbon market. Recently, with the implementation
details being made public one after another, the framework and context have become
very clear. The Ministry of Ecology and Environment has previously publicly released
the “Measures for the Administration of Voluntary Greenhouse Gas Emission Reduc-
tion Transactions (for Trial Implementation)” (draft for comments), which is another
step forward in the restart of China’s voluntary greenhouse gas emission reduction cer-
tification CCER. The “Measures for the Administration of Voluntary Greenhouse Gas
Emission Reduction Transactions (for Trial Implementation)” is the top-level rule of
the CCER. On October 24, 2023, the Ministry of Ecology and Environment announced
the first batch of four methodologies of the CCER. Subsequently, the National Climate
Strategy Center determined to be the registration authority of the CCER and Beijing
Green Exchange as the trading authority of the CCER; On November 16, 2023, the
National Climate Strategy Center and the Beijing Green Exchange announced the Reg-
istration Rules for Voluntary Greenhouse Gas Emission Reduction (Trial), the Guide
for the Design and Implementation of Voluntary Greenhouse Gas Emission Reduction
Projects and the Trading and Settlement Rules for Voluntary Greenhouse Gas Emission
Reduction (Trial) respectively; On December 27, 2023, the General Administration of
Market Supervision released the Implementation Rules for the Validation and Emission
Reduction Verification of Voluntary Greenhouse Gas Emission Reduction Projects. At
this point, the conditions for the full restart of the CCER have been met, and the man-
agement system of carbon emissions trading has become increasingly perfect.
Many of the current legal problems in China’s carbon emissions trading are direct-
ly or indirectly due to the lagging legislative work and low level of legislation. From
the legislative level, the highest level of the current legislative level of the “Management
Measures (Trial)” is issued by the Ministry of Ecological Environment department reg-
ulations, and legislation lags behind not only in the level of legal documents, but also
in the legislative progress. China’s carbon emissions trading system has been continu-
ously improved since the date of implementation, but the improvement of legislation is
a systematic and comprehensive work, which runs through every link of carbon emis-
sions trading and is a key work that needs joint planning, construction and maintenance
of various departments and fields. The first is to improve the supporting legislation for
carbon emissions trading. For example, legislation is adopted to determine the admin-

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