Page 180 - Research on Financial Development Mechanism and Path of Forestry Carbon Sequestration in Developing Countries under Double Carbon Targets

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

number of approved public projects, accounting for the highest proportion; Secondly,
there are 26 carbon sink projects for forest management, accounting for 26.8%. Bam-
boo afforestation carbon sink projects and bamboo forest management carbon sink
projects are less, one and four respectively, accounting for only 1.0% and 4.1% respec-
tively. Judging from the location distribution of the projects, the southern forest region
and the northeast forest region are the regions where the development of CCER forest-
ry carbon sequestration projects is relatively concentrated. The projects approved and
publicized in these two regions account for 79.4% of the total, while the CCER forestry
carbon sequestration projects in the northern forest region and the southwest forest
region are relatively small, accounting for only 20.6% of the total. However, due to
the small volume of voluntary greenhouse gas emission reduction transactions and the
lack of standardization of individual projects, the National Development and Reform
Commission suspended the acceptance of filing applications for trading methodologies,
projects, emission reduction, validation and certification institutions and trading institu-
tions of the CCER in 2017, and began to organize the revision of the Interim Measures
for the Administration of Voluntary Greenhouse Gas Emission Reduction Transactions.
After the restructuring of the central ministries and commissions in 2018, some
climate change functions were transferred from the National Development and Reform
Commission to the newly established Ministry of Ecological Environment. The Min-
istry of Ecological Environment was responsible for the national carbon market and
related CCER work. In the same year, the CCER registration system resumed its online
operation and accepted the registration of existing CCER transactions, but the appli-
cation for filing of incremental projects was still suspended. From this institutional ad-
justment, it can be seen that the carbon emission trading mechanism in China has been
formally incorporated into the ecological environment management in China. However,
forestry carbon sequestration projects give consideration to the multiple values of ecol-
ogy, poverty reduction and community development. During the crucial period of pov-
erty alleviation, forestry carbon sequestration projects in deep poverty-stricken areas
are given preferential policies and are preferentially included in the offsetting mecha-
nism of the national carbon market.
In 2020, the Administrative Measures for Carbon Emissions Trading (for Trial Im-
plementation) issued and implemented by the Ministry of Ecology and Environment
explicitly took the CCER trading as an important supplement to the carbon emissions
trading market, stipulating that “key emission units may use the national certified vol-
untary emission reductions to offset the settlement of carbon emission quotas each year,

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