Page 184 - 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

transaction unit price of forestry carbon sinks in Fujian Province has dropped from the
high of 20 yuan per ton to 13 yuan per ton due to the oversupply of the overall market.
3.2.2 The changing trend of policy objectives: from participating in the inter-
national emission reduction trading mechanism to becoming an important
part of the national ecological civilization construction

In the CDM phase, forestry carbon sequestration projects serve the international
carbon emissions trading market in the form of providing additional incremental carbon
sinks to promote international climate cooperation. After decades of practice in the field
of forestry carbon sequestration, China has gradually improved the policy and system
construction of forestry carbon sequestration development and trading. The policy ob-
jective of forestry carbon sequestration trading has transitioned from early participa-
tion in international emission reduction trading mechanism to becoming an important
part of national ecological civilization construction. In 2003, the Carbon Sequestration
Management Office of the State Forestry Administration was established, which started
the management of forestry carbon sequestration in China. In 2007, the “National Pro-
gram for China to Address Climate Change” was issued, which clearly put forward the
carbon sink target and regarded increasing forestry carbon sink as one of the important
measures to address climate change. At the 2009 UN Climate Change Summit and in
the document “China’s National Independent Contribution to the Response to Climate
Change” submitted to the UNFCCC secretariat in 2015, China made a “double in-
crease” commitment to forest area and forest stock, further promoting the development
of forestry carbon sequestration transactions in China.
In 2018, the CPC Central Committee and the relevant ministries and commissions
of the State Council successively issued three policy documents related to forestry car-
bon sequestration transactions: First, the National Development and Reform Commis-
sion, in conjunction with the State Forestry Administration, the Ministry of Finance and
other relevant departments, issued the “Work Plan for Ecological Poverty Alleviation”,
proposing “to actively promote the reform of the clean development mechanism and
the voluntary greenhouse gas emission reduction trading mechanism, to study and sup-
port forestry carbon sequestration projects to obtain carbon emission reduction com-
pensation, and to increase support for poor areas in combination with the construction
of the national carbon emission trading market”; The second is the Central Commit-
tee’s No.1 document “Opinions of the Central Committee of the Communist Party of
China and the State Council on the Implementation of the Rural Revitalization Strat-

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