Auto insurer becomes carbon-neutral through domestic credits

Tianping Auto Insurance became the first Chinese company to become carbon neutral by purchasing credits in China’s voluntary carbon trading market, the Financial Times reported. The Shanghai-based automobile insurer paid $40,627 on Wednesday for 8,026 tons of carbon credits auctioned through the Beijing Environment Exchange. As a developing nation, China is not required to limit emissions of greenhouse gases under the Kyoto Protocol. The resultant credits are usually sold to foreign investors, making China the world’s largest supplier of carbon credits. The State Council has said that China would introduce targets for lower carbon emission intensity into its official planning.