A nationwide pilot program to trade green power has been introduced in China in an attempt to increase renewable energy consumption, reports Caixin. The program, which permits electricity generators to sell green power directly to end-users, is a step towards reaching the country’s lofty carbon emissions targets.
Under the program, a total of 259 market entities in 17 provincial-level regions across the nation traded 7.9 billion kilowatt-hours of green electricity on Tuesday, the state-run Xinhua News Agency reported. The trading took place at the Beijing Power Exchange Center and the Guangzhou Power Exchange Center. The green electricity traded is estimated to emit 6 million tons less carbon dioxide than coal-fired power, the report said.
“[The project] aims to guide consumption of green power in a market-oriented way, which will reflect its environmental value,” a spokesperson of the National Development and Reform Commission (NDRC), China’s top economic planning body, said in a statement released Tuesday. “Revenue generated through the [program] will be used to support the development and use of green power to better promote the creation of a new power system.”