China’s state energy giant China Petroleum & Chemical Corp. (Sinopec) inked a deal Wednesday to purchase 100,000 tons of carbon emission quota from China Resources Group, marking the first bulk transaction since the official launch of the country’s national carbon market, reported Caixin.
The transaction totaled RMB 5.29 million ($817,190), equivalent to RMB 52.92 ($8.18) per ton, according to data from the Shanghai Environment and Energy Exchange, which operates the carbon market.
Analysts said petrochemical companies like Sinopec are engaging in national carbon trading with their own power generation units, which are under mounting pressure to meet emission goals.
A total of 17 Sinopec subsidiaries with their own power plants are included in the national carbon market so far.
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