Initial multi-country deal made on China’s carbon market

Despite the first month of trading on China’s national carbon market being notably lackluster, there has been one signal that all hope is not lost after the market recorded its first cross-border deal for carbon emission credits, reports Caixin.

On Aug. 9, an institution and an individual from Hong Kong bought nearly 10,000 tons of China Certified Emission Reductions (CCERs) from an Elion Group solar power project in the Kubuqi Desert.

It was the first cross-border transaction involving CCERs. The credits are one of several manifestations of China’s system for reducing emissions of carbon dioxide, the main greenhouse gas causing climate change.