Tianjin Climate Exchange
Encyclopedia
Tianjin Climate Exchange (TCX) is a domestic carbon market
cap-and-trade scheme exchange
. Jeff Huang is assistant chairman of Tianjin Climate Exchange and vice-president of Chicago Climate Exchange
.
It is China’s first integrated exchange for trading of environmental financial instruments
TCX is a joint venture between Chicago Climate Exchange, the municipal government of Tianjin
and the asset management unit
of PetroChina
, the country’s largest oil and gas producer.
Cap-and-trade schemes are programs under which member companies commit to lowering their greenhouse gas emissions by a certain amount in a certain period of time and trade carbon credits generated by this. As China does not have a national cap on emissions, any such scheme would be voluntary, similar to the situation in the US when the Chicago Climate Exchange launched in 2003.
At the request of the State Council, Tianjin Climate Exchange is established as China's first comprehensive platform for trading carbon credits under the Clean Development Mechanism, and will promote environmental protection and emission reduction by means of market and financial measures.
Tianjin Climate Exchange has the following goals: to help enterprises cost-effectively reduce emissions of pollutants, such as sulfur dioxide, chemical oxygen demand, etc; to help enterprises achieve maximum energy efficiency at minimum cost; to help enterprises manage environmental risks and meet increasing disclosure requirements; and to provide enterprises with integrated international emissions market access and experience.
In 2006, Tianjin Binhai New Area was designed by the State Council of the PRC as the national experimental zone for comprehensive reforms related to financial innovation, land and administrative management.
China's Eleventh Five-Year Plan (2006-10) called for cutting energy consumption per unit of GDP up to 20 percent by 2010 while reducing major pollutants, such as sulfur dioxide (SO2) by 10 percent.[3]
Carbon Market
The Carbon Market is the oldest and largest farmer's market in Cebu City, located in the Central Visayas region of the Philippines, and is a major tourist attraction. It is wheelchair accessible. It is located in downtown Cebu City, on MC Briones Street, Ermita barangay, and it can be reached by...
cap-and-trade scheme exchange
Exchange (organized market)
An exchange is a highly organized market where tradable securities, commodities, foreign exchange, futures, and options contracts are sold and bought.-Description:...
. Jeff Huang is assistant chairman of Tianjin Climate Exchange and vice-president of Chicago Climate Exchange
Chicago Climate Exchange
The now defunct Chicago Climate Exchange was North America’s only voluntary, legally binding greenhouse gas reduction and trading system for emission sources and offset projects in North America and Brazil....
.
It is China’s first integrated exchange for trading of environmental financial instruments
TCX is a joint venture between Chicago Climate Exchange, the municipal government of Tianjin
Tianjin
' is a metropolis in northern China and one of the five national central cities of the People's Republic of China. It is governed as a direct-controlled municipality, one of four such designations, and is, thus, under direct administration of the central government...
and the asset management unit
Division (business)
A division of a business entity is a portion of that business that operates under a different name. It is the equivalent of a corporation or limited liability company obtaining a fictitious name or "doing business as" certificate and operating a business under that fictitious name...
of PetroChina
PetroChina
PetroChina Company Limited is a Chinese oil company and is the listed arm of state-owned China National Petroleum Corporation , headquartered in Dongcheng District, Beijing. It is China's biggest oil producer, and was the world's most valuable company by market value as of September 28th 2010...
, the country’s largest oil and gas producer.
Cap-and-trade schemes are programs under which member companies commit to lowering their greenhouse gas emissions by a certain amount in a certain period of time and trade carbon credits generated by this. As China does not have a national cap on emissions, any such scheme would be voluntary, similar to the situation in the US when the Chicago Climate Exchange launched in 2003.
History
On September 25 2008, Tianjin Climate Exchange, co-established by CNPC Assets Management Co., Ltd. (holding a 53% stake), Tianjin Property Rights Exchange (北方产权交易市场) (holding a 22% stake), and Chicago Climate Exchange (CCX) (holding a 25% stake), was unveiled in the Tianjin Binhai New Area.At the request of the State Council, Tianjin Climate Exchange is established as China's first comprehensive platform for trading carbon credits under the Clean Development Mechanism, and will promote environmental protection and emission reduction by means of market and financial measures.
Tianjin Climate Exchange has the following goals: to help enterprises cost-effectively reduce emissions of pollutants, such as sulfur dioxide, chemical oxygen demand, etc; to help enterprises achieve maximum energy efficiency at minimum cost; to help enterprises manage environmental risks and meet increasing disclosure requirements; and to provide enterprises with integrated international emissions market access and experience.
In 2006, Tianjin Binhai New Area was designed by the State Council of the PRC as the national experimental zone for comprehensive reforms related to financial innovation, land and administrative management.
China's Eleventh Five-Year Plan (2006-10) called for cutting energy consumption per unit of GDP up to 20 percent by 2010 while reducing major pollutants, such as sulfur dioxide (SO2) by 10 percent.[3]