Singapore startup Cyberdyne Tech Exchange (CTX) announced the sale of carbon neutrality tokens backed by Chinese carbon credits. These credits will offset nearly 5,000 metric tons of carbon through a wind project taking place in Zhangjiakou. Another 5,000 units will be released later this month.
China’s national carbon trading market issues tokens that contain “shared carbon information including emission records and tracing, carbon offsetting, carbon capture, storage, and reuse.”
This is an additional measure that China’s market is using to ensure that environmental objectives are achieved.
The global carbon market is anticipated to reach a value of $22T by 2050. China, which launched its carbon trading market in July, is expected to hold the largest carbon market in the world once it is fully operational.
Zhangjiakou will co-host the 2022 Winter Olympics, which may be why China (backing the project) is keen to showcase it. China is currently the world’s largest carbon emitter, producing about 10.06 billion metric tons of carbon annually.
As of 2019, this accounted for nearly 27% of the world’s greenhouse gases. The US came in second, at 11%, and India came in third at 6.6%.
China is determined to become a world leader when it comes to combating climate change. Last year, China’s President Xi announced that their emissions would peak before 2030. Their goal is to achieve carbon neutrality by 2060, using methods such as reforestation.
Some feel China’s efforts aren’t driven by environmental concerns but rather by economic growth. If China does not create more environmentally friendly policies, it could affect their ability to trade with the west. Regardless, with China onboard towards reducing emissions, the world reaps the benefits.
This is an all-hands-on-deck situation. The more countries committed to a greener, cleaner future, the better it is for us all.