Chongqing - The Chongqing urban public transport's greenhouse gas emission reduction project recently completed its first Chongqing Certified Emission Reduction (CQCER) transaction, trading about 167,000 tons of emissions for over 6 million yuan (USD 830,000).
CQCER covers local emission reductions that are developed, verified, and registered according to Chongqing's carbon management regulations. Eligible projects include renewable energy (excluding hydropower), green buildings, sustainable transportation, forestry carbon sinks, and methane reduction and utilization.
This CQCER transaction is the first certified emission reduction trading for public transportation in low-carbon travel nationwide, signaling progress in cutting carbon emissions and advancing green development in Chongqing's public transportation sector.
The Chongqing Certified Voluntary Emission Reduction (CQCER) project of the Chongqing carbon emission trading center sold carbon emission rights. (Photo/Chongqing carbon emission trading center)
Energetic, a wholly owned subsidiary of Chongqing City Transportation Development & Investment Group Co., Ltd., spearheaded China's carbon trading with the first urban public transportation greenhouse gas emission reduction project in Chongqing in 2022.
Carbon emission trading is becoming an essential market tool for promoting green and low-carbon development in response to global climate change. It involves converting carbon emission rights into tradable assets known as "carbon assets," enabling companies to flexibly adapt their carbon reduction strategies and balance economic growth and environmental sustainability.
This project is leading the charge in China's low-carbon public transportation emission reduction efforts. It serves as a national model, striving to cut emissions from bus travel and inspire similar initiatives nationwide.
A spokesperson from Chongqing City Transportation Development & Investment Group Co., Ltd. emphasized their commitment to exploring more avenues for cutting carbon emissions in public transport, fostering collaboration, and backing China's "dual carbon" objectives, all to promote green and low-carbon travel practices.