Hubei Province is stepping up efforts to establish itself as China’s national carbon trading hub. On March 11, officials released the Implementation Plan for Developing Hubei as a National Carbon Market Hub, outlining strategies to lower the market entry threshold and expand the scope of tradable greenhouse gases to include methane.
Source: CNR
Hubei Province is stepping up efforts to establish itself as China’s national carbon trading hub. On March 11, officials released the Implementation Plan for Developing Hubei as a National Carbon Market Hub, outlining strategies to lower the market entry threshold and expand the scope of tradable greenhouse gases to include methane. The move positions Hubei at the forefront of China’s carbon market development.
According to Huang Jinpeng, Deputy Director of the Provincial-Ministerial Joint Innovation Center for Carbon Emissions Trading, Hubei’s role as a national carbon hub means more than just hosting transactions. It will serve as a center for policy innovation, carbon price setting, and key market services, while also becoming a hub for China’s growing low-carbon industries.
Lei Xiao, a senior official with the Hubei Provincial Department of Ecology and Environment, outlined five key priorities in the plan: Strengthening China Carbon Registration (CCER) as the national clearing and settlement center for carbon trading. Establishing a leading carbon trading innovation hub to drive new market mechanisms. Developing a standardized, efficient trading platform for carbon-related assets. Accelerating the growth of low-carbon industrial clusters. Expanding Hubei’s influence and leadership in China’s carbon market.
One of the most notable changes in the plan is the decision to lower the carbon market entry threshold, reducing the annual emissions requirement for participating enterprises from 26,000 to 13,000 metric tons of CO₂ equivalent (MtCO₂e). The plan also aims to bring non-industrial sectors into the market, gradually including industries such as data centers, logistics, shipping, and ports. In addition, Hubei is exploring ways to incorporate methane and other non-CO₂ greenhouse gases into its emissions trading system.
The plan also proposes new infrastructure to support China’s carbon market. It calls for expanding China Carbon Registration (CCER) into a national data storage and computing center to ensure secure market operations. Additionally, Hubei aims to establish the Wuhan Carbon Clearing House, which would handle financial settlements for carbon market participants across the country. As of March 10, CCER manages over 2,600 corporate accounts nationwide, has issued more than 24.2 billion metric tons of carbon allowances, and has facilitated over 86.7 billion yuan ($12 billion) in financial settlements.
Reproduced article do not represent the position of New Energy Era.