The voluntary carbon market (VCM) is an important component of a country’s efforts to achieve carbon neutrality and promote global climate governance. Since the China GHG Voluntary Emission Reduction Program (the CCER program1) was launched in 2012, the voluntary carbon market has made a positive contribution to realizing carbon emission reduction targets throughout society at low costs and serving green and low-carbon development. In the process of building a community with a shared future for mankind and global climate governance, advancing the diversification and application of the CCER program is a concrete initiative to contribute China’s wisdom and strength to the global fight against climate change.
In March 2020, the CCER program was approved as a supply mechanism of Eligible Emissions Units (EEUs) in the pilot phase (2021-2023) of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), a key step in the internationalization of the CCER program. The CORSIA is an initiative proposed and established by the International Civil Aviation Organization (ICAO) in 2016 to achieve the goal of zero growth in international aviation carbon emissions from 2020 onwards through market-based measures (purchase of EEUs). The CCER program has become an EEU supply channel in the pilot phase of the CORSIA, providing an offset option for civil aviation enterprises across the world to contribute on global aviation emissions reduction, bringing opportunities to its own program development worldwide and playing a key role in driving global climate governance and international cooperation. Currently, the CCER program is not involved in the re-assessment of the eligibility for EEUs organized by ICAO in early 2022 for later phases of the CORSIA.
From the perspective of improving the CCER program, this report explores the development of the CCER program against the backdrop of the CORSIA and systematically reviews the status of CCER development and the status of CORSIA implementation; and from the perspective of continuing the CCER program’s supply of EEUs, it presents a comparative analysis of the design, implementation and other elements of the CCER program and the CORSIA. The report also gives a prospect of the international application and internationalization process of China’s Certified Emission Reductions (CCERs) with the purpose of serving global climate governance and offers ideas and recommendations for the future development of the CCER program.
1 The credits generated by China GHG Voluntary Emission Reduction Program (CCER program) are the China’s Certified Emission Reductions (CCERs).