Keywords: China, PRC, reduce carbon intensity,
CBEEX, GHG offset, BlueNext, Panda Standard
On 26 November 2009, the State Council of the People's
Republic of China announced that the PRC pledged to voluntarily
reduce its carbon intensity at 40 percent - 45 percent per unit of
gross domestic product by 2020 against 2005. As the first step to
move towards a low carbon society in line with the national policy,
the China Beijing Environment Exchange ("CBEEX")
officially released the first standard for voluntary greenhouse gas
("GHG") offset entitled "Panda Standard Version
1.0" on 16 December 2009 at the Copenhagen Convention. The
principal founders of the Panda Standard are CBEEX, the BlueNext
(Europe's largest carbon credits exchange) and the China
The Panda Standard is a Chinese domestic standard for GHG
emission reductions project activities. The standard's core
structure is based on the international standard for GHG management
activities developed by the International Organisation for
Standardization, in particular, ISO14064-2 Specification with
guidance at the project level for quantification, monitoring and
reporting of GHG emission reductions or removal enhancements, and
ISO14064-3 Specification with guidance for the validation and
verification of GHG assertions. The Panda Standard (in both English
and Chinese) is available at http://www.pandastandard.org/.
It is anticipated that similar standards will be issued by the
other local environment exchanges in China such as the Tianjin
Climate Exchange and the Shanghai Environment and Energy Exchange
in order to further provide the foundation for voluntary carbon
offset activities in China.
Copyright 2010. JSM, Mayer Brown International LLP
and/or Mayer Brown LLP. All rights reserved. Mayer Brown is a
global legal services organization comprising legal practices that
are separate entities ("Mayer Brown Practices"). The
Mayer Brown Practices are: JSM, a Hong Kong partnership, and its
associated entities in Asia; Mayer Brown International LLP, a
limited liability partnership incorporated in England and Wales;
and Mayer Brown LLP, a limited liability partnership established in
the United States. The Mayer Brown Practices are known as Mayer
Brown JSM in Asia.
This article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein. Please also read the JSM legal publications Disclaimer.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The EPBC Act should remain the primary reference for any action that could have a significant impact on the environment.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”