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.
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The proposed new environmental offset regime for Queensland is expected to commence shortly.
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