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Caixin

China's carbon market records its first cross-border deal

Hong Kong transactions are rare good news for system as daily volume shrivels

 An institution and an individual from Hong Kong bought nearly 10,000 tons of China Certified Emission Reductions (CCERs) from a solar power project in the Kubuqi Desert in northern China.   © Reuters

Even as trading on China's national carbon market dwindled away in its first month to next to nothing, one sign of life emerged this week in the form of an unusual cross-border deal for a voluntary form of carbon emission credits.

On Aug. 9, an institution and an individual from Hong Kong bought nearly 10,000 tons of China Certified Emission Reductions (CCERs) from an Elion Group solar power project in the Kubuqi Desert. It was the first cross-border transaction involving CCERs. The credits are one of several manifestations of China's system for reducing emissions of carbon dioxide, the main greenhouse gas causing climate change.

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