Week at a glance (Feb 28 – Mar 4, 2022)
- China’s national Carbon Emissions Allowance (CEA) market saw a significant drop in activity during the past week, ending with a total volume of 319,094 tons. Block trades only occurred on two trading days but accounted for almost all trades. Prices for open market transactions changed little throughout the week, closing 1% down from the previous week at 57.90 yuan/ton ($9.16/ton). The total volume-weighted average price for the week was 51.49 yuan/ton ($8.15/ton).
- Activities across the nine China certified emission reductions (CCER) markets once again increased substantially from the previous week to a total volume of 404,470 tons. On a relative basis, activities in the Tianjin and Sichuan markets surged while Shanghai remained steady. Tianjin, Sichuan, and Shenzhen also saw some activity. Beijing saw trades for the first time in six weeks.
- The 2021 China Climate Bulletin, published on March 1 by the Meteorological Administration, reports that China experienced its highest annual average temperature on record at 10.5oC, 1oC higher than the 1981-2000 climatological norm. The Bulletin states that the occurrence of extreme weather events in 2021, such as floods, droughts, sand storms, heat waves, and cold spells, can be characterized as “often, intense, wide-spread, and concurrent”.
- On February 28, the National Statistics Bureau announced the publication of the 2021 National Economic and Social Development Statistics Bulletin. China’s GDP grew 8.1% from 2020 while carbon emissions per 10,000 yuan GDP decreased by 3.8%. Clean energy (including natural gas, hydro, nuclear, wind, and solar) accounted for 25.5% of the total energy consumption, a 1.2% increase from 2020.