深圳市碳排放权交易管理办法
Measures of Shenzhen Municipality on the Administration of Carbon Emission Trading
Chapter I General Provisions
Article 1 To control greenhouse gas (“GHG”) emissions, realize carbon peaking and carbon neutrality and ensure a sound market for carbon emission trading (“CET”), these Measures are formulated in accordance with the Regulations of Shenzhen Special Economic Zone on Ecological and Environmental Protection.
Article 2 These Measures shall apply to CET and its supervision and administration within the administrative area of Shenzhen Municipality.
Entities under national CET administration shall follow relevant national regulations.
Article 3 CET shall be made according to the principles of openness, fairness, justice, good faith and good balance between carbon emission control and economic development.
Article 4 Shenzhen Municipal People’s Government shall guide CET in a centralized manner and organize the establishment of the CET market.
Shenzhen Municipal People’s Government shall establish a stable financial capital investment mechanism for CET and incorporate relevant funds for CET administration into the financial budget.
Article 5 The municipal ecology and environment authorities shall implement centralized CET supervision and administration.
The offices of the municipal ecology and environment authorities shall supervise and administer CET within their jurisdictions.
Article 6 The municipal development and reform authorities shall cooperate with the municipal ecology and environment authorities to formulate the carbon emission control objectives and total annual carbon emission allowance (“CEA”) for CET.
The municipal statistics authorities shall formulate statistical rules for the production output data of key emission entities and take effective statistical supervision measures.
The municipal authorities of industry and information technology, finance, housing and construction, transport, state-owned assets supervision and administration, and local financial management shall supervise and administer CET according to their respective duties.
Power, gas and oil suppliers shall provide relevant energy consumption data according to relevant regulations for CET administration.
Article 7 The municipal ecology and environment authorities shall establish sound CET administration systems for registering carbon emissions and reporting GHG emissions.
CET agencies in Shenzhen Municipality (“trading agencies”) shall organize centralized CET, provide trading venues, systems, facilities and services, and ensure the safe, stable and reliable operation of the trading system.
Article 8 Financial institutions shall be encouraged to carry out financial innovation with the goal of enhancing the emission reduction capacity of key emitting entities and the function of the CET market. Efforts shall also be made to develop carbon finance services such as carbon funds, carbon bonds, pledge financing of carbon emission rights and structured deposits, and encourage innovative businesses such as carbon credit and carbon insurance.
Article 9 CET cooperation with other Chinese provinces and cities and international CET systems shall be explored.
Chapter II Allocation and Registration
Article 10 Entities that fall into one of the following conditions shall be included in the list of key emitting entities to join municipal CET if appropriate:
1. Emitting entities that emit more than 3,000 tons of carbon dioxide equivalents in any year during baseline years for carbon emissions;
2. Other emitting entities determined by the ecology and environment authorities.
Entities included in the national list of key GHG emitting entities shall no longer be included in the list of key emitting entities of Shenzhen Municipality and shall join national CET according to relevant regulations.
Article 11 The municipal ecology and environment authorities shall regularly organize the inspection of emitting entities, determine the list of key emitting entities, implement dynamic administration of the list and announce it to the public.
Article 12 Key emitting entities shall formulate sound carbon emission management systems staffed with carbon emission management workers. They shall also take measures to reduce carbon emissions, report data of annual carbon emissions and production output, comply with CEA and disclose relevant information about carbon emissions according to relevant regulations.
Article 13 CET implements fixed cap control of CEA. The municipal ecology and environment authorities shall, together with the municipal development and reform authorities, formulate the objective of carbon emission control and the total annual CEA for CET according to such factors as the anti-climate-change objective, industrial development policy, industrial emission reduction potential, emissions in previous years and market supply and demand.
The total annual CEA is composed of the CEA for key emitting entities and government-reserved CEA, the latter of which includes reserved CEA for new projects and reserved CEA for price stabilization.
Article 14 The municipal ecology and environment authorities shall determine the annual carbon intensity target of key emitting entities according to the reduction target of carbon emission intensity, the development of the industry and the baseline carbon intensity of the industry, use the benchmark method and historical method for pre-allocated CEA and review actual CEA. The annual carbon intensity target of key emitting entities shall not exceed the carbon intensity target of the previous year.
Article 15 The municipal ecology and environment authorities shall determine the pre-allocated CEA for key emitting entities according to the CEA allocation method and issue the pre-allocated CEA for the current year before March 31 of each year.
The pre-allocated CEA for the current year cannot be used to fulfill CEA compliance for the previous year.
Article 16 The municipal ecology and environment authorities shall, before June 30 of each year, inspect the actual CEA for key emitting entities in the previous year.
If the actual CEA for key emitting entities is less than the pre-allocated CEA, the excess CEA shall be returned to the municipal ecology and environment authorities before the deadline of the compliance period, and the part that is not returned on time shall be regarded as excess emissions; If the actual CEA for key emitting entities is greater than the pre-allocated CEA, the municipal ecology and environment authorities shall make up for the difference.
Article 17 The municipal ecology and environment authorities shall reserve 2% of the total annual CEA as reserved CEA for new projects. The ratio can be dynamically adjusted according to the actual needs.
Where the annual emissions of a new project on fixed assets of a key emitting entity reach 3,000 tons of carbon dioxide equivalents, the entity shall submit an evaluation report on the carbon emissions of the project to the municipal ecology and environment authorities before putting it into operation and apply for reserved CEA for it before the inspection for acceptance.
After all reserved CEA for new projects have been issued in the current year, no reserved CEA will be added for new projects in the current year.
Article 18 The municipal ecology and environment authorities shall reserve 2% of the total annual CEA as reserved CEA for price stabilization. The ratio can be dynamically adjusted according to the actual needs. When the CEA price falls sharply or there are too many flowing CEA in the market, the municipal ecology and environment authorities may use a certain ratio of auctioned CEA as reserved CEA for price stabilization.
When the CEA price rises sharply or there are too few flowing CEA in the market, the municipal ecology and environment authorities may release reserved CEA for price stabilization.
Reserved CEA for price stabilization can only be purchased by key emitting entities for CEA compliance and cannot be traded. Reserved CEA for price stabilization shall be sold by auction.
Article 19 CEA for key emitting entities and reserved CEA for new projects shall be allocated mainly by free allocation, with auctioned allocation introduced in due course.
The municipal ecology and environment authorities shall formulate annual plans for CEA allocation, including the total CEA, the method of CEA allocation and the ratio of CEA for auctioned allocation, which shall be submitted to Shenzhen Municipal People’s Government for review. Only with approval can they be announced to the public and implemented.
Article 20 According to the annual plans for CEA allocation, the municipal ecology and environment authorities shall allocate annual CEA for key emitting entities through the carbon emission registration system and inform key emitting entities.
Where key emitting entities have objections to the allocated CEA, they may apply to the municipal ecology and environment authorities for reexamination within seven working days from the date of receiving the allocated CEA. The municipal ecology and environment authorities shall decide within ten working days from the date of receiving reexamination applications and inform key emitting entities of reexamination results in writing.
Article 21 Key emitting entities shall open accounts in the carbon emission registration system and apply for relevant services.
The carbon emission registration system shall record information of the issuance, ownership, transfer, pledge, compliance, offsetting, cancellation and carry-forward of CEA and certified emission reduction (“CER”) as the basis for determining CEA and CER.
Article 22 CEA in the previous year can be carried forward to subsequent years.
Article 23 CEA or CER to be pledged shall go through the pledge registration procedure with the following documents submitted to the municipal ecology and environment authorities:
1. Application form for pledge registration;
2. ID certificate of the applicant;
3. Contract of pledge;
4. Contract of principal creditor’s right;
5. Proof of pledge issued by a trading agency.
If the applicant submits all necessary application documents, the municipal ecology and environment authorities shall, within ten working days from the date of receiving the application for pledge registration, complete pledge registration and issue a pledge announcement. If the applicant fails to submit all necessary application documents, the municipal ecology and environment authorities shall inform the applicant in writing of documents that need to be supplemented at once.
The pledge announcement shall include the following contents:
1. Pledgee;
2. Pledged CEA or CER;
3. The time limit of the pledge.
Article 24 If the industry in which a key emitting entity engages is inconsistent with the industry determined by the annual CEA allocation scheme, the entity shall submit the following documents to the municipal ecology and environment authorities to apply for CEA adjustment before March 31 of each year, but the adjusted annual carbon intensity target shall not be higher than the carbon intensity target in the previous year:
1. Application form for change;
2. Financial audit report specifying the main products, output value and other related information of the entity;
3. Copy of business license and power of attorney from the legal representative.
After accepting the application, the municipal ecology and environment authorities shall review it, re-determine the annual carbon intensity target of the entity and determine its CEA according to the annual carbon intensity target.
Article 25 Where a key emitting entity is merged with another entity, its CEA shall be taken over by the entity that survives the merger or the newly established entity and shall be reported to the municipal ecology and environment authorities within 15 working days from the date of commercial registration.
Where a key emitting entity is divided, a CEA division plan shall be formulated and reported to the municipal ecology and environment authorities within 15 working days from the date of commercial registration. In case of failure to report to the municipal ecology and environment authorities, the CEA compliance obligations of the original key emitting entity shall be jointly borne by the entity after the division.
From the next year after the merger or division of a key emitting entity, the municipal ecology and environment authorities shall set the annual carbon intensity target for the merged or divided entity according to the industry in which it engages. The annual carbon intensity target of the merged or divided entity shall not be higher than the carbon intensity target of the original key emitting entity in the previous year.
Article 26 If a key emitting entity falls into one of the following circumstances, the municipal ecology and environment authorities shall remove it from the list of key emitting entities and inform it of this:
1. Moving out of the administrative area of Shenzhen Municipality;
2. No longer engaging in production and business due to suspension of business or closure;
3. Initiating the bankruptcy process;
4. Emitting less than 3,000 tons of carbon dioxide equivalents for three consecutive years;
5. Other circumstances where a key emitting entity needs to be removed from the list as determined by the municipal ecology and environment authorities.
Key emitting entities shall return the pre-allocated CEA to the municipal ecology and environment authorities within 15 days after being removed from the list.
Chapter III Carbon Emission Trading
Article 27 Trading agencies shall formulate trading rules such as trading methods and trading service fees, which shall be submitted to the municipal ecology and environment authorities for review and then submitted to the municipal authorities of local financial supervision for registration before promulgation and implementation.
CET shall be conducted by one-way bidding, transfer on agreement or other prescribed means.
Article 28 Key emitting entities and other organizations and individuals that meet the requirements of the trading rules may join CET and pay trading services to trading agencies according to relevant regulations.
Article 29 CET includes trading in CEA, CER and other CET categories approved by the municipal ecology and environment authorities.
New CET categories shall be encouraged.
Article 30 CEA or CER holders may sell, pledge, escrow CEA or CER or obtain earnings or financial support in other lawful ways.
Article 31 Carbon emission traders shall not trade CEA or CER illegally obtained, manipulate the CET market by fraud, malicious collusion or spreading false information or engage in other trading activities prohibited by relevant authorities and trading agencies.
The municipal ecology and environment authorities, other authorities, trading agencies, third-party review agencies and their workers shall not hold, buy or sell CEA. Those who hold CEA shall transfer or cancel their CEA according to the law.
Article 32 CET funds shall be subject to third-party custody. Custodian banks shall manage and pay trading funds according to relevant regulations.
The carbon emission registration system shall be connected with the CET system and timely process the settlement and delivery of trading categories.
Article 33 Trading agencies shall formulate a risk control system for block trading monitoring, risk warning and price limits so as to maintain market stability and prevent market risks.
When major trading anomalies occur, trading agencies shall report to the municipal ecology and environment authorities in a timely manner and take emergency measures such as restricting trading and temporarily closing the market.
The municipal ecology and environment authorities shall, together with the municipal authorities of local financial supervision, supervise and handle the financial risks of CET venues.
Article 34 Organizations or individuals shall be encouraged to open public carbon accounts and purchase CER to offset their carbon emissions and realize their carbon neutrality.
Article 35 Shenzhen Municipal People’s Government shall establish CET funds according to relevant regulations to support the CET market and key projects for carbon emission reduction and carbon neutrality.
Chapter IV Emission Review and Compliance with Allowances
Article 36 The municipal ecology and environment authorities shall formulate a GHG emission information reporting system. Emitting entities shall, according to the requirements of the municipal ecology and environment authorities, gradually declare annual carbon emissions in the GHG emission information reporting system in light of the basic conditions of industry data and other factors. The specific scope of declaration shall be separately determined by the municipal ecology and environment authorities.
Article 37 The key emitting entity shall prepare a carbon emission report of the previous year according to the technical specifications for carbon emission quantification and reporting, submit it to the municipal ecology and environment authorities before March 31 of each year and be responsible for the authenticity, integrity and accuracy of the report. The original proof and management ledger of the data involved in the report shall be kept for at least five years.
The municipal ecology and environment authorities shall organize the review of the annual carbon emission report and inform the key emitting entity of the review result. The review result shall serve as the basis for judging whether the key emitting entity has complied with its CEA.
Where a key emitting entity has objections to the review result, it may apply for a reexamination within seven working days from the date of receiving the review result. The municipal ecology and environment authorities shall conduct a reexamination within ten working days from the date of receiving the reexamination application and inform the entity of the reexamination result in writing. Where the reexamination result is inconsistent with the review result, the reexamination result shall be used as the basis for judging whether the entity has complied with its CEA.
The municipal authorities of industry and information technology, housing and construction and transport shall cooperate with the municipal ecology and environment authorities to review and reexamine the annual carbon emission report of the key emitting entity and provide relevant information such as its energy consumption data and production and operation status.
The municipal ecology and environment authorities may authorize a third-party review agency with the corresponding qualification to provide review and reexamination services by purchasing its services.
Article 38 The key emitting entity shall, before March 31 of each year, submit to the municipal ecology and environment authorities a production output data report of the previous year. The municipal ecology and environment authorities may authorize a professional agency to review the report and the production output data together with relevant authorities before May 31 each year.
The review scope of the production output data of the key emitting entity shall be consistent with that of carbon emission data. If the production output data are negative, they shall be identified as zero.
The key emitting entity shall be responsible for the authenticity, completeness and accuracy of the report.
Article 39 Key emitting entities shall submit CEA or CER to the municipal ecology and environment authorities before August 31 of each year. If the sum of CEA and CER is not less than the actual carbon emissions in the previous year, they shall be deemed to have complied with their CEA. If sufficient CEA or CER is not submitted within the time limit, the difference shall be regarded as excess emissions.
Article 40 If the actual CEA issued by the municipal ecology and environment authorities in the current year can not offset the actual emissions, key emitting entities may use CER to offset their annual carbon emissions. One CER is equivalent to one CEA. Not more than 20% of the difference shall be offset by CEA.
The types of CER that can be used include:
1. China Certified Emission Reduction (CCER);
2. Puhui Certified Emission Reduction (PHCER) in Shenzhen Municipality;
3. Other CER approved by the municipal ecology and environment authorities.
CER generated by key emitting entities within the scope of carbon emission review shall not be used to fulfill the CEA obligations in Shenzhen Municipality.
Article 41 The municipal ecology and environment authorities shall cancel the following CEA or CER and publish the following information except the third one:
1. Reserved CEA for new projects that has not been used from the previous year;
2. Reserved CEA for price stabilization that has not been used for five years;
3. CEA for key emitting entities that has been recovered after the actual CEA has been reviewed;
4. CEA and CER submitted by key emitting entities to fulfill their CEA compliance obligations in the previous year;
5. CEA returned according to Article 26 of these Measures;
6. CEA or CER canceled on voluntary application.
Chapter V Supervision and Administration
Article 42 The municipal ecology and environment authorities and other relevant authorities may, in light of their actual needs, organize the formulation of local standards for CET and CET-related activities.
Trading agencies, key emitting entities, third-party review agencies, professional agencies and industry associations shall be encouraged to formulate corporate or group standards for CET and CET-related activities.
Article 43 The municipal ecology and environment authorities shall, together with other relevant authorities, jointly inspect key emitting entities, trading agencies, third-party review agencies and professional agencies. Those subject to the inspection shall truthfully report related conditions and provide necessary information.
When inspecting, inspectors shall present their certificates. They may take measures such as on-site monitoring, consulting or copying relevant documents, but shall keep confidential the trade secrets they know.
Article 44 The municipal ecology and environment authorities shall regularly publish information such as the compliance of key emitting entities with their annual CEA.
Trading agencies shall formulate sound information disclosure systems, timely release relevant information of the CET market and regularly report CET and settlement as well as their operations to the municipal ecology and environment authorities.
Key emitting entities shall, after fulfilling their CEA obligations, disclose their performance in carbon intensity target in the previous year on the platform designated by the municipal ecology and environment authorities before December 31 of the year.
Article 45 Third-party review agencies engaged in carbon emission review and professional agencies engaged in production output data review shall formulate sound internal quality control systems and be responsible for the authenticity, integrity and accuracy of the data, reports and other documents issued by them.
Third-party review agencies and professional agencies shall conduct reviews independently, objectively and impartially and fulfill the obligation of confidentiality.
The municipal ecology and environment authorities and other relevant authorities shall promote the development of third-party review agencies and professional agencies. Regular training shall be conducted on key emitting entities and inspectors to improve their professional qualifications.
Article 46 A CET credit record system shall be established. For carbon emission traders, third-party review agencies and professional agencies that get administrative punishments for violating the provisions of these Measures, the municipal ecology and environment authorities and other relevant authorities shall record their credits, incorporate their credit records into the public credit information administration system according to relevant regulations and publish their credit records.
Article 47 The municipal ecology and environment authorities may evaluate the operation effects of the CET market and adjust the annual CEA allocation plan according to the evaluation result.
Trading agencies may evaluate the efficiency, safety and stability of the CET market, optimize trading rules and innovate trading categories according to the evaluation result.
Article 48 Any organization or individual may report or complain about violations of laws and regulations in the process of CET to the municipal authorities of ecological environment, statistics and local financial regulation.
The authority accepting the report or complaint shall timely investigate and handle it if it falls within its duties, report the result to the organization or individual that makes the report or complaint and at the same time keep the information of the organization or individual confidential.
Article 49 Any organization or individual that considers that the specific administrative act made by the municipal ecology and environment authorities or other relevant authorities in the process of CET administration infringes on the legitimate rights and interests of the organization or individual may apply for administrative reconsideration or bring an administrative lawsuit according to the law.
Chapter VI Legal Liabilities
Article 50 Administrative offices and their workers who fail to perform their administration duties according to these Measures shall be investigated for their administrative liabilities according to the law. Those suspected of committing a crime shall be transferred to the judicial authorities according to the law.
Article 51 The key emitting entity that fails to submit the annual carbon emission report within the time limit prescribed in Article 37 of these Measures shall be urged by the municipal ecology and environment authorities to submit it within a time limit. If it fails to submit it by the expiry of the time limit, it shall be subject to a fine of 50,000 yuan. Its actual annual carbon emissions shall be measured by the municipal ecology and environment authorities, which shall be used as the basis for judging its compliance with their CEA.
The key emitting entity that fails to submit the production output data report within the time limit stipulated in Article 38 of these Measures shall be urged by the municipal ecology and environment authorities to submit it within a time limit. If it fails to submit it within the time limit, its production output data shall be deemed as zero by the municipal ecology and environment authorities.
Article 52 Key emitting entities that fall into any of the following circumstances shall be handled by the municipal ecology and environment authorities according to the following standards:
1. Key emitting entities that violate the provisions of the second paragraph of Article 16 of these Measures and fail to return the excess pre-allocated CEA on time shall be ordered to make corrections within a certain time limit. Those that fail to make corrections within the time limit shall be fined three times the average CEA price for six consecutive months before the month when the compliance period shall expire multiplied by excess emissions;
2. Key emitting entities that violate the provisions of the first and second paragraphs of Article 25 of these Measures and fail to report their merger or division on time to the municipal ecology and environment authorities for registration shall be ordered to make corrections within a time limit. Those that fail to make corrections within the time limit shall be fined 50,000 yuan, with their illegal gains confiscated according to the law;
3. Key emitting entities that violate the provisions of the second paragraph of Article 26 of these Measures and are removed from the list of key emitting entities with insufficient pre-allocated CEA shall be ordered to make corrections within a time limit. Those failing to make corrections within the time limit shall be fined 100,000 yuan, with their illegal gains confiscated according to the law;
4. Carbon emission traders that violate the provisions of the first paragraph of Article 31 of these Measures and engage in illegal trading activities shall be ordered to cease their illegal activities together with confiscation of their illegal gains according to the law and a fine of 50,000 yuan. If the circumstances are serious, a fine of 100,000 yuan shall be imposed. If losses are caused, they shall be liable for compensation according to the law;
Trading agencies, third-party review agencies and their worker that violate the provisions of the second paragraph of Article 31 of these Measures and hold, buy or sell CEA shall have their illegal gains confiscated according to the law. In addition, such agencies shall be fined 100,000 yuan and such individuals shall be fined 50,000 yuan;
5. Emitting entities that violate the provisions of Article 36 of these Measures and fail to report their annual carbon emissions in the GHG emission information submission system as required shall be ordered to make corrections within a time limit. Those failing to make corrections within the time limit shall be fined 10,000 yuan;
6. Key emitting entities that violate the provisions of the first paragraph of Article 37 and the third paragraph of Article 38 of these Measures and falsely report, conceal or omit to submit the annual carbon emission report or the production output data report shall be ordered to make corrections within a certain time limit and fined 50,000 yuan. If the circumstances are serious, a fine of 100,000 yuan shall be imposed. The CEA for the next year shall be reduced by the equivalent amount for the part falsified, concealed and omitted;
7. Key emitting entities that violate the provisions of Article 39 of these Measures and fail to comply with their CEA on time and in full shall be ordered to make up the difference within a time limit and submit CEA or CER equal to excess emissions. If the remaining CEA is not made up and submitted within the time limit, the equivalent amount of CEA shall be deducted. The difference shall be directly deducted from the CEA for the next year. They shall also be fined three times the average CEA price for six consecutive months before the month when the compliance period shall expire multiplied by excess emissions;
8. Third-party review agencies and professional agencies that violate the provisions of the first and second paragraphs of Article 45 of these Measures and falsify, tamper or forge relevant data or reports or violate the principles of independence, objectivity and impartiality in reviews or fail to fulfill the obligation of confidentiality shall be ordered to make corrections within a time limit and fined 50,000 yuan. If the circumstances are serious, a fine of 100,000 yuan shall be imposed. If losses are caused, they shall be liable for compensation according to the law.
Article 53 Under any of the following circumstances, the municipal ecology and environment authorities or relevant authorities shall refer to the following standards:
1. Trading agencies that violate the provisions of the first paragraph of Article 27 of these Measures and fail to report the trading rules they have formulated to the municipal ecology and environment authorities for review and to the municipal authorities of local financial supervision for registration shall be ordered to make corrections within a time limit and fined 50,000 yuan;
2. Trading agencies that violate the provisions of the second paragraph of Article 33 and the second paragraph of Article 44 of these Measures and fail to report or take emergency measures according to relevant regulations or fail to publish relevant information about the CET market according to relevant regulations shall be ordered to make corrections within a time limit and fined 50,000 yuan. If the circumstances are serious, they shall be fined 100,000 yuan;
3. Key emitting entities that violate the provisions of the third paragraph of Article 44 of these Measures and fail to disclose their performance in the carbon intensity target in the previous year shall be ordered to make corrections within a time limit. Those failing to make corrections within the time limit shall be fined 50,000 yuan. If the circumstances are serious, a fine of 100,000 yuan shall be imposed.
Article 54 Any organization or individual that violates the provisions of these Measures or thwarts or hinders the supervision and inspection of the municipal ecology and environment authorities or relevant authorities shall be fined 50,000 yuan by the municipal ecology and environment authorities or relevant authorities. If the circumstances are serious, a fine of 100,000 yuan shall be imposed. If a crime is suspected, such an organization or individual shall be transferred to a judicial organ according to the law.
Chapter VII Supplementary Provisions
Article 55 The meanings of the following terms in these Measures:
1. Greenhouse gases (GHG) refer to natural and man-made gaseous components in the atmosphere that absorb and re-emit infrared radiation, including carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), sulfur hexafluoride (SF6), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and nitrogen trifluoride (NF3).
2. Carbon emissions refer to GHG emissions such as carbon dioxide, including direct GHG emissions from the burning of fossil fuels or production processes and indirect GHG emissions from the use of purchased electricity, heat, cold or steam.
3. Emitting entities refer to independent legal persons or other sources of carbon emissions that directly or indirectly release GHG into the atmosphere as a result of their production, business, living and other activities.
4. Carbon emission trading (CET) refers to the carbon emission control mechanism through which key emitting entities fulfill their obligations through the market mechanism, including the quantification, reporting and review of carbon emissions, and the allocation, trading and compliance of and with CEA.
5. Production output data refer to the quantitative result of production and business activities of key emitting entities, including statistical indexes such as power generation, water supply or added value, depending on the industry to which the key emitting entities belong.
6. Carbon intensity refers to the ratio of annual carbon emissions of key emitting entities to their production output.
7. The amount of flowing CEA in the market refers to the total amount of CEA held by market participants except the total CEA for the current year.
8. China Certified Emission Reduction (CCER) refers to the voluntary GHG emission reduction registered in the China registration system for voluntary GHG emission reduction trading according to relevant regulations on voluntary GHG emission reduction issued by the carbon trading authority under the State Council.
9. Puhui Certified Emission Reduction (PHCER) refers to the CER generated under the Puhui system according to the Puhui methodology registered by the competent authorities.
Puhui refers to quantifying and giving certain value to energy conservation and carbon reduction of small and micro enterprises, families and individuals and establishing a positive guidance mechanism integrating commercial incentives, policy incentives and CER trading.
10. The average CEA price during six consecutive months before the month when the compliance period shall expire refers to the average CEA price during the six consecutive months before the month when the compliance period of key emitting entities shall expire, which is published by trading agencies, and the weighted average of the CEA price for six consecutive months.
11. More than, no more than and no less than as mentioned in these Measures shall include the base values, while less than, greater than, excess and insufficient shall not.
Article 56 These Measures shall enter into force as of July 1, 2022. The Interim Measures of Shenzhen Municipality on the Administration of Carbon Emission Trading (Order of Shenzhen Municipal People’s Government No. 262)promulgated on March 19, 2014 shall be repealed simultaneously.
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