EEX and CBEEX partner for carbon market development in China
The European Energy Exchange (EEX) and China Beijing Environment Exchange (CBEEX) have signed a Memorandum of Understanding (MoU) to form a strategic partnership for the joint development of the Chinese carbon market.
The MoU is concluded against the background of the Chinese national emission trading system (ETS), which is expected to be launched still in 2017 and set to become the largest carbon market worldwide in terms of covered emissions.
Within the scope of the MoU, EEX and CBEEX will evaluate how access to the Chinese ETS for international companies can be facilitated and vice versa and how all market participants can benefit from a broad range of trading instruments and services.
Peter Reitz (pictured), Chief Executive Officer of EEX, says: “The national ETS in China will have a significant impact on carbon markets worldwide and on the perception of carbon pricing in general. Building a liquid, robust and well-functioning exchange market for emission allowances in China will be a key factor for its success. EEX is keen to make an active contribution to this development, together with CBEEX as a strategic partner.”
Zhou Cheng, Vice President, says: “With the official enforcement of the Paris Agreement and full initiation of the coming national ETS, China’s carbon market will enter into a high speed development stage. Confronting the challenges and opportunities, CBEEX will endeavour all efforts to build the local and national carbon markets. In this process, EEX, as a leading energy exchange in Europe, will be a key strategic partner of CBEEX.”