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Press Release
Implementation framework of emission trading pilot scheme announced
The Environmental Protection Department (EPD) of the Hong Kong Special Administrative Region and the Environmental Protection Bureau of Guangdong Province today (January 30) announced the implementation framework of the emission trading pilot scheme for thermal power plants in the Pearl River Delta (PRD) region.
The pilot scheme is an achievement of the co-operation between Guangdong and Hong Kong. Both sides hope that through the setting up of this platform, thermal power plants from both sides will participate on a voluntary basis in emission trading. By making use of market forces and the flexibility of emission trading, power plants can be more proactive in coming up with different cost-effective emission reduction projects such that air pollutant emissions in the whole PRD Region can be reduced, meeting the interests of various parties.
The implementation framework of the pilot scheme sets out the eligibility criteria for participation, trading mechanism, application procedures and monitoring methods. Details are available on the EPD's homepage http://www.epd.gov.hk.
Both sides will actively introduce the pilot scheme to thermal power plants/power companies in the PRD Region, with a view to allowing prospective parties to identify trading partners and drawing up emission trading agreements.
In parallel, the two sides will jointly set up the Emission Trading Management Panel as soon as possible to assist the environmental protection authorities of both sides in the management of emission trading matters under the pilot scheme. It will include management of the transfer and write-off of emission credits, announcement of the distribution of emission credits, proposed operational rules of emission trading as well as training of personnel.
The environmental protection authorities of the two sides will take up the monitoring role to ensure the smooth implementation of the pilot scheme.
End/ Tuesday, January 30, 2007
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