Sunday, March 5, 2023

China explores the blue carbon market

A "carbon sink of a fishery" (related to algae aquaculture) has been aucctioned off in China. 

Here are a few highlights from a related articles:

Chinadaily / 28 Feb 2023 / Ningbo taps market for blue carbon credits

  • The blue carbon credits are what the ecosystems generate based on the quantity of carbon they absorb and store. The credits are sold to buyers that want to offset their carbon emissions.
  • The blue carbon credit market is relatively new in China. To date, only five blue carbon deals have been made in the country.
  • The blue carbon credits sold on Tuesday are generated by three varieties of algae – kelp, seaweed and sea lettuce - at Xihu Port in Xiangshan. More than 20 enterprises and institutions from around the nation attended the auction, and Zhejiang Yiduan Precision Machinery Co Ltd, a machine manufacturer in Ningbo, won the bidding wars.

New China TV (YouTube video) / 2 Mar 2023 /  First "blue carbon" auction held in China's Ningbo / 23 Feb 2023 / Ningbo's first blue carbon pilot project passed the expert acceptance

  • the blue carbon storage and increment of the coastal wetland on the south bank of Hangzhou Bay are 696300 tons/year and 32700 tons/year respectively, and the carbon sink value of the coastal wetland is 1866100 yuan/year. The total carbon reserves of the intertidal zone on the south bank of Hangzhou Bay are 1.1488 million tons, including 63300 tons, 150700 tons, 13700 tons, 00400 tons and 797900 tons of reed, Spartina alterniflora, Scirpus mariqueter, Suaeda salsa and Guangtan respectively.

CGTN / 3 Mar 2023 / First 'blue carbon' auction held in China's Ningbo

About 2,340 tonnes of blue carbon was auctioned off in Ningbo, east China's Zhejiang Province on Tuesday, in an effort to help improve the marine environment in the area.

The item of the auction, the first of its kind in the country, is the annual total carbon sink of a fishery in Xiangshan County, with the starting price at 30 yuan (about $4.4) per tonne.

The winning bidder was Zhejiang Yiduan Precision Machinery Co., Ltd., which bought it at 248,000 yuan (about $35,900).

Blue carbon refers to carbon dioxide that is captured by marine activities and marine organisms, and stored in the marine ecosystem.

The auction helped facilitate the development of local blue carbon resources, which are expected to generate substantial economic and ecological benefits for the region.