Hundreds of companies started trading carbon credits in Beijing. The capital's pilot market for compulsory carbon trading follows similar schemes in Shenzhen and Shanghai. It's a renewed commitment to green development.
435 energy, industry and property companies have joined the Beijing market.
The first deal was reached in the real estate and construction sector which accounts for more than 40 percent of total carbon emissions.
Beijing-based Green Carbon Investment Corporation has agreed to buy 1,000 tons of carbon credits a year from the Sinochem Jingmao Property.
Sinochem Jingmao is an affiliate of Franshion Properties, one of China’s leading real estate companies.
"After our renovation of the Chem Sunny World Trade Centre, we saved the equivalent of about 1,200 tons of carbon emissions, or about 15% of the entire emissions of the building.
So we put the extra credits up for sale in the market." Sun Guodong, deputy director of R&D of Franshion Properties (China) Ltd., said.
Over 40,000 tons of carbon credits were traded on Thursday, with each ton priced around 50 CNY.
The new platforms allow companies to buy permits to emit carbon dioxide from those that burn less fossil fuels.
Officials say the move underscores the state’s commitment to use market mechanisms to slow emissions growth, in line with the reform plan outlined at the third plenum of the CPC Central Committee.
"The message is that one has to pay for the extra carbon emissions, but benefits from cutting emissions. In the future, we will gradually include more companies in the scheme.
It’s a positive signal to the world that China is making an effort to deal with climate change," Sun Wei, director of Climate Change Department of China Development & Reform Commission, said.
A green financial service centre was also launched on Thursday afternoon.
The Beijing market is one of seven regional markets to be rolled out by 2014. Four more are to be established in Tianjin, Chongqing, Hubei and Guangdong.
The test scheme could be extended across the country after 2015.
Reporter: “Three carbon trading programs have been launched so far with four more in the pipeline. Officials expect these programs to help meet emission targets, and help other policy goals on pollution, sustainable development and industrial upgrading.”
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Hundreds of companies started trading carbon credits in Beijing. The capital's pilot market for compulsory carbon trading follows similar schemes in Shenzhen and Shanghai. It's a renewed commitment to green development. 
