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Reuters

The China Emissions Exchange in Shenzhen has granted a trading licence to Singapore-based broker Ginga Petroleum, with an additional eight foreign utilities and trading companies waiting in line.
Ginga became the first non-mainland firm granted a foreign currency account to join Shenzhen's pilot emissions trading scheme, one of seven set up on the mainland, the world's biggest emitter of carbon dioxide, before a mainland-wide market set to begin in 2016.
Other companies looking to join the Shenzhen scheme include firms from Europe and the United States.
Ginga bought 10,000 emission permits yesterday in a private deal settled in euros at an undisclosed price.
Shenzhen's secondary market for carbon permits closed at 57.71 yuan (HK$72.85) for this year's permits, down by 10 per cent.
Ginga trader Amy Zhang said the company had been looking for an opportunity to join the Shenzhen carbon scheme because of its "promise".
The Shenzhen market, covering about 33 million tonnes of carbon dioxide per year, is tiny compared to the world's largest - the European Union emissions trading system, which regulates more than two billion tonnes.
But a mainland-wide market, when fully developed, would dwarf the European scheme, and some foreign carbon traders are eager to get an early foothold in the market.
A document distributed by the China Emissions Exchange at a conference yesterday listed a number of foreign companies involved in discussions to join the Shenzhen market, the smallest of the mainland's seven pilot schemes.
Four European-headquartered utilities - BP Energy Asia, Shell (China), Statkraft and Vattenfall - were among the applicants, according to the document.
They were joined by four trading houses - Britain's Carbon Trading Capital, Japan's Econos, US company Freepoint Commodities and Switzerland's Virtuse.
Most of the mainland's carbon markets have been plagued by poor liquidity since they opened, and several are trying to attract foreign companies, especially those with experience in Europe.
Shenzhen received central government clearance last month to let deals be settled in foreign currencies.


Ginga Petroleum leads foreign queue to China's carbon market

Shenzhen's secondary market for carbon permits closed at 57.71 yuan for this year's permits, down by 10 per cent. Photo: AP


Business

Commodities

The China Emissions Exchange in Shenzhen has granted a trading licence to Singapore-based broker Ginga Petroleum, with an additional eight foreign utilities and trading companies waiting in line.
