Guangzhou Wants to Create Enterprise Carbon Account System to Drive Green Finance

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The Guangdong province capital of Guangzhou says it will explore the development of an enterprise carbon account system amidst broader efforts to drive the growth of green finance in China.

On 19 September the Guangzhou municipal financial authority led the release of the “Opinions on Financial Support for the Development of an Enterprise Carbon Account System” (关于金融支持企业碳账户体系建设的指导意见).

The Opinions were drafted by the finance authority in conjunction with several other parties, including local power companies and the Guangzhou branch of the Chinese central bank.

Parties to the Opinions plan to jointly drive the creation of a carbon account system for enterprises, in a bid to “help the financial sector to actively explore green finance innovations based upon a carbon account system.”

A key measure of the opinions will be to “explore the establishment of enterprise carbon account and carbon credit report standards,” as well as the use of unified barcodes for enterprises as identifying markers for their carbon accounts.

“[We] will explore the establishment of carbon account standards for containing enterprise industry information, economic data, energy data, carbon emissions data and assessment results and other information,” the Opinions said.

A Guangzhou official said that the goal of the Opinions is to replicate and promote enterprise carbon accounts based on previous pilot schemes, and further advance green finance reforms throughout Guangzhou municipality.