HAIKOU, July 11 (Xinhua) — China’s first-ever carbon-sink trading project in a national park’s tropical rainforest has been transacted in the tropical island province of Hainan, marking another move to achieve the country’s dual carbon goals.
Three companies signed a cooperation agreement with the Diaoluo Mountain branch of the Management Office of the National Park of Hainan Tropical Rainforest on Wednesday for the purchase of a total of 350,000 yuan (about 49,000 U.S. dollars) worth of tropical rainforest carbon sinks, according to the provincial forestry department.
The carbon sinks traded originate from the Diaoluo Mountain area of the national park by removing Merremia boisiana, a vigorous invasive twining vine that is harmful to trees, in an area of 667 hectares of forest.
The removal of the vines will help accelerate the growth of trees, resulting in an estimated reduction of 109,000 tonnes of carbon dioxide emissions over the next 20 years, with the carbon-sink trading value exceeding 10 million yuan.
The three companies purchased carbon sinks for 150,000 yuan, 100,000 yuan and 100,000 yuan, respectively, to offset their carbon emissions and contribute to carbon neutrality.
China has made a commitment to the dual carbon goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060.