Heilongjiang completes its first rural carbon asset transaction

China's northernmost Heilongjiang province completed its first rural carbon asset transaction on March 20.

Yulin village, in the jurisdiction of Harbin New Area, sold carbon assets worth 236,000 yuan ($33,956.83) to the Heilongjiang Branch of the Bank of Communications Co Ltd.

According to the calculations of the Harbin Property Rights Exchange, the 4.62 million seedlings planted in the seedling base in Yulin village can produce an annual emission reduction of 7,920.54 metric tons of carbon dioxide equivalent.

Based on the opening price of the carbon emission allowance (CEA) in the national carbon market, the seedlings can generate an income of 475,300 yuan every year, and the carbon assets sold under this contract can achieve carbon neutrality for the 11 outlets of the Heilongjiang branch of the Bank of Communications.

On the same day, a nameplate unveiling ceremony for the Rural Property Rights Circulation Service Center in Harbin New Area was held simultaneously.

It is introduced that the center is directly connected to the city's rural property rights trading system. This means that farmers and village collective economic organizations can handle property rights transfer transactions without leaving the area, which will greatly improve the allocation and utilization of rural resources.

Since the trial operation of the center began at the end of 2022, a total of 67 property rights projects have been sold, with a listed value of 11.23 million yuan and a transaction value of 11.66 million yuan, indicating a value-added rate of 3.75 percent.

Among them, the forest lands that were leased out by the economic cooperative of Qunli village were sold at premium rates of 1070.18 percent, 737.5 percent, and 753.09 percent after 172 rounds of bidding.