The country's first carbon sequestration based on biomass charcoal was held in Gaochun, Nanjing

The transaction price was 75 yuan a ton, the volume was 130.67 tons, and the total transaction price was 9800.25 yuan. On the morning of March 8, after four rounds of bidding by three companies, the carbon sink generated by the application of biochar on organic rice for the first time in China was finally auctioned by Hongbaoli Group Co., Ltd.

Carbon sink auction site. Image source: Courtesy of the interviewee

The carbon sink comes from 500 acres of organic rice fields from Chunhe Rice Professional Cooperative in Hemujian Village, Gaochun District, Nanjing. In order to ensure the green, low-carbon and healthy development of the organic rice industry, the Nanjing Institute of Environmental Sciences of the Ministry of Ecology and Environment, Nanjing Agricultural University, and Nanjing Guohuan Organic Product Certification Center Co., Ltd. jointly carried out the construction project of the demonstration base for reducing and increasing the sink of biochar applied to organic rice fields with 500 acres of organic rice fields as the research base, with a total of 130.67 tons of carbon dioxide equivalent reduction and sink reduction.

"The carbon credits from the auction will be used in the construction of new projects to offset the carbon emissions from the new production capacity. Rui Yimin, president of Hongbaoli Group Co., Ltd., told reporters.

The company was awarded the first carbon ticket in Gaochun District. Photo by Ren Jing

"This agricultural carbon sink transaction marks a major breakthrough in the value transformation of ecological products in our region. We will take this opportunity to seize the blank spot in the agricultural carbon sink trading market, take the lead in the trial, actively explore the agricultural carbon sink trading mechanism, and strive to build a demonstration sample for the development of agricultural carbon sink trading projects in the Yangtze River Delta and the realization of the value of adjustment service ecological products. Hu Xueyi, member of the Standing Committee of the Gaochun District Party Committee and executive deputy mayor, said.