China's largest State-owned forest earns first carbon cash

HOHHOT — China's largest forest zone earned 400,000 yuan ($60,000) from its first sale of carbon offset credits Monday.

The Chuo'er forestry bureau of the Greater Hinggan Mountain forest in Inner Mongolia autonomous region said it sold 40,000 metric tons of the forest zone's total 1.39 million tons of offset credits to an investment management firm in Zhejiang province.

The Greater Hinggan Mountain forest zone covers an area of 106,700 square meters in Inner Mongolia with forest coverage reaching 77.44 percent. Commercial logging is banned.

Yu Shiping, an official with the Chuo'er forestry bureau, said carbon offset trade has created a bright future for maintaining and growing the forest.

China's carbon trade began in 2011. The market is open in seven provinces and municipalities and is expected to expand nationwide.