China's Ningxia sees first carbon credit transaction from vineyard

YINCHUAN, Dec. 19 (Xinhua) -- Northwest China's Ningxia Hui Autonomous Region has witnessed the conclusion of its inaugural carbon sink transaction from a winery vineyard, marking a national milestone in carbon market practices for the wine industry.

The deal involved the sale of carbon emission reduction credits from the Great Wall Winery Vineyard Planting Project between Ningxia's clean development mechanism environmental service center and Ningxia Weifuji Food Technology Co., Ltd., according to the office of the grape industry park management committee at the eastern foot of Helan Mountain.

The transaction covered a carbon sink volume of 40 tonnes of carbon dioxide equivalent, priced at 75 yuan (about 10.6 U.S. dollars) per tonne.

The project area encompasses 179.12 hectares of vineyard and 36.12 hectares of windbreak forest, with an estimated annual average carbon sink of 1,054 tonnes.

Although the amount is modest, it demonstrates the viability of monitoring, accounting, and trading carbon resources from vineyards, providing a replicable model for green transformation in wine-producing regions, said an official from the committee.

Ningxia began developing carbon asset accounting and implementing project demonstrations for vineyards in 2023. The region plans to expand its vineyard to 1 million mu (66,666.67 hectares) by 2035. ■