First 'blue carbon' auction held in China's Ningbo

About 2,340 tonnes of blue carbon was auctioned off in Ningbo, east China's Zhejiang Province on Tuesday, in an effort to help improve the marine environment in the area.

The item of the auction, the first of its kind in the country, is the annual total carbon sink of a fishery in Xiangshan County, with the starting price at 30 yuan (about $4.4) per tonne.

The winning bidder was Zhejiang Yiduan Precision Machinery Co., Ltd., which bought it at 248,000 yuan (about $35,900).

Blue carbon refers to carbon dioxide that is captured by marine activities and marine organisms, and stored in the marine ecosystem.

The auction helped facilitate the development of local blue carbon resources, which are expected to generate substantial economic and ecological benefits for the region.

(Cover image via VCG)

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Source(s): Xinhua News Agency

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