(Yicai) Dec. 30 -- The first carbon offset cooperation alliance at a city level in China was officially established in Wuhan, marking a huge milestone in the country's carbon reduction efforts.

The Carbon Offset City Cooperation Alliance was formed on Dec. 26 by 50 institutions, including Hongtai Group, Tencent Holdings, Wuhan Carbon Offset Management, and the Hubei Carbon Emissions Trading Center, to establish and improve public participation in carbon offset programs and create a platform to promote the exchange and cooperation among cities with carbon offset systems.

Carbon offset programs encourage green and low-carbon behaviors of individuals, communities, and small businesses in daily consumption scenarios. Emission reductions achieved through low-carbon practices can be used to offset personal carbon footprints, participate in carbon trading, or convert them into other incentives, making it a crucial approach to reduce emissions at the consumer level.

Economic strength, population size, and the presence of carbon trading exchanges are key factors driving the development of carbon offset platforms, according to a white paper released at the Carbon Offset City Cooperation Alliance inauguration ceremony.

Economically developed regions, such as eastern China, show stronger progress in carbon offset programs. Areas with concentrated populations, such as southwestern China, boast favorable conditions for carbon offset development.

The white paper also noted that carbon trading exchanges have become among the most crucial factors in regional carbon offset development, as they determine whether carbon offset reduction can effectively complement local emission allowances and the China Certified Emission Reduction program.

The seven provincial-level regions that pioneered China's carbon emissions trading pilot schemes -- Beijing, Tianjin, Shanghai, Chongqing, Hubei (Wuhan), Guangdong (Guangzhou), and Shenzhen -- have all successfully built their carbon offset platforms.

Editor: Futura Costaglione