全国碳市场扩容，要打通哪些关键堵点？

Core Viewpoint - The expansion of the national carbon market to include the steel, cement, and aluminum smelting industries is a significant step towards achieving China's "dual carbon" goals, increasing the coverage of greenhouse gas emissions from 45% to over 60% of the national total [1][2][3] Group 1: Industry Characteristics and Necessity for Emission Reduction - The steel, cement, and aluminum smelting industries are high energy-consuming and high-emission sectors, with carbon emissions significantly higher than other manufacturing sectors [2] - For instance, producing one ton of crude steel emits approximately 1.8 tons of CO2, accounting for about 15% of national carbon emissions [2] - The inclusion of these industries in the carbon market is essential for driving technological upgrades and optimizing production capacity [2] Group 2: Market Expansion Logic - The national carbon market, initiated in 2021, initially covered only the power generation sector, with emissions of about 4.5 billion tons [3] - The decision to include steel, cement, and aluminum smelting is based on their substantial carbon emissions and the feasibility of data collection [3] - The implementation of the EU's Carbon Border Adjustment Mechanism (CBAM) adds pressure for domestic carbon pricing, as failure to do so could result in additional costs for exporting companies [3] Group 3: Challenges in the Expansion Process - Data quality issues hinder the credibility of the market, with challenges in accurate carbon emission accounting due to varying fuel consumption and raw material compositions [4] - The current allocation mechanism for carbon quotas needs refinement, as it may not adequately reflect regional differences and could weaken emission reduction incentives [4][6] - Market liquidity is insufficient, with a lack of diverse trading instruments and limited participation from financial institutions [5][6] Group 4: Recommendations for a High-Quality Carbon Market - Establish a robust data quality management system, including tiered regulatory frameworks and innovative technology for data collection [7] - Optimize the quota allocation mechanism by implementing dynamic adjustments and regional differentiation [7] - Enhance market liquidity by introducing diverse trading tools and innovative trading models [8] - Develop industry-specific management systems to address unique characteristics and challenges in the steel, cement, and aluminum sectors [8]