全国碳市场四周年：首次扩围纳入钢铁等行业，覆盖80亿吨排放量

Core Insights - The national carbon emissions trading market in China is set to expand its coverage to include the steel, cement, and aluminum smelting industries, which are significant carbon emitters, with an estimated total emissions coverage of approximately 80 billion tons [1][3][4] - The market has seen a cumulative trading volume of about 673 million tons and a total transaction value exceeding 46.2 billion yuan as of July 15, 2025, indicating a growing trading scale and stable price trends [1][6][12] - The introduction of the voluntary carbon emissions reduction trading market (CCER) has begun, with the first certified voluntary reduction units officially issued, further enhancing market activity [1][12] Market Expansion - The national carbon market is recognized as a major institutional arrangement to address climate change and promote green low-carbon transformation in the economy [2][4] - The expansion plan was outlined in the government work report for 2025, emphasizing the need to broaden the industry coverage of the carbon emissions trading market [2][4] - The newly included industries are expected to add around 1,500 key emission units, increasing the total to approximately 3,700 units, which will cover over 60% of the national carbon emissions [3][4] Trading Mechanism and Performance - The carbon trading system has adopted a single-sided bidding method to enhance trading efficiency [3] - The carbon price has fluctuated within a reasonable range, with the market price recently stabilizing between 70-80 yuan per ton after reaching a peak of over 105 yuan per ton in November 2024 [7][9] - The completion rate for the 2023 carbon quota was approximately 99.98%, indicating a strong compliance culture among key emission units [6][11] CCER Market Development - The CCER market has seen a cumulative trading volume of about 237,800 tons and a total transaction value of 200 million yuan as of July 15, 2025, reflecting its growing importance [13][12] - Various stakeholders, including national and local key emission units, project developers, and financial institutions, are participating in the CCER market, which is expected to further stimulate market activity [13][14] - The CCER price has remained higher than the carbon emissions allowance (CEA) price, indicating strong market demand and the potential for future price adjustments as supply increases [10][14]