Core Viewpoint - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step in the development of China's carbon market, establishing a clear roadmap and enhancing its strategic position in national climate governance [1] Carbon Market Development - The national carbon market is identified as a crucial mechanism for achieving the "dual carbon" goals, with an emphasis on expanding industry coverage, improving quota allocation, and enhancing market mechanisms [1] - The document outlines a transition from intensity-based quota allocation to total control, prioritizing industries with relatively stable carbon emissions for total quota control by 2027 [2][3] Quota Allocation System - The quota allocation system is central to the carbon trading market, and its effectiveness directly impacts market fairness and efficiency [2] - The current system uses intensity-based allocation, which, while reducing the burden on companies, lacks sufficient constraints for carbon reduction [2] - The shift to total control aims to balance emission reduction targets with economic costs and industry differences [3] Information Disclosure and Transparency - The restructuring of carbon emission accounting and information disclosure is essential for connecting mandatory and voluntary reduction markets, addressing data quality issues, and enhancing carbon price signaling [1][6] - The "Opinions" propose improvements to the information disclosure system, requiring timely public reporting of emissions, compliance, and trading information from key market participants [7] - Current limitations in data disclosure and standardization hinder comparability and transparency, which could affect market efficiency [6][7] Financial Market Opportunities - The introduction of financial institutions and non-compliance entities into the carbon market is expected to enhance liquidity and pricing efficiency through diverse financial products and risk management tools [8][10] - The "Opinions" encourage the development of green financial products related to carbon emissions, aiming to establish a comprehensive carbon pricing mechanism [8][9] - The emphasis on cautious development highlights the importance of risk management in the expansion of financial instruments like futures and options [10]
中长期路线图指路 碳市场建设迈向深水区
Jin Rong Shi Bao·2025-09-24 02:15