21专访丨赖晓明：推进碳市场扩容，研究配额有偿分配

Core Viewpoint - The carbon market is a crucial policy tool for addressing climate change and promoting green transformation in China, with significant growth and participation observed in recent years [1][3]. Market Overview - The national carbon market has been operational for four years, covering over 60% of China's carbon dioxide emissions, with a cumulative trading volume of 728 million tons and a transaction value of 49.83 billion yuan as of September 30, 2025 [1]. - The number of key emission units that have opened trading accounts has reached 1,277 as of August 2025, indicating an increase in market participants [3]. Market Changes and Opportunities - The expansion of the carbon market to include steel, aluminum smelting, and building materials has diversified market participants, enhancing trading opportunities and market development [3][5]. - The trading volume in the carbon market has increased by 40% compared to the same period last year, with significant growth in transaction numbers and active participants [5]. Local Market Dynamics - Local carbon markets, such as Shanghai's, are expected to play a supportive role in achieving local "dual carbon" goals while adapting to the national carbon market's expansion [6][7]. - Shanghai's carbon market has over 2,200 registered entities, including around 400 regulated enterprises, contributing to its trading activity [7]. Future Plans and Mechanisms - The Shanghai Environmental Energy Exchange is focusing on expanding industry coverage, researching paid allocation mechanisms, and enhancing market participant diversity [10][11]. - The transition to a "paid allocation + total control" model is anticipated during the "14th Five-Year Plan" period, with an emphasis on policy coordination to achieve national carbon reduction targets [12][13].