制度创新护航“双碳”目标落地

Core Insights - The national carbon market in China has shown significant growth in 2025, with key indicators achieving remarkable results, including the inclusion of 3,378 major emission units and a total transaction volume of 8.65 billion tons, reflecting a 24% year-on-year increase in trading volume [2][3] - The market has effectively supported the green transition in key industries such as electricity and steel, establishing a solid foundation for achieving carbon neutrality goals [1][4] Group 1: Market Performance - In 2025, the carbon market included 3,378 major emission units across high-emission sectors, with the electricity sector having 2,087 units, steel 232, cement 962, and aluminum 97 [2] - The total transaction volume reached 8.65 billion tons, with a cumulative transaction value of 576.63 billion yuan, and the average trading price was 62.36 yuan per ton [2][3] - The market maintained rational price fluctuations, closing at 74.63 yuan per ton at year-end, indicating effective reflection of carbon emission scarcity [2] Group 2: Compliance and Regulation - The compliance rate for carbon quota clearance was approximately 99.99%, demonstrating the increasing awareness of carbon reduction among major emission units [3] - Regulatory frameworks are in place to ensure compliance, with penalties for companies failing to meet their obligations under the carbon trading management regulations [3] Group 3: Industry Transition - The electricity sector has been a leader in the green transition, utilizing its experience in quota management and data quality to drive low-carbon development [4][5] - The steel industry, as a new participant, faces challenges in adapting to the carbon market, necessitating a proactive approach to compliance and internal carbon management [6][7] Group 4: Carbon Finance Development - Experts suggest enhancing the financial attributes of the carbon market to better utilize market mechanisms, including the development of carbon financial products [8][9] - Carbon finance can facilitate liquidity, price discovery, and risk management, supporting the transition to a low-carbon economy [8][10] - Local carbon markets have begun experimenting with carbon forward contracts, which could enhance pricing mechanisms and risk management for enterprises [9]