碳市场月报（202409）：钢铁、水泥、电解铝三大行业纳入全国碳市场，市场活跃度有望进一步提升

Investment Rating - The report rates the electrical equipment industry as "Positive" [1] Core Insights - The national carbon emissions trading market is expanding, with the steel, cement, and electrolytic aluminum industries expected to be included starting in 2024, potentially increasing market activity [1][3] - In September 2024, the total trading volume of carbon emission allowances (CEA) reached 7.8356 million tons, a month-on-month increase of 33.66%, with a total transaction value of 758 million yuan, up 49.92% [1][19] - The average transaction price for CEA in September 2024 was 96.69 yuan per ton, reflecting a month-on-month increase of 12.16% [1][19] Policy Dynamics International Policy Dynamics - On September 13, 2024, the I-TRACK Foundation announced that no new generation assets could be registered for I-REC issuance in China, impacting the demand for international green certificates [6] - The U.S. Commodity Futures Trading Commission approved guidelines for the listing of voluntary carbon credit derivatives, emphasizing market integrity and transparency [6] Domestic Policy Dynamics - The Ministry of Ecology and Environment released a draft plan on September 9, 2024, to include the cement, steel, and electrolytic aluminum industries in the national carbon emissions trading market, with an estimated 1,500 new regulated enterprises and an additional 3 billion tons of emissions covered [7] - A pilot program for product carbon footprint labeling certification is being initiated, focusing on industries such as lithium batteries, photovoltaic products, and textiles [7][8] Market Dynamics EU Carbon Market - In September 2024, the EU EUA futures trading volume increased by 25.96% to 817 million tons, while the settlement price decreased by 8.08% to €65.51 per ton [12][14] Domestic Carbon Market - The national carbon market saw a significant increase in trading activity, with the total trading volume of CEA in September 2024 reaching 7.8356 million tons, marking a 33.66% increase from the previous month [18] - Local carbon markets also experienced increased activity, with Shanghai leading in trading volume and value [21][24] Carbon Credit Market - The voluntary carbon emission reduction projects (CCER) are gradually becoming operational, with 42 projects registered as of September 30, 2024 [43]