前瞻研究：CCER市场正式重启，政策溯源与机制详解240526

Investment Rating - The report does not explicitly provide an investment rating for the CCER market, but it indicates significant investment potential due to the increasing demand for carbon reduction tools in high-emission industries and the development of financial instruments like green bonds and loans [2][35]. Core Insights - The CCER (Chinese Certified Emission Reduction) market has officially restarted, with a total of 2,871 projects approved, 861 projects registered, and 254 projects issued as of now. The main project types include wind power, solar power, and methane utilization [1][11]. - The CCER market is expected to grow significantly due to increasing global attention on climate change and the need for carbon reduction tools in industries such as steel, cement, and electricity [2][35]. - The CCER trading system has undergone a transformation, simplifying the project approval process and enhancing transparency. The new regulations require strict compliance for emission reductions, focusing on the "additionality," "authenticity," and "uniqueness" of the projects [27][30]. Summary by Sections CCER Overview - CCER stands for Chinese Certified Emission Reduction, which quantifies and certifies greenhouse gas reductions from renewable energy, forestry carbon sinks, and methane utilization projects in China [7][8]. - The CCER serves as a reduction credit that can be used by regulated companies to offset their actual carbon emissions [8][10]. CCER Policy Development - The development of CCER policies can be divided into three phases: initial establishment (2012-2017), adjustment and improvement (2018-2023), and the current restart phase since January 2024 [18][19]. - The restart phase has seen the introduction of new regulations that enhance the legal framework for the carbon market, including the issuance of the "Interim Regulations on Carbon Emission Trading Management" [23][34]. National Voluntary Emission Reduction Trading Market Launch - The national voluntary emission reduction trading market was launched on January 22, 2024, marking the resumption of CCER project registration and trading after a seven-year hiatus [23][35]. - The trading market operates under several management documents, including the "Interim Regulations on Voluntary Emission Reduction Trading Management," which serves as the foundational system for orderly market operations [23][25]. CCER Project Development Model - The CCER project development model includes three main approaches: pure consulting mode, shared mode, and buyout mode, each with different risk and revenue-sharing structures [29][30]. - The new regulations have shifted the project approval process from registration to public announcement, improving transparency while maintaining rigorous compliance requirements [27][30]. CCER Emission Reduction Compliance Requirements - The CCER trading mechanism imposes strict technical requirements for emission reduction projects, focusing on the verification of "additionality," "authenticity," and "uniqueness" of the emission reductions [30][31]. - Specific project types may have simplified requirements for demonstrating additionality, particularly those with high costs or poor financial indicators [31][32]. CCER Trading Modes - CCER trading employs various methods, including listing agreements, bulk agreements, and single-sided bidding, with specific price fluctuation limits [33]. - The trading unit is based on "per ton of carbon dioxide equivalent," and the minimum trading volume is set at 1 ton [33][34]. CCER Market Trading Situation - On the first day of trading, the CCER market recorded a total transaction volume of 375,000 tons and a total transaction value of 23.835 million yuan, primarily driven by existing CCER transactions [35]. - The trading frequency remains low, and the new regulations have not yet significantly impacted the transaction volume or value [35].