Core Insights - The national carbon market in China reported a closing price of 67.87 yuan per ton on November 20, 2025, reflecting a 1.51% increase from the previous day [1][3] Trading Volume and Revenue - The total trading volume for carbon emission allowances today was 3,014,424 tons, with a total transaction value of approximately 184.94 million yuan [1] - The agreement trading volume was 817,149 tons, generating a revenue of about 55.85 million yuan, while the bulk agreement trading volume was 2,197,275 tons, yielding approximately 129.09 million yuan [1] Year-to-Date Performance - From January 1 to November 20, 2025, the total trading volume of carbon emission allowances reached 176,766,116 tons, with a total transaction value of approximately 10.92 billion yuan [1] - Cumulatively, as of November 20, 2025, the total trading volume since the inception of the national carbon market stands at 807,034,780 tons, with a total transaction value of about 53.95 billion yuan [1]

Core Viewpoint - The Chinese carbon market is maturing through policy improvements and corporate exploration, with a focus on controlling greenhouse gas emissions and reducing overall emission reduction costs [1][2]. Group 1: Policy Framework and Market Mechanism - The Ministry of Ecology and Environment has issued a plan for the allocation of carbon emission quotas for the steel, cement, and aluminum industries for 2024 and 2025, emphasizing a stable policy framework and free quota allocation based on carbon intensity [1]. - The total carbon quota in the market has exceeded 8 billion tons per year, representing a more than tenfold increase compared to the cumulative transaction volume of 696 million tons in 2024, indicating a surge in emission reduction demand in the industrial sector [1]. Group 2: Industry Challenges and Opportunities - High-energy-consuming industries are facing a "de-involution" demand, where the expansion of the carbon market can encourage companies to reduce emissions and promote industrial upgrades, moving away from low-level homogeneous competition [2]. - The complexity of the industrial sector poses challenges for emission reduction, as seen in the aluminum industry, where production costs are significantly impacted by electricity and carbon costs [4]. Group 3: Data Quality and Regulatory Measures - The quality of carbon emission data is crucial for the healthy operation of the carbon market, with the Ministry of Ecology and Environment emphasizing the need for rigorous monitoring and verification of emission data [5]. - Measures to ensure data quality include improving the monitoring, reporting, and verification (MRV) system, enhancing daily regulatory oversight, and encouraging companies to strengthen their internal data management [5].

（来源：易碳家） 日期 2025.11.11 收盘价 (元/吨) 最高价(元/吨) 最低价(元/吨) 成交量 (万吨) 成交额 (亿元) 2025.11.10 1.79 2.66 2025.11.12 1.71 2025.11.13 1.94 2025.11.14 1.98 总计 日期 开盘价 (元/吨) 收盘价 (元/吨) 最高价 (元/吨) 最低价 (元/吨) 成交量 (吨) 成交额 (元) 2025/11/10 839 2025/11/11 5442 2025/11/12 2025/11/13 6727 2025/11/14 总计 成交量 (万吨) 0.93 深圳 0.03 成交额 (万元) 成交均价 (元/吨) 湖北 广东 0.36 1.03 0 0 福建 4.90 四川 0 一级市场 二级市场 成交量(万吨) 成交额(亿元) 全国 湖北 4.31 广东 9.95 6.28 3.07 深圳 0.32 1.48 9.01 3.36 7.94 福建 10 7.86 (万欧元) 四川 0 0.00 日期 成交均价 (欧元/吨) 成交量(万吨) 成交额 2025.11.07 2.60 2025.11.10 0 ...

Group 1: Climate Financing - The UN Conference on Trade and Development emphasizes the need for better climate financing support for developing countries, highlighting a significant gap between the $100 billion climate financing commitment achieved in 2022 and the $1.3 trillion target set for 2024 COP29 [2] - The report calls for systemic reforms in the international financial architecture to increase non-debt financing and improve the operations of multilateral development banks, enabling developing countries to become co-creators of rules rather than mere rule-takers [2] Group 2: Carbon Reduction Pathways - The Beijing Green Finance and Sustainable Development Research Institute released a study outlining carbon reduction pathways for six high-carbon industries from 2020 to 2060, providing a reference for financial institutions and third-party evaluations of corporate transformation plans [3] - The study suggests using a 2-degree scenario as a benchmark for assessments, aligning with China's "3060" dual carbon strategy goals, and aims to mitigate the risk of "false transformation" being included in financial support [3] Group 3: Blue Economy Financial Support - The Guangdong Province has opened a public consultation for the "Blue Industry Financial Support Guidelines," which aims to support sustainable development in marine industries, including fisheries, tourism, and marine renewable energy [4] - The guidelines provide operational principles for government, financial institutions, and enterprises, promoting standardization in blue finance and addressing challenges in identifying, quantifying, and qualifying blue economic activities [4] Group 4: Carbon Market Activity - The national carbon market reported a highest price of 62.48 yuan/ton and a closing price increase of 4.12% over the previous week, with a total trading volume of 16,774,989 tons and a total transaction value of approximately 1 billion yuan [5] - Cumulative trading volume in the national carbon market reached 795,940,642 tons with a total transaction value of approximately 53.29 billion yuan as of November 14, 2025 [5] Group 5: Green Financial Instruments - Shanghai Pudong Development Bank issued its first green financial bond of the year, totaling 20 billion yuan with a fixed interest rate of 1.73%, indicating market confidence in green financial instruments [6] - The issuance aims to provide long-term funding support for green projects, reflecting the growing recognition of green finance in the market [6] Group 6: Biodiversity Financing - The first biodiversity-linked loan in Ya'an, Sichuan Province, was issued for 478 million yuan, utilizing a combination of policy-based financial tools and market financing to meet project funding needs [7] - This loan integrates biodiversity impact assessments to monitor ecological effects, promoting a win-win scenario for ecological protection and industrial development [7]

Core Viewpoint - The Paris Agreement has significantly advanced global green transformation over the past decade, leading to a slowdown in temperature rise and an expansion of national emission reduction commitments [3][5]. Group 1: Achievements of the Paris Agreement - Ten years ago, global temperature rise was projected between 3.4 to 3.7 degrees Celsius; currently, it is on a path of 2.3 to 2.5 degrees Celsius [5]. - The Paris Agreement has facilitated unprecedented global collaborative actions, with many countries submitting higher quality Nationally Determined Contributions (NDCs) and supporting developing nations [5]. - If the 2030 targets are met, global warming could be limited to below 2.1 degrees Celsius, marking a substantial achievement in climate governance [5]. Group 2: Importance of EU-China Cooperation - EU-China cooperation is seen as a crucial force in advancing global climate governance, with carbon markets being a key area of collaboration [6][7]. - The EU and China are working together to create a more attractive open alliance for carbon markets, aiming to involve more countries in carbon market development [7]. - Beyond carbon markets, climate adaptation and risk financing are emerging as new growth areas for EU-China cooperation, focusing on funding support for vulnerable regions and innovative solutions for urban disaster prevention [7]. Group 3: Future Outlook - The international community is urged to maintain rationality and confidence in climate cooperation, recognizing the overall positive trend despite the slow pace of progress [6][7]. - The achievements of global climate governance demonstrate that international cooperation remains possible and effective [7].

中国科学院院士、中国学位与研究生教育学会会长杨卫表示，赛道赛题紧扣"双碳"目标，聚焦新能源、 储能、节能减排、碳市场等关键领域，引导参赛师生关注绿色技术与石化产业应用融合，创新采用"揭 榜挂帅"模式，以实践中"真问题"为导向，倒逼研究生锤炼解决实际问题的"真能力"。 清华大学深圳国际研究生院原院长、大赛专委会主任康飞宇点评晋级决赛的作品具有三个鲜明亮点：一 是选题精准聚焦，紧扣"双碳"核心;二是创新成色十足，实践价值凸显;三是团队协作紧密，综合素质过 硬。 本届大赛由教育部学位管理与研究生教育司指导，中国学位与研究生教育学会、中国科协青少年科技中 心主办，沈阳化工大学、丹东百特仪器有限公司联合承办。赛事共吸引了全国377所高校及科研院所的 4639支队伍、近2.6万名师生踊跃参赛，371支优秀队伍晋级决赛，各项数据均创赛事历史新高。 沈阳化工大学党委书记周志强说，本届大赛充分体现赛事服务国家战略，助力绿色发展的定位与导向， 充分展现新时代研究生服务国家重大需求的责任担当和蓬勃的创新活力。 中化新网讯 11月7日至9日，第四届中国研究生"双碳"创新与创意大赛决赛在沈阳化工大学举行。大赛 决出专家赛道一等奖72项 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Since June this year, the national carbon quota price has been declining, and the current comprehensive price has dropped to around 50 yuan/ton, similar to the opening price in 2021 and over 50% lower than the peak in 2024. As the compliance period approaches, the spot price has rebounded. The optimal carry - forward rate is about 40%, and surplus enterprises can carry forward 60% of their surplus quotas to 2025, but need to apply before June 10, 2026 [9]. - According to the Fudan Carbon Index Research Center's model, in November 2025, the expected buying price of national carbon emission allowances (CEA) is 47.59 yuan/ton, the selling price is 55.42 yuan/ton, and the mid - price is 51.51 yuan/ton. In December 2025, the expected buying price is 55.63 yuan/ton, the selling price is 65.35 yuan/ton, and the mid - price is 60.50 yuan/ton. In November 2025, the expected buying price of China Certified Emission Reductions (CCER) is 59.67 yuan/ton, the selling price is 68.17 yuan/ton, and the mid - price is 63.92 yuan/ton [10]. 3. Summary by Directory 3.1 Carbon Market Weekly Overview - In October, the highest price of the national carbon market composite price was 59.30 yuan/ton, the lowest was 50.34 yuan/ton, and the closing price was 51.96 yuan/ton, a 10.37% decrease from the same period last month. The trading volume of the listed agreement transaction was 10522.58 million tons, with a turnover of 487.1171 million yuan; the trading volume of the bulk agreement transaction was 3093.67 million tons, with a turnover of 1496.84425 billion yuan; the trading volume of the one - way auction was 10,000 tons, with a turnover of 4.475 million yuan [8]. - In the second week of November, the highest price of the national carbon market quota was 62.48 yuan/ton, the lowest was 57.72 yuan/ton, and the closing price was 60.17 yuan/ton, with a weekly increase of 4.12%. The trading volume of the listed agreement transaction was 614.79 million tons, with a turnover of 377.6497 million yuan; the trading volume of the bulk agreement transaction was 1062.71 million tons, with a turnover of 629.8574 million yuan; there was no one - way auction this week. The total trading volume of the national carbon emission quota this week was 1677.50 million tons, and the total turnover was 100.7507 million yuan [9]. 3.2 Market News - Recently, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Promoting Green and Low - Carbon Transformation and Strengthening the Construction of the Carbon Market", aiming to expand the coverage of the national carbon emission trading market, implement quota total control and paid allocation, gradually tighten quotas, accelerate the construction of the voluntary emission reduction trading market, and improve the vitality of the national carbon market [11]. - At the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil on November 11, Li Gao, the deputy minister of the Ministry of Ecology and Environment of China, stated that the carbon market has no unified standard model, and China will explore a carbon market system suitable for its national conditions. In the future, it will gradually implement quota total control and paid allocation [11]. - On November 13, Tu Guangshao said at the Taihu World Cultural Forum · Qiantang Dialogue that the carbon market has given rise to the form of carbon assets, and the inclusion of carbon assets in the balance sheet is of great significance in promoting the optimization of the green and low - carbon ecological system. Although the progress of carbon asset inclusion in the balance sheet in China shows a good momentum, the number of enterprises including carbon assets in the balance sheet is still insufficient [11]. 3.3 Market Data - No specific data analysis content provided, only the titles of two figures "Electricity Generation Year - on - Year Growth Rate (%)" and "Newly Installed Photovoltaic Capacity" are given [12]

Core Insights - The national carbon market in China is transitioning from intensity control to total control during the 14th Five-Year Plan period, with a focus on enhancing green and low-carbon transformation in key industries [1][2][3] Group 1: Mandatory Carbon Market - The mandatory carbon market has expanded to include the steel, cement, and aluminum industries, which will enhance emission reduction responsibilities for these sectors [2] - By 2027, priority will be given to implementing total quota control for industries with relatively stable carbon emissions, ensuring effective compliance with national greenhouse gas emission control targets [2][3] - The carbon market has already reduced overall emission reduction costs in the power generation sector by approximately 35 billion yuan during the first two compliance cycles [3] Group 2: Voluntary Carbon Market - The voluntary carbon market has entered a critical development phase, with 31 projects registered and a total of 1.504 million tons of CCER traded, amounting to a transaction value of 270 million yuan [4][5] - The framework for the voluntary carbon market has been established across management systems, technical methods, and infrastructure, with a focus on enhancing the integrity and regulatory compliance of voluntary reduction projects [4][5] Group 3: Carbon Footprint Management - The average carbon footprint factor for electricity in China has decreased by 6.9% from 0.6205 kg CO2 equivalent per kWh in 2023 to 0.5777 kg CO2 equivalent per kWh in 2024, reflecting improvements in energy structure and technological innovation [6][7] - The Ministry of Ecology and Environment is committed to building a product carbon footprint management system, addressing key issues related to calculation and data availability [6][7]

Core Insights - The article emphasizes the importance of treating nature as infrastructure, highlighting China's experience as a valuable reference for global practices [1][3]. Group 1: Nature as Infrastructure - Erik Berglof, Chief Economist of the Asian Infrastructure Investment Bank, stated that nature is the fundamental infrastructure sustaining life on Earth, and there is a need to invest in and manage it effectively [1]. - A report on mobilizing private capital for natural infrastructure will be released during the conference, indicating the challenge of integrating private investment into this sector [4]. Group 2: Case Studies and Examples - A wetland project in Inner Mongolia demonstrated that the value of natural infrastructure extends beyond flood mitigation, including carbon absorption, air and water purification, and soil fertility enhancement [4]. - In Huzhou, collaboration with local banks to invest in natural infrastructure projects exemplifies the application of the "Green Mountains and Clear Water are Gold and Silver Mountains" philosophy [4]. Group 3: Learning from China's Experience - China’s strong planning mechanisms and ability to leverage state capacity for ecological initiatives provide a model for other countries, even if they lack similar planning capabilities [4]. - The establishment of a carbon market in China, initially using a trial-and-error approach, is presented as a scalable model for other developing countries [4]. - China's early adoption of green classification standards by the People's Bank of China and the creation of the world's largest green bond market serve as valuable examples for global financial governance [4].

Core Viewpoint - The COP30 conference is making significant progress in climate negotiations, coinciding with the 10th anniversary of the Paris Agreement, focusing on "accelerating implementation" of climate actions [1] Group 1: Carbon Market Developments - China, the EU, and Brazil have established the "Open Coalition on Compliance Carbon Markets" to enhance international cooperation in carbon markets, including 11 countries and regions [2] - The coalition aims to create a framework for coordinating national carbon pricing mechanisms and emission trading systems, promoting a transparent and credible global compliance carbon market [2][3] - The establishment of this coalition is seen as an extension of the outcomes from COP29, which laid the institutional groundwork for its operation [3] Group 2: Financial Goals and Funding - The Brazilian government's financing roadmap, "From Baku to Belem," serves as a reference framework for negotiations, targeting a goal of $1.3 trillion [1] - Discussions are ongoing regarding funding gaps for adaptation and "loss and damage," with a focus on quantifiable indicators and transparency mechanisms [1] Group 3: Emission Reduction Projections - The UNFCCC reports indicate that global greenhouse gas emissions are projected to decrease by 12% by 2035 compared to 2019 levels, although significant gaps remain in achieving the 1.5°C target [5][8] - The NDC comprehensive report includes contributions from 113 parties, highlighting the need for enhanced ambition and systematic execution of climate commitments [5][8] Group 4: China's Role and Contributions - China is committed to sharing its experiences in carbon market design and management, emphasizing the importance of tailored approaches based on national circumstances [3] - The country has signed 55 climate cooperation memorandums with 43 developing countries, showcasing its commitment to South-South cooperation in climate action [9] - China's proactive stance in climate negotiations is underscored by its recent NDC announcement, reflecting its commitment to green and low-carbon transformation [6][9] Group 5: Renewable Energy and Environmental Progress - The past decade has seen a doubling of global renewable energy capacity and a fourfold increase in forest protection funding, although challenges such as insufficient grid investment and rising building emissions persist [6] - The environmental planning institute's assessment indicates that China's carbon market has effectively reduced carbon intensity in the power sector, achieving a cumulative reduction of 357 million tons of emissions [4]