Core Insights - The national carbon market in China is a government-led trading system aimed at reducing carbon emissions, officially launched on July 16, 2021, covering 2,225 enterprises in the power sector with an annual emission coverage of approximately 4.5 billion tons, making it the largest carbon trading market globally [1][2] Group 1: Key Terminology - Carbon Emission Allowance (CEA) allows companies to emit a specific amount of CO₂, where 1 allowance equals 1 ton of CO₂ equivalent (tCO₂e). Companies must hold enough allowances to cover their emissions by the end of the compliance period to avoid penalties [3][4] - Carbon Allowance refers to the emissions permits allocated to companies by the government, with a future trend of decreasing free allowances and increasing paid allowances to incentivize emission reductions [5] - Carbon Trading involves the buying and selling of carbon allowances or reduction credits, primarily through agreements, with potential future inclusion of financial instruments like futures and options [6] Group 2: Market Mechanisms - CCER (China Certified Emission Reduction) represents carbon credits generated from projects like renewable energy and forestry, which can offset up to 5% of a company's emissions [7] - The MRV (Monitoring, Reporting, Verification) system ensures the accuracy of carbon emission data, serving as the foundation for fair market operations [8] - Carbon Price is the market price for carbon allowances, currently ranging from 50 to 80 RMB per ton, significantly lower than the EU price of approximately 80 Euros per ton, with expectations of gradual increases as policies tighten [9][10] Group 3: Goals and Strategies - Peak Carbon refers to the point at which CO₂ emissions reach their highest level before beginning to decline, with China committing to achieve this by 2030 [11][12] - Carbon Neutrality aims for net-zero emissions by 2060 through emission reductions, carbon sinks, and technological innovations [15] - Carbon Sink involves natural processes, such as forests absorbing CO₂, which can be developed into carbon credit projects [16] Group 4: Financial and Regulatory Aspects - Carbon Finance encompasses financial innovations related to the carbon market, enhancing market liquidity and reducing compliance costs for companies [17] - Carbon Footprint measures the total carbon emissions produced directly or indirectly by individuals, companies, or products throughout their lifecycle [18] - Carbon Border Tax is a proposed tariff on high-carbon imports to balance domestic and international carbon costs, with potential implications for high-carbon exporting companies [19] Group 5: Monitoring and Verification - Carbon Monitoring utilizes technologies like sensors and satellites to track carbon emissions and greenhouse gas concentrations, with pilot projects already underway in 16 cities [20][21] - Carbon Accounting systematically quantifies carbon emissions for companies or products over a specific period, adhering to international standards [22] - Carbon Verification involves third-party audits of carbon emission reports to ensure data accuracy, a requirement for major emitters in the national carbon market [27]

摘要 江苏率先落地绿电直连试点，新能源电池企业受益。 为应对欧盟日趋严苛的电池产品碳足迹新规，中国电池产业正积极探索绿电直连模式。江苏省率先 启动试点，宁德时代等企业积极参与其中。这项探索旨在帮助中国电池企业突破欧盟碳壁垒，维持 全球竞争力。 二月底，中国首批五个企业绿电直连供电试点项目落地江苏，常州、苏州、盐城三市率先启动试 点，聚焦新能源电池产业链。宁德时代常州生产基地、阿特斯（盐城）、科森科技（苏州）储能项 目、凯金新能源盐城负极产能等首批项目均被纳入试点范围。更值得关注的是，该试点还吸引了宁 德时代在盐城新增规划产能，战略意义凸显。 欧盟碳足迹新规倒逼绿色升级 欧盟新电池法对进口电池产品的碳足迹划定了严格红线，不仅要求强制披露、分级，还设定了最大 阈值，并逐年收紧标准。动力电池碳足迹中，电力消耗的碳排放占比高达六成以上，是决定电池碳 足迹的关键要素。 经济性方面，新建绿电直供项目，对电网公司和用电企业来说均意味着投资风险，包括线路改造、 电站投资和用户侧改造等额外成本，且存在投资回收期长，供需关系单一等问题。项目能否盈利， 关键在于绿电溢价能否覆盖投资成本。 而电网运营成本的增加，最终可能推高全社会输 ...