Core Insights - The national carbon market in China reported a closing price of 60.21 yuan per ton on November 27, 2023, reflecting a 1.02% increase from the previous day [1][2] Trading Volume and Revenue - Today's total trading volume for carbon emission allowances reached 3,050,628 tons, with a total transaction value of 173,480,350.32 yuan [1] - The volume for the day included 938,054 tons from listed agreement trading and 2,112,574 tons from bulk agreement trading [1] Cumulative Data - From January 1 to November 27, 2025, the cumulative trading volume of carbon emission allowances was 185,231,032 tons, with a total transaction value of 11,411,665,579.55 yuan [1] - As of November 27, 2025, the total cumulative trading volume reached 815,499,696 tons, with a cumulative transaction value of 54,444,392,683.06 yuan [1]

Core Points - The establishment of the "Open Alliance for Carbon Emission Trading Markets" by China, the EU, and Brazil aims to enhance international cooperation in carbon markets, creating a framework for coordinating carbon pricing mechanisms and emission trading systems globally [1][3] - The alliance reflects a collaboration between developed and developing countries, with the EU bringing experience and technology, while China contributes its advancements in renewable energy and green finance [1][3] - The global carbon market is expected to evolve gradually, with the need for unified standards and mechanisms to facilitate cooperation among different carbon pricing systems [6][7] Group 1: Alliance Formation - The alliance aims to create a transparent and credible global compliance carbon market network [1] - It includes both traditional carbon market leaders and emerging market representatives, indicating a bridging cooperation trend [3] - The establishment of the alliance is seen as a positive signal for future climate finance support for emerging markets [3] Group 2: Global Carbon Market Developments - The COP29 conference marked a significant breakthrough in reaching consensus on carbon credit creation standards under the Paris Agreement [2] - The UNFCCC is working on developing approximately 19 methodologies for the Paris Agreement Carbon Credit Mechanism (PACM), with several expected to be approved by mid-2026 [3] - The global carbon market is characterized by significant differences in national economic development stages, energy structures, and emission reduction costs, complicating the establishment of a unified market [5] Group 3: Challenges and Opportunities - The global carbon market allows countries with high reduction costs to trade, enhancing their motivation to reduce emissions while providing financial support to low-income countries [4] - However, the construction of a truly unified global carbon market faces challenges due to the diverse national circumstances and existing carbon pricing tools [5] - Experts emphasize the importance of gradual progress and the need for flexibility in standards to accommodate the varying capabilities of developing countries [7] Group 4: China's Role - China is viewed as a key player in the alliance, leveraging its strengths in renewable energy and cross-border cooperation to connect developed and developing nations [8] - The country is expected to contribute to a governance system that integrates policy, technology, and capital for effective climate governance [8] - The alliance represents a critical step towards interconnected global carbon markets, with the real test lying in the implementation of detailed rules [8]

Core Insights - The national carbon market in China experienced a decline in prices, with the closing price at 62.53 yuan per ton, down 4.20% from the previous day [1][2][3] - The total trading volume for carbon emission allowances today was 782,110 tons, with a total transaction value of approximately 45.68 million yuan [1][3] - Cumulatively, from January 1 to November 24, 2025, the carbon market has seen a total trading volume of 178,148,468 tons and a total transaction value of approximately 11 billion yuan [1] Daily Trading Summary - Opening price was 65.02 yuan per ton, with a highest price of 65.42 yuan and a lowest price of 62.24 yuan [2] - The trading volume for the day included 582,110 tons from listed agreements and 200,000 tons from bulk agreements [1][3] - No single-direction bidding occurred today [1] Cumulative Trading Data - As of November 24, 2025, the cumulative trading volume in the national carbon market reached 808,417,132 tons, with a total transaction value of approximately 54.04 billion yuan [1]

Core Viewpoint - The article announces the release of three methodologies for voluntary greenhouse gas emission reduction projects, aimed at encouraging broader participation from industries and enterprises in emission reduction actions, in line with national climate change strategies [2]. Group 1: Methodologies Released - The methodologies include: 1. CCER-10-002-V01: Utilization of associated gas recovery in offshore oil fields 2. CCER-10-003-V01: Utilization of gas recovery from trial gas flaring in onshore gas fields 3. CCER-10-004-V01: Utilization of low gas volume associated gas recovery in onshore oil fields [2]. Group 2: Principles and Guidelines - The article emphasizes the principles of integrity and voluntariness, encouraging local ecological and energy authorities to support eligible projects in participating in the national voluntary emission reduction trading market and obtaining emission reduction benefits [3]. - It highlights the importance of information transparency, requiring project owners to share monitoring data with the national carbon market management platform and to make this data publicly available through official channels [3]. - The article calls for strengthened supervision during and after project implementation, with local authorities conducting inspections on registered projects and addressing public reports regarding the authenticity and compliance of emission reductions [3]. Group 3: Implementation and Contacts - The notification is effective immediately upon issuance [4]. - Contact information for relevant personnel and departments is provided for further inquiries regarding the methodologies and project implementation [5].

Report Overview - Report Title: Carbon Market Weekly Report - Date: November 21, 2025 Industry Investment Rating - Not provided in the report Core Viewpoints - The Chinese government is actively promoting the construction of the carbon market, with policies aiming to expand coverage, control quota总量, and increase market vitality [9][10] - The expansion of the national carbon emissions trading market will gradually cover major industrial emission - intensive industries by 2027, marking a new stage in using market - based mechanisms for deep - emission reduction [10] Summary by Directory 1. Carbon Market Weekly Overview - In October, the national carbon market's comprehensive price had a high of 59.30 yuan/ton, a low of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The trading volume and turnover of different trading methods were also reported [7] - In the 3rd week of November, the national carbon market quota had a high of 70.14 yuan/ton, a low of 60.02 yuan/ton, and a closing price of 65.27 yuan/ton, with a weekly increase of 8.48%. The total trading volume was 1169.44 million tons, and the total turnover was 701.0284 million yuan. Price expectations for November and December 2025 were also given [8] 2. Market News - The central government issued an opinion to expand the carbon market's coverage, implement quota总量 control and paid distribution, and improve market vitality [9] - China's carbon market construction aligns with the "dual - carbon" goal, and will gradually implement quota总量 control and paid distribution as the carbon - peak process advances [10] - The expansion schedule of the national carbon emissions trading market was announced, with major industrial sectors to be included by 2027, covering about 75% of CO2 emissions [10] - The "Chengdu Declaration" at the 2025 8th China International Photovoltaic and Energy Storage Industry Conference called for anti - "involution" in the industry and promoted high - quality development [10]

Core Insights - The national carbon market's comprehensive price on November 21 was 65.27 yuan/ton, reflecting a decrease of 3.83% from the previous day [1][4] - The total trading volume for carbon emission allowances on this day was 600,242 tons, with a total transaction value of approximately 37.63 million yuan [1] - Cumulatively, from January 1 to November 21, 2025, the carbon market recorded a total trading volume of 177,366,358 tons and a total transaction value of approximately 10.96 billion yuan [1] Price Summary - Opening price: 67.00 yuan/ton [4] - Highest price: 67.87 yuan/ton [4] - Lowest price: 65.13 yuan/ton [4] - Closing price: 65.27 yuan/ton [4] - Daily price change: -3.83% [4] Trading Volume and Value - Today's agreement trading volume: 400,242 tons, with a transaction value of approximately 25.51 million yuan [1] - Today's bulk agreement trading volume: 200,000 tons, with a transaction value of approximately 12.12 million yuan [1] - Total cumulative trading volume as of November 21, 2025: 807,635,022 tons, with a cumulative transaction value of approximately 53.99 billion yuan [1]

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]