作品声明：内容取材于网络 现在聊绿色低碳，绕不开碳市场这个话题，但很多人一听到"碳排放权交易"就觉得头大，总觉得是专业机构才懂的事儿。 其实不是这样，中国搞碳市场已经十好几年了，现在都成了全球规模最大的碳市场，覆盖了全国六成以上的碳排放量，跟咱们的生活、企业的发展都有关 系。 最开始的时候，中国没直接搞全国市场，而是在2011年选了北京、天津、上海这些"两省五市"做试点。 深圳当时挺敢尝试，第一次把拍卖机制引进来分配配额；上海也没闲着，开发了些碳金融衍生品。 本来想这些试点可能就是小范围试试水，没想到后来都成了全国市场的"经验储备"，比如怎么搞监测核查、怎么让交易顺畅，都是从这时候慢慢摸索出来 的。 2021年7月16号，全国碳市场总算启动了，首批就把2162家发电企业拉了进来，覆盖的碳排放量差不多45亿吨。 这一步迈得不算小，而且还搭了"1+N"的政策框架，连区块链技术都用上了，就是为了盯着配额分配，怕出问题。 到2025年的时候，这个市场又扩了一次围，把钢铁、水泥、铝冶炼这三个行业也加了进来，这三个行业每年的碳排放量大概25亿吨，扩围之后，全国碳市场 能管的排放量就更多了。 碳市场不是摆样子的，这些年确实 ...

Core Viewpoint - The national carbon market in China has become a crucial policy tool for addressing climate change and promoting green transformation, with significant growth in trading volume and market participation since its inception four years ago [1][2]. Market Development - The national carbon market has achieved a cumulative trading volume of 728 million tons and a total transaction value of 49.83 billion yuan as of September 30, 2025 [1]. - The trading volume has increased by 40% compared to the same period last year, indicating a rise in market activity and participant engagement [3]. - The number of trading accounts opened by newly included key emission units reached 1,277 by the end of August 2025, expanding the market's participant base [2]. Industry Inclusion and Impact - The carbon market has expanded to include four major industries: power generation, steel, aluminum smelting, and building materials, enhancing market diversity and trading opportunities [2][3]. - The structural changes in market participants have led to increased trading opportunities due to varying judgments on market transactions among different enterprises [2]. Local Market Role - Local carbon markets, such as Shanghai's, are expected to continue supporting local "dual carbon" goals and green development, even as they face challenges from the national market's expansion [6]. - Shanghai's carbon market has over 2,200 registered entities, including around 400 regulated enterprises and numerous investment and financial institutions, contributing to its trading volume and activity [5]. Future Directions - The carbon market is set to transition towards a model of "paid allocation + total control" during the 14th Five-Year Plan, with a focus on policy coordination and the establishment of a total control mechanism for carbon emissions [11]. - Shanghai plans to further diversify its market participants and explore innovative environmental rights, including water rights and pollution rights trading, to enhance market functionality [7][10].

赖晓明 ◎记者 宋薇萍 上海证券报：作为试点市场，上海一直在先行先试。您认为服务全国统一大市场建设，上海有哪些经验 可以输出？ 赖晓明：一是在配额分配方面，上海一直在优化分配机制，结合经济社会的绿色低碳转型进展，从原来 以历史法为主的分配，到现在70%以上是以效率法为主的分配；从原来的全部免费分配，到后来93%至 99%免费，有少部分有偿分配；以及履约拍卖和非履约拍卖，这些都是很好的探索，有利于提升市场流 动性。二是在市场参与主体方面，上海很早就是多元化主体，参与开户的企业和机构一共是2200多家。 其中，控排企业400家左右，其他都是投资机构、金融机构。后者的积极参与，为市场奉献了比较大的 交易量。从这个角度讲，全国碳市场尽快引入投资机构参与是一件非常紧迫的事，相关部门正在抓紧研 究配套规则和制度。三是从产品来看，上海在持续创新，丰富交易工具。 现在市场还比较关注碳资产质押贷款融资的进展，上海等地已进行了探索，获得了各方支持。全国碳市 场配额已超过80亿吨，按市值来看，可能有四五千亿元。如果这些碳资产可以融资，对于破解企业融资 难将是全新的解决方案。 上海证券报：展望"十五五"，您认为全国碳市场建设有哪些重 ...

Core Viewpoint - The article discusses the transition of China's carbon market from intensity-based control to total volume control, emphasizing the importance of carbon emission quotas as a new form of currency for environmental accountability and economic incentives [2] Group 1: Transition to Total Volume Control - The carbon market will shift from "intensity control" to "total volume control" by 2030, allowing for more precise emission reductions [2] - This new approach ensures that each company's emissions are tracked and managed, moving away from the logic of "more emissions, more profits" [2] Group 2: Paid Quotas and Market Dynamics - The transition from free quotas to paid quotas is expected to incentivize companies to actively reduce emissions, similar to the EU's experience which generated €180 billion in revenue [2] - Increasing the proportion of paid quotas will create market pressure for companies, making carbon emissions a cost and carbon reduction a benefit [2] Group 3: Fair and Efficient Allocation - The allocation of quotas must be balanced; too lenient may lead to complacency, while too strict could harm businesses, highlighting the need for "moderate flexibility" [2] - Enhanced data accounting and traceability mechanisms will ensure transparency and fairness in quota usage [2] Group 4: Future Implications - The evolution of the carbon market is set to drive China's green and low-carbon transformation, opening new avenues for industrial upgrades [2] - The carbon market is positioned to become a new engine for green development in China [2]

Core Points - The European Union (EU) has extended the suspension period for countermeasures against U.S. tariffs until early August in response to President Trump's threat of a 30% tariff on EU imports starting August 1 [1][4] - EU Commission President Ursula von der Leyen emphasized the importance of negotiations, stating that if no agreement is reached, the EU will prepare countermeasures [3][5] - French President Emmanuel Macron expressed strong opposition to the U.S. tariffs and called for the EU to demonstrate its commitment to defending its interests [4][5] Trade Relations - The total trade in goods and services between the EU and the U.S. is projected to reach €1.7 trillion in 2024, averaging €46 billion daily [7] - In 2024, the EU is expected to export €531.6 billion worth of goods to the U.S. while importing €333.4 billion, resulting in a trade surplus of €198.2 billion [7] - The EU's exports to the U.S. have increased by 5.5% compared to 2023, while imports have decreased by 4.0% [7] Negotiation Dynamics - Trump's administration is focused on reducing the trade surplus the EU has with the U.S., which is seen as a key objective behind the tariff threats [7][10] - The EU is exploring various trade relationships and is seeking to diversify its trade partnerships beyond the U.S. [10] - Macron's statements reflect the voice of EU member states, emphasizing the need for a united front against U.S. trade policies [6][5]