从全球碳市场建设进度来看，所谓的全球碳市场共识、多经济体形成的联盟对后续各项工作的开展是一 个积极信号，有望促进各项工作开展。但是也要注意到，全球碳市场建设面临诸多困难与挑战，并非一 朝一夕就能解决。 近日，在贝伦气候峰会期间，中国与欧盟、巴西共同发起建立"碳排放权交易市场开放联盟"，以进一步 推动碳市场领域国际交流与合作。根据巴西政府在《联合国气候变化框架公约》第三十次缔约方大会 (COP30)主办方网站及欧盟委员会联合声明，该联盟旨在建立一个跨国合作框架，协调各国碳定价机 制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网络。 这一联盟令人期待。"联盟参与方呈现鲜明特征：欧盟在碳治理领域起步早、经验丰富，拥有成熟技术 与机制；中国凭借自主转型成果，在新能源产业、绿色金融发展方面都取得了积极进展，在碳市场建设 方面初见成效；巴西等发展中国家则面临治理资金短缺的现实困境。"中央财经大学绿色金融国际研究 院首席经济学家刘锋在接受《金融时报》记者采访时表示，这些国家的合作和经验交流很有价值。 碳市场的全球协作之路 对于碳市场的全球协作，各界早有期待。在2024年的《联合国气候变化框架公约》第二 ...

近日，在贝伦气候峰会期间，中国与欧盟、巴西共同发起建立"碳排放权交易市场开放联盟"，以进 一步推动碳市场领域国际交流与合作。根据巴西政府在《联合国气候变化框架公约》第三十次缔约方大 会（COP30）主办方网站及欧盟委员会联合声明，该联盟旨在建立一个跨国合作框架，协调各国碳定价 机制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网络。 这一联盟令人期待。"联盟参与方呈现鲜明特征：欧盟在碳治理领域起步早、经验丰富，拥有成熟 技术与机制；中国凭借自主转型成果，在新能源产业、绿色金融发展方面都取得了积极进展，在碳市场 建设方面初见成效；巴西等发展中国家则面临治理资金短缺的现实困境。"中央财经大学绿色金融国际 研究院首席经济学家刘锋在接受《金融时报》记者采访时表示，这些国家的合作和经验交流很有价值。 碳市场的全球协作之路 对于碳市场的全球协作，各界早有期待。在2024年的《联合国气候变化框架公约》第二十九次缔约 方大会（COP29）首日，"COP29在巴库开幕：全球碳市场取得突破"的消息一石激起千层浪，被迅速传 播。 "COP29首日的进展本质是就《巴黎协定》第六条第四款机制（6.4条）下的碳信用额 ...

Core Insights - The expansion roadmap for China's national carbon emissions trading market has been officially unveiled, with a clear timeline for including additional industries by 2027, aiming to cover approximately 75% of national CO2 emissions [1][4]. Summary by Sections Carbon Market Expansion - The Ministry of Ecology and Environment has released a quota distribution plan for the steel, cement, and aluminum smelting industries for 2024 and 2025, marking a significant step in the carbon market's expansion [1][4]. - By including these three industries, the total number of key emission units will reach around 3,700, covering emissions of approximately 8 billion tons, which accounts for over 60% of national carbon emissions [4]. Future Industry Inclusion - The final goal is to achieve full coverage of major emission industries in the industrial sector by 2027, with preliminary preparations already underway for the chemical, petrochemical, civil aviation, and paper industries [4][5]. - Predictions suggest that once eight major industries are fully included, over 8,000 enterprises will enter the market, covering more than 70% of greenhouse gas emissions nationwide [4]. Technical Preparations - The Ministry has collected and verified carbon emission data from relevant industries since 2013, laying the groundwork for scientifically determining total quotas [5]. - A comprehensive set of technical documents related to quota distribution, accounting, reporting, and verification is being expedited, alongside upgrades to the national carbon market management platform and trading systems [5]. Market Dynamics and Pricing - The diversity of market participants is expected to enhance the pricing function of the carbon market, with the current closing price around 66 yuan per ton [5]. - Industry experts predict that carbon prices could rise significantly, potentially reaching between 130 to 180 yuan per ton by 2027, driven by quota control and paid distribution mechanisms [5]. Industry-Specific Impacts - Different industries will experience varying impacts from the carbon market expansion, with sectors like electricity and steel being better prepared compared to more complex industries like petrochemicals and paper [6]. - The aviation sector faces additional challenges, including external pressures such as the EU carbon border tax [6]. Future Market Development - By 2030, the goal is to establish a carbon market based on total quota control, combining free and paid distribution, to create a reasonable carbon pricing mechanism [7]. - The Ministry has indicated that total quota control will be prioritized in stable emission sectors, gradually tightening quotas to enhance market efficiency and optimize carbon reduction resource allocation [7].

"到2027年，碳排放权交易市场基本覆盖工业领域主要排放行业。"近日，生态环境部发布《2024、2025 年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量和分配方案》（以下简称《配额方 案》），明确三大行业碳配额分配方式和适用范围等内容，重申了碳市场扩围"路线图"。 生态环境部应对气候变化司负责人就《配额方案》答记者问时表示，生态环境部已启动化工、石化、民 航、造纸等行业扩围前期准备工作，将坚持"成熟一个、纳入一个"的原则，根据行业发展状况、降碳减 污贡献、数据质量基础、碳排放特征等，有序扩大覆盖行业范围和温室气体种类。 这还是生态环境部首次透露全国碳市场扩围"路线图"。从2021年启动以来，全国碳市场已运行四年。 从覆盖的碳排放量来看，根据生态环境部此前发布的数据，在发电行业的基础上，钢铁、水泥、铝冶炼 行业的纳入使得全国碳市场重点排放单位总计达到3700家左右，覆盖排放量约80亿吨，管控全国60%以 上的碳排放量。 然而，目前生态环境部还未发布八大行业全部纳入全国碳市场后的重点排放单位数量和预计覆盖的碳排 放量。生态环境部应对气候变化司司长夏应显在此前接受21世纪经济报道采访时介绍，"中国的碳排放 ...

在不久前举行的贝伦气候峰会上，中国与欧盟、巴西共同发起建立"碳排放权交易市场开放联盟"，以进 一步推动碳市场领域国际交流与合作。该联盟共包括11个经济体，旨在建立一个跨国合作框架，协调各 国碳定价机制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网络。 "联盟参与方呈现鲜明特征：欧盟在碳治理领域起步早、经验丰富，拥有成熟技术与机制；中国，凭借 自主转型成果，在新能源产业、绿色金融发展方面都取得了积极的进展，在碳市场建设方面也初见成 效；巴西等发展中国家则面临治理资金短缺的现实困境。"中央财经大学绿色金融国际研究院首席经济 学家刘锋在接受记者采访时谈到，这几方的合作和经验交流很有价值。 兴业银行首席经济学家鲁政委也对记者表示，此次加入的11个经济体既包括传统碳市场强者，也涵盖了 新兴市场代表，如中国、智利与赞比亚。这一组合体现出发达与发展中国家在碳市场治理上的"桥接合 作"趋势，也将为新兴市场带来更多气候资金支持。 受访专家普遍认为，开放合规碳市场联盟将有助于统一协调全球碳定价机制的开展，通过标准协调、机 制互认、经验分享、技术合作、公正转型等多种措施，在统一框架下促进合规市场的衔接，确保合 ...

Group 1: Green Trade Policy - The Ministry of Commerce has issued the first special policy document on green trade, titled "Implementation Opinions on Expanding Green Trade," aimed at promoting trade optimization and achieving carbon neutrality goals [1] - The document emphasizes the importance of establishing a robust support system for green trade, including enhancing financial policy support and encouraging financial institutions to develop products based on carbon footprint accounting and certification [1] Group 2: Carbon Emission Trading Mechanism - The carbon emission trading mechanism is a core policy tool for achieving China's dual carbon goals, with the national carbon market expanding from 5 billion tons to 8 billion tons in emission coverage, and the number of regulated enterprises increasing from over 2,200 to 3,700, representing a 60% overall market expansion [2] - The introduction of carbon emission futures is seen as a significant direction for enriching carbon financial products, addressing the growing need for managing price volatility risks as more industries are included in the carbon market [2][3] Group 3: Futures Market and Risk Management - The launch of carbon-related futures and options products is expected to enhance risk management and liquidity in the carbon market, making carbon trading more efficient [3] - The futures market plays a crucial role in price discovery, risk management, and resource allocation, which can significantly benefit the carbon market [3] Group 4: Futures Industry Contribution - The futures industry is actively focusing on industry needs and innovating services to support the construction of the carbon emission rights market, with the Guangzhou Futures Exchange prioritizing carbon emission rights as a strategic product [4] - The Guangzhou Futures Exchange has completed the design of the carbon emission rights futures contract system and is set to advance the listing of these futures while refining market research and contract design [4]

Group 1 - The core viewpoint of the news is that China's green trade policy is being formalized through the issuance of the "Implementation Opinions" by the Ministry of Commerce, aiming to promote trade optimization and support the country's dual carbon goals [1] - The green trade support system will be enhanced through financial policy support, encouraging financial institutions to develop products based on carbon footprint accounting and certification [1] - The carbon trading mechanism is identified as a key policy tool for achieving China's dual carbon goals, with the national carbon market expanding its coverage from 5 billion tons to 8 billion tons, increasing the number of regulated enterprises from over 2,200 to 3,700, resulting in a 60% overall market expansion [2] Group 2 - The introduction of carbon emission rights futures is seen as a significant direction for developing carbon financial products, which can help manage price volatility risks for enterprises as new industries are gradually included in the carbon market [2] - Experts believe that launching carbon emission rights futures and options can enhance market liquidity and efficiency, thereby strengthening China's position in the international carbon market [3] - The futures industry is actively focusing on industry needs and innovating services to support the construction of carbon emission rights, with the Guangzhou Futures Exchange planning to launch carbon emission rights futures [4]

Core Viewpoint - The report released by the Ministry of Ecology and Environment highlights the progress and future direction of China's carbon market, emphasizing its importance in achieving national climate goals and enhancing the carbon pricing mechanism [1][3]. Group 1: Market Development - The national carbon emissions trading market has shown increased vitality, with a 43.55% rise in average daily trading volume compared to the previous compliance cycle, totaling 1.89 million tons for the year [2]. - The annual trading value of carbon emission allowances reached 18.114 billion yuan, marking a new high since the market's launch in 2021 [2]. - As of August 2025, the cumulative trading volume of carbon emission allowances reached 69.6 million tons, with a total transaction value of 47.826 billion yuan [2]. Group 2: Compliance and Performance - The compliance rate for the 2023 carbon allowance was 99.98%, achieving a historical high, with 28 provincial regions completing their compliance work at 100% [2]. - This represents a significant improvement compared to the previous compliance cycles [2]. Group 3: Future Directions - The Chinese government aims to enhance the carbon market as a key policy tool for controlling greenhouse gas emissions, with plans to gradually expand the market's coverage and improve related policies [3]. - There is a focus on diversifying trading products, participants, and methods to create a more equitable and transparent market environment [3].

Core Viewpoint - China has established the world's largest carbon emissions trading market, which is now operating steadily, covering over 60% of the country's carbon emissions, with a cumulative trading volume of nearly 700 million tons as of the end of August [1][2]. Group 1: Development and Structure of the Carbon Market - The construction of China's carbon emissions trading market has progressed steadily since the pilot programs were initiated in 2011, leading to the national market's official launch in 2017 [2]. - The recent issuance of the "Opinions" document aims to enhance the effectiveness, vitality, and international influence of the national carbon market, while also coordinating with local pilot markets [2][5]. - The national carbon market is expected to manage over 70% of carbon emissions in the future, with the voluntary carbon market complementing it by addressing emissions not covered by the mandatory market [3][4]. Group 2: Key Measures and Future Directions - The "Opinions" document outlines a timeline and roadmap for the development of the national carbon market, emphasizing the need for effective integration with national carbon emission control measures [2][7]. - Key areas for immediate focus include achieving effective linkage between the national carbon market and the dual control of carbon emissions, introducing paid allocation of quotas, and enhancing management capabilities of registration and trading institutions [2][5][6]. Group 3: Regulatory Framework and Data Quality - A multi-level and relatively complete regulatory framework for the carbon market has begun to take shape, with over 30 regulations and technical standards established [6]. - The upcoming "Interim Regulations on Carbon Emission Trading" will clarify responsibilities for companies regarding carbon emission reporting and quota compliance, with penalties for non-compliance [6]. Group 4: Pricing Mechanism and Market Dynamics - The transition from intensity control to total control of carbon emissions is planned, with a focus on scientifically setting total quotas to meet national reduction targets [7]. - Factors influencing carbon pricing include national emission reduction goals and the development of low-carbon technologies, highlighting the need for a market-driven pricing mechanism [8].

Core Viewpoint - The 2025 China Carbon Market Conference held in Shanghai focuses on enhancing carbon pricing mechanisms to stimulate green and low-carbon development, featuring discussions on China's carbon market construction, global climate change responses, and international cooperation in green innovation [2] Group 1: Main Forum Insights - The "National Carbon Market Development Report 2025" was released, with contributions from representatives of the Ministry of Ecology and Environment and the People's Bank of China, discussing market vitality and green finance innovation [2] - The conference aims to inject new momentum into achieving the "dual carbon" goals through the release of construction achievements and cutting-edge research [2] Group 2: Sub-Forum One Highlights - The first sub-forum emphasized improving the carbon market trading system and enabling market-based carbon pricing mechanisms, with diverse perspectives from government, academia, and business representatives [4][6] - Hubei Province's advantages in carbon market construction include managing accounts for 3,700 key emission enterprises, covering carbon quotas of approximately 8 billion tons, and achieving a cumulative transaction volume of 418 million tons with a transaction value of 10.328 billion yuan [6][7] Group 3: Sub-Forum Two Highlights - The second sub-forum focused on building international cooperation in carbon credits under market mechanisms to achieve the goals of the Paris Agreement, with participation from various stakeholders including government departments and international organizations [8][10] - Shanghai's carbon market has included over 400 enterprises across 28 industries, with a cumulative transaction of 265 million tons and a transaction value of 5.544 billion yuan, showcasing its role as a pilot region for carbon market development [11][12]