2月28日，复旦大学可持续发展研究中心(以下简称"研究中心")公布了2026年3月复旦碳价指数结果。此 次公布了2026年3月全国碳排放配额(简称CEA)价格指数、2026年12月全国CEA价格指数、2026年3月全 国CCER价格指数以及2026年3月中国绿色电力证书GEC价格指数。 2月全国碳市场价稳量缩，全球主要碳市场成交量整体下跌 在发布环节，研究中心总结了2月全国碳市场的运行情况：第一，价格方面，本月CEA的日均收盘价为 79.57元/吨，相较于1月的日均收盘价77.76元/吨上涨约2.33%。本月碳价整体呈现高位窄幅震荡的特 征，节前市场在76至81元/吨之间波动，2月9日曾单日上涨5.81%至80.56元/吨，显示部分企业在节前仍 有配额调整需求；节后恢复交易后价格稳定在81元/吨附近，未出现大幅波动。 第二，成交量方面，受春节假期影响，本月碳配额日均成交量为24.57万吨，相较1月的54.68万吨大幅缩 水约55%。尽管整体成交规模明显收缩，月内仍出现单日放量情形，如2月6日和9日成交量均超过53万 吨，反映节前部分企业仍在进行配额调整或策略性布局。整体来看，2月市场呈现"价稳量缩"的节日特 ...

全国碳市场行情简报 (2026年第30期) 国泰君安斯版 发布日期:2026-02-24 节后首个交易日,薄量推动碳价走高 今日 行情 1、CEA: 挂牌1.0万吨, 大宗0.0万吨;挂牌成交均价81.00元/吨（无) 2、CCER: 挂牌协议成交量0.00万吨,成交均价89.00元/吨（4.09%） 策略 信号强度:0 (0为空仓,土1为偏多/空,土2为多/空) 核心 逻辑 价格明显上涨,但成交量极低,属于薄量波动。 1、CCER供应增量超预期;2、发电行业配额缺口低于预期;3、主管部门出台 风险 政策明确具有雄心的未来减排路径。 图表1:全国碳配额(CEA)最新行情信息-现货 | | | CEA19-20 CEA21 CEA22 | | CEA23 | CEA24 | CEA25 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价(元/吨) | 74.00 | 74.52 76.39 | | 81.00 | 81.00 | 81. 00 | | 涨跌幅(%) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.92% ...

新华财经北京2月24日电据微信公众号"全国碳交易"，2月24日全国碳市场综合价格行情为开盘价81.00元／吨，最高价81.00元／吨，最低价81.00元／吨，收 盘价81.00元／吨，收盘价较前一日上涨2.92%。 今日挂牌协议交易成交量10,000吨，成交额810,000.00元；今日无大宗协议交易；今日无单向竞价。 今日全国碳排放配额总成交量10,000吨，总成交额810,000.00元。 2026年1月1日至2月24日，全国碳市场碳排放配额成交量13,483,905吨，成交额988,524,251.80元。 截至2026年2月24日，全国碳市场碳排放配额累计成交量878,350,425吨，累计成交额58,651,142,483.37元。 | 名 称 | 价 格 | 单 位 | | --- | --- | --- | | 开 盘 | 81.00 | 元/吨 | | 最 高 | 81. 00 | 元/吨 | | 最 低 | 81. 00 | 元/吨 | | 收 盘 | 81. 00 | 元/吨 | | 涨幅 | 2. 92% | | （文章来源：新华财经） | 各年度 | | | 开盘价 | | | | 日 ...

Summary of Key Points from the Conference Call on Carbon Neutrality Policies Industry Overview - The conference focused on China's carbon neutrality policies, particularly the chemical and petrochemical industries, and their implications during the 14th Five-Year Plan (2021-2025) period [1][2]. Core Points and Arguments 1. **Carbon Peak and Neutrality Goals**: China aims to peak carbon emissions around 2028 and achieve a 7%-10% reduction in emissions by 2035 after reaching the peak. The long-term goal is carbon neutrality by 2060 [2][10]. 2. **Strict Control Measures**: The chemical and petrochemical industries will face stringent controls, including local carbon budget assessments, inclusion in carbon markets, and enhanced carbon management practices [1][2]. 3. **New Mechanisms for Energy Consumption Control**: A dual control mechanism for energy consumption will be implemented, focusing on total volume control rather than just intensity, with strict evaluations at the local government level [6][5]. 4. **Expansion of Carbon Market**: By 2027, eight high-energy-consuming industries will be included in the national carbon market, with a combination of free and paid quota distribution methods to enhance emission reductions [1][9]. 5. **Challenges from Climate Change**: The chemical industry faces challenges from climate change and extreme weather, necessitating a shift from coal to renewable resources and the adoption of technologies like Carbon Capture, Utilization, and Storage (CCUS) [1][10]. 6. **Carbon Market Development**: The national carbon market has been steadily advancing since its establishment in 2021, with plans to tighten quota issuance requirements starting in 2027 [1][11]. 7. **Support for Enterprises**: The government will provide multi-dimensional support for enterprises to reduce emissions, including financial subsidies, green loans, and trading profits from carbon credits [25][26][27]. Additional Important Content 1. **New Project Approval**: New capacity additions require approval from the National Development and Reform Commission (NDRC), ensuring that total emissions do not exceed provincial limits [3][14]. 2. **Carbon Footprint Accounting**: A carbon footprint accounting system will be established for products to comply with international standards, such as the Carbon Border Adjustment Mechanism (CBAM) [5][10]. 3. **Monitoring and Data Collection**: Real-time monitoring of carbon emissions data is being improved, with expectations for more accurate data collection by 2027 [23][29]. 4. **Market Mechanisms for Emission Reduction**: The government will implement market mechanisms to encourage emission reductions, including voluntary reduction projects and the ability for non-regulated enterprises to participate in the carbon market [8][9]. 5. **Long-term Industry Transition**: The chemical industry, heavily reliant on coal, is expected to gradually reduce its coal usage from over 56% to lower levels, with a focus on sustainable development through carbon cost integration [19][20]. This summary encapsulates the critical insights and implications of the conference call regarding China's carbon neutrality policies and their impact on the chemical and petrochemical industries.

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the expansion of China's carbon market, which now includes high-energy-consuming industries such as petrochemicals, chemicals, construction materials, non-ferrous metals, paper, and banking, with a full implementation expected by 2027 [1][2]. Core Insights and Arguments - The new industries added to the carbon market are expected to contribute an additional 1 to 1.5 billion tons of carbon emissions, which is relatively limited compared to the existing emissions from the power, steel, cement, and aluminum sectors that account for 70-80% of China's total carbon emissions [2][7]. - The carbon market is transitioning from energy consumption control to carbon emission control, with local governments facing assessments based on carbon intensity, impacting project approvals and officials' promotions [2][23]. - The pricing of carbon credits is expected to stabilize and gradually rise, with projections estimating prices to be between 150 to 200 yuan by 2030 [2][25][26]. Allocation of Carbon Quotas - New high-energy industries will likely have their carbon quotas allocated based on production output, with specific methods such as baseline allocation for different product concentrations in industries like caustic soda [4][9]. - For complex industries, historical total or intensity methods may be used, which could disadvantage advanced companies planning to expand production [4][10]. - The aviation sector is currently only partially included, with airports subject to carbon management while airlines will be managed separately by the Civil Aviation Administration [5][16]. Impact on Related Industries - The expansion of the carbon market will directly affect downstream industries such as petrochemicals, chemicals, construction materials, non-ferrous metals, and paper, requiring them to report and manage their carbon emissions [3]. - The clean energy sector is expected to benefit from this expansion, with opportunities arising in areas like green electricity, green hydrogen, and biofuels [3]. - Companies involved in energy-saving equipment and carbon monitoring technologies are also anticipated to gain from the market's growth [3]. Regulatory and Compliance Aspects - Companies failing to meet carbon quota requirements face severe penalties, as illustrated by a case where a company was fined 420 million yuan for not clearing its carbon emissions [20]. - The carbon quota distribution process includes a pre-allocation phase (typically 70%) followed by final adjustments based on actual verified data [19]. Future Projections and Considerations - The carbon market is expected to gradually tighten its regulations, particularly for new coal-fired power plants, while industries like steel and cement may benefit from historical production quotas [14]. - The transition to carbon emission control will require industries to adapt their operations, with different pathways for emission reductions depending on the sector [15]. Additional Important Points - The carbon market's current coverage includes approximately 7 to 8 billion tons of emissions, with the total carbon emissions in China around 10 billion tons [7]. - The methodology for quota allocation may evolve, with potential shifts towards more comprehensive management strategies that consider both historical production and emission intensity [10][11].

Group 1 - A recent case in Ningxia highlights that some key emission units lack a deep understanding of the carbon emission trading market and the importance of timely and full compliance with carbon emission quota payments [1] - The national carbon emission trading market aims to achieve China's "dual carbon" goals by enforcing mandatory emission reduction responsibilities among key emission units, promoting greenhouse gas reduction at the lowest social cost [1] - Since its launch in 2021, the national carbon market has completed three compliance submissions, maintaining a high overall compliance rate, although some key emission units have failed to meet their quota obligations on time [1] Group 2 - The "Interim Regulations on Carbon Emission Trading Management," effective from May 1, 2024, impose fines on key emission units that fail to comply with quota payments, with penalties ranging from five to ten times the average market transaction price of the unpaid quotas [2] - The regulations also outline requirements for carbon emission data quality and the supervision of technical service institutions, clarifying the penalties for violations [2] - The carbon market currently includes 3,378 key emission units and aims to cover major industrial sectors by 2027, with ongoing efforts to enhance the market structure and combat data fraud [2] Group 3 - The recent carbon emission penalty case serves as a reminder for key emission units to continuously understand and adapt to the evolving rules of the carbon market, emphasizing the need for legal awareness and proactive compliance [3] - Companies are encouraged to improve their carbon emission and asset management capabilities to contribute to sustainable development and the green transformation of the economy and society [3]

Core Insights - The national carbon market in China reported a closing price of 80.50 yuan per ton on February 10, 2026, reflecting a decrease of 0.07% from the previous day [1][4]. Trading Data - The opening price was 80.56 yuan per ton, with a highest price of 81.00 yuan per ton and a lowest price of 80.00 yuan per ton [4]. - The total trading volume for carbon emission allowances today was 432,640 tons, with a total transaction value of 34,068,840.00 yuan [1]. - The volume for listed agreement trading was 32,640 tons, generating a transaction value of 2,628,840.00 yuan, while bulk agreement trading accounted for 400,000 tons and 31,440,000.00 yuan [1][5]. Cumulative Data - From January 1, 2026, to February 10, 2026, the total trading volume of carbon emission allowances reached 12,633,905 tons, with a cumulative transaction value of 928,560,251.80 yuan [1]. - As of February 10, 2026, the cumulative trading volume in the national carbon market stood at 877,500,425 tons, with a total transaction value of 58,591,178,483.37 yuan [1].

Core Insights - The national carbon market in China saw a closing price of 80.56 yuan per ton on February 9, 2026, marking a 5.81% increase from the previous day [1][3]. Trading Data - The opening price was 80.00 yuan per ton, with a highest price of 82.00 yuan per ton and a lowest price of 78.00 yuan per ton [3]. - The total trading volume for the day was 531,676 tons, with a total transaction value of 42,055,756.00 yuan [1]. - The volume of carbon emission allowances traded from January 1, 2026, to February 9, 2026, reached 12,201,265 tons, with a total value of 894,491,411.80 yuan [1]. - Cumulatively, as of February 9, 2026, the total trading volume in the national carbon market was 877,067,785 tons, with a total transaction value of 58,557,109,643.37 yuan [1].

Core Viewpoint - The national carbon market in China, established in July 2021, has made significant progress but faces challenges such as insufficient market liquidity and pronounced tidal phenomena. The weak financial attributes of the market are identified as a key reason for this liquidity issue. The article suggests measures to enhance market liquidity and price discovery, including the introduction of financial institutions and carbon financial derivatives, drawing lessons from the EU carbon market experience [1][4][10]. Group 1: National Carbon Market Development - China has built the largest carbon market globally, covering approximately 4.5 billion tons of CO2 emissions from 2,162 key emission units in the power generation sector [3][4]. - The first administrative regulation in the carbon trading sector, the "Interim Regulations on Carbon Emission Trading," will take effect in May 2024, establishing the legal attributes and trading rules for carbon emissions [4]. - By March 2025, the national carbon market will include steel, cement, and aluminum industries, increasing the number of key emission units to about 3,700 and covering over 8 billion tons of CO2 emissions, accounting for more than 60% of China's total emissions [4]. Group 2: Market Liquidity Issues - The national carbon market's trading volume in 2023 was 2.12 million tons, with a turnover rate of approximately 3%, significantly lower than the EU carbon market's 93 billion tons and 417% turnover rate [4][5]. - The market exhibits tidal phenomena, with trading volumes concentrated in the fourth quarter, particularly near compliance deadlines, leading to low activity during non-compliance periods [4][8]. - The lack of financial attributes and the limited participation of financial institutions contribute to the market's low liquidity and price discovery issues [8][9]. Group 3: Recommendations for Improvement - Establish a collaborative regulatory mechanism between environmental and financial authorities to enhance the financial attributes of the carbon market, which could improve liquidity and price discovery [15]. - Gradually introduce financial institutions into the carbon market, starting with a few qualified entities to provide market-making services, followed by expanding the range of eligible investors as the market matures [16]. - Accelerate the development of standardized carbon financial derivatives, such as carbon futures, to improve market liquidity and reduce price volatility [17].

Core Insights - The carbon market is a trading platform that incentivizes organizations and individuals to offset their greenhouse gas emissions through the trading of carbon emission allowances or credits [1][3] - There are two main market mechanisms: compliance markets driven by government policies and voluntary markets for emission reductions [1][2] Group 1: Market Overview - As of the end of 2024, there are 36 operational carbon trading systems globally, with 14 under construction and 8 in planning stages, collectively regulating approximately 9.9 billion tons of CO2 equivalent, which accounts for 18% of global greenhouse gas emissions [3] - The growth of the global regulatory framework is expected to accelerate in the coming years due to factors such as ESG investment, new financial tools for market participation, and improved transparency in carbon credit quality [3][5] Group 2: Key Mechanisms - Cost-Optimal Emission Reduction: The carbon market enables countries to achieve emission reductions at the lowest cost by pricing carbon and allowing trading [6] - Cross-Border Coordination: Carbon markets facilitate international cooperation by connecting different jurisdictions' climate policies to meet emission targets [7] - Revenue Generation Mechanism: Governments can create revenue through the auctioning of emission allowances, which can be reinvested in climate action and clean energy projects, exemplified by the social climate fund under the EU carbon trading system [8] Group 3: Market Risks - Countries lacking effective carbon markets may face multiple risks, including trade barriers and investment losses, making participation in carbon markets crucial for companies to maintain compliance and financial stability [9] Group 4: Project Experience - The company has developed a comprehensive methodology for designing, developing, and implementing both types of carbon markets, with notable projects including establishing a joint venture for carbon credit approval in Gulf Cooperation Council countries and identifying opportunities for participation in the global carbon market for one of the largest trade areas [10]