Core Viewpoint - The article discusses the development and significance of China's carbon market, highlighting its transition into a 2.0 era with the recent release of guidelines aimed at enhancing the market's vitality and international influence [4][5]. Summary by Sections Carbon Market Overview - Since 2013, China has initiated carbon emission trading trials in various provinces, culminating in the launch of a national carbon market in 2021, which serves as a crucial tool for addressing climate change and promoting green economic transformation [4][5]. Market Structure - The national carbon market consists of two components: a mandatory carbon market for key emission units and a voluntary carbon market aimed at encouraging self-directed emission reductions. The mandatory market began in 2021, while the voluntary market is set to launch in 2024 [6][7]. Market Size and Performance - As of August 22, 2023, the mandatory carbon market has over 2,000 key emission units, with a cumulative trading volume exceeding 680 million tons and a transaction value of 47.41 billion yuan. The voluntary market has recorded 2.49 million tons of certified voluntary emission reductions, amounting to 210 million yuan [7][8]. Industry Coverage and Future Goals - The mandatory carbon market has expanded to include industries such as steel, cement, and aluminum, covering over 60% of national carbon emissions. Future goals include broadening the market's coverage and transitioning to a total control system for carbon emissions by 2030 [9][11]. Financial Mechanisms - The article highlights the introduction of carbon finance mechanisms, such as carbon pledges and repurchase agreements, which allow companies to leverage carbon assets for financing, thereby enhancing their participation in emission reduction efforts [12][14]. Insurance and Risk Management - Carbon emissions can also be insured, as demonstrated by a recent case where a forestry carbon sink was insured against loss due to natural disasters, showcasing innovative approaches to managing carbon assets [13]. Enhancing Market Activity - The guidelines propose measures to improve the carbon pricing mechanism and encourage broader participation from financial institutions and individuals in the carbon market, aiming to increase market liquidity and effectiveness [14][15].