中办、国办印发的《关于推进绿色低碳转型 加强全国碳市场建设的意见》提出，碳市场是利用市场机制积极应对气候变化、加快经济社 会发展、全面绿色转型的重要政策工具。 目前，全国碳市场正式运行四周年，我国建成了全球覆盖温室气体排放量最大的碳市场，实现了对全国60%以上二氧化碳排放量的有效管 控。据生态环境部数据，截至2025年9月30日，全国碳市场的配额累计成交量达7.28亿吨，累计成交额达498.3亿元。截至2025年8月底，新 纳入行业重点排放单位已开设交易账户1277家。 赖晓明。资料图 今年碳市场交易量增长40% 《21世纪》：据生态环境部数据，截至2025年8月底，新纳入行业重点排放单位已开设交易账户1277家。这批增量主体入场后，市场功能 与运行效果是否会较以往发生变化？ 赖晓明：变化是肯定的。市场主体是决定市场运行质量的关键因素，而市场主体对市场的影响主要取决于三个方面：一是市场主体的规模 数量，二是市场主体的结构，三是市场主体参与市场的能力和意愿。 此次行业扩围后，市场主体规模数量显著增加，这对整个碳市场的发展无疑是有利的。从主体结构来讲，此前全国碳市场仅覆盖发电这一 个相对集中的行业，扩围后市场覆盖 ...

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].