《配额方案》也明确了适用范围，在配额核定前关停以及2024、2025年新投产的企业（生产线、工序） 不纳入当年度配额分配范围，仅适用于纳入全国碳排放权交易市场钢铁、水泥、铝冶炼行业2024、2025 年度重点排放单位名录的企业（生产线、工序）。 21碳中和课题组快评： 《配额方案》2024、2025年度延续免费分配模式，体现了渐进式改革思路。通 过精准界定适用范围，既保持政策连续性，又为碳市场平稳扩围提供制度保障。 2、李高：企业是推动绿色低碳转型的关键力量 巴西当地时间11月19日下午，由国务院国资委社会责任局指导，中国石油天然气集团有限公司牵头，联 合国家能源投资集团有限责任公司、中国南方电网有限责任公司，在巴西贝伦《联合国气候变化框架公 约》第30次缔约方大会（COP30）中国角，成功主办"双碳"目标下央企绿色低碳行动实践"主题边会。 （原标题：生态环境部：发布三大行业碳配额总量和分配方案｜碳中和周报） 21世纪经济报道记者雷椰 李德尚玉 实习生刘诗媛 北京报道 碳中和周报关注"双碳"领域的最新前沿动态，包括碳中和政策、地方动态、企业实践等。我们将通过精 选每周碳中和领域的重大事件，并进行点评的方式，提 ...

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生态环境部应对气候变化司司长夏应显表示，纳入碳市场将有效推动钢铁、水泥、铝冶炼这三个行 业绿色低碳转型，有效压实企业的减排责任，为国家温室气体排放控制目标实现提供有效保障。 新华社北京11月24日电（记者高敬）《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》提出，扩大全国碳排放权交易市场覆盖范围。 2021年7月，以发电行业为突破口，全国碳排放权交易市场启动上线交易。今年3月，全国碳排放权 交易市场首次扩围，钢铁、水泥、铝冶炼行业纳入碳排放权交易市场管理。 日前，生态环境部印发《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》，这是碳排放权交易市场扩围工作的重要部署安排。方案发布后，生态环境部门将下发 2024年度配额，重点排放单位将于年内完成首次配额清缴。明年上半年，生态环境部门将下发2025年度 预分配配额。重点排放单位应在明年年底前完成2025年度配额清缴工作。 他还表示，全国碳排放权交易市场扩围将会驱动更多企业通过有关技术创新、节能技改、提升管理 效益等方式减少碳排放，进而有效带动低碳、零碳、负碳技术的研发和投资，为重点排放单位的绿色低 碳转型提供技 ...

日前，生态环境部印发《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》，这是碳排放权交易市场扩围工作的重要部署安排。方案发布后，生态环境部门将下发 2024年度配额，重点排放单位将于年内完成首次配额清缴。明年上半年，生态环境部门将下发2025年度 预分配配额。重点排放单位应在明年年底前完成2025年度配额清缴工作。 生态环境部应对气候变化司司长夏应显表示，纳入碳市场将有效推动钢铁、水泥、铝冶炼这三个行 业绿色低碳转型，有效压实企业的减排责任，为国家温室气体排放控制目标实现提供有效保障。 新华社北京11月24日电（记者高敬）《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》提出，扩大全国碳排放权交易市场覆盖范围。 2021年7月，以发电行业为突破口，全国碳排放权交易市场启动上线交易。今年3月，全国碳排放权 交易市场首次扩围，钢铁、水泥、铝冶炼行业纳入碳排放权交易市场管理。 瞄准"双碳"目标，如何扩大全国碳排放权交易市场覆盖范围？记者了解到，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。一是推进历史数据治理，为科学合理确定配额总量和 分配方案奠定 ...

Policy Developments - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the "Wind Power Equipment Industry Norms" to promote sustainable development in the wind power equipment manufacturing sector [3][18] - The newly released national standard for "Recycled Materials in Household Appliances" will take effect on May 1, 2026, aiming to regulate the use of recycled materials and promote green development in the industry [4][18] Carbon Emission Management - The Ministry of Ecology and Environment has announced that the steel, cement, and aluminum industries will complete their first carbon emission quota compliance by the end of this year, marking their entry into a carbon trading compliance mechanism [5][6] - The central government has initiated ecological and environmental protection inspections in major energy companies, signaling a commitment to high-level ecological protection and the green transformation of the energy sector [7][18] Energy Projects - The National Development and Reform Commission has approved five flexible power interconnection projects, with a total investment of 24.4 billion yuan, aimed at enhancing inter-provincial power support capabilities [8][18] - China's first high-pressure natural gas long-distance pipeline pressure recovery power generation project has commenced operation, utilizing excess pressure during gas transmission to generate clean electricity [9][10] - The highest-altitude wind power project in China has been connected to the grid, with a total installed capacity of 60 MW, expected to supply clean energy to approximately 120,000 households annually [11][18] Ecological Initiatives - Major ecological protection and restoration projects in the Tibetan Plateau are projected to add approximately 30 million tons of carbon sinks annually, contributing significantly to the country's carbon neutrality goals [12][13] Market Trends - The "Shan Electric into Anhui" ultra-high voltage project has been completed, expected to deliver over 36 billion kWh of electricity annually, with more than half from renewable sources [15][18] - The Yangtze River Delta region has exceeded its annual electricity interconnection target of 180 billion kWh, reflecting a growing trend in electricity market integration [16][18] Industry Insights - The MIIT's new norms for the wind power equipment industry aim to enhance quality control and innovation, encouraging manufacturers to adopt green and intelligent technologies [3][19] - The wind power sector is showing signs of recovery, with increased prices and improved profit margins expected in the coming years, driven by a reduction in costs and enhanced operational efficiency [22][18]

Report Overview - Report Title: Carbon Market Weekly Report - Date: November 21, 2025 Industry Investment Rating - Not provided in the report Core Viewpoints - The Chinese government is actively promoting the construction of the carbon market, with policies aiming to expand coverage, control quota总量, and increase market vitality [9][10] - The expansion of the national carbon emissions trading market will gradually cover major industrial emission - intensive industries by 2027, marking a new stage in using market - based mechanisms for deep - emission reduction [10] Summary by Directory 1. Carbon Market Weekly Overview - In October, the national carbon market's comprehensive price had a high of 59.30 yuan/ton, a low of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The trading volume and turnover of different trading methods were also reported [7] - In the 3rd week of November, the national carbon market quota had a high of 70.14 yuan/ton, a low of 60.02 yuan/ton, and a closing price of 65.27 yuan/ton, with a weekly increase of 8.48%. The total trading volume was 1169.44 million tons, and the total turnover was 701.0284 million yuan. Price expectations for November and December 2025 were also given [8] 2. Market News - The central government issued an opinion to expand the carbon market's coverage, implement quota总量 control and paid distribution, and improve market vitality [9] - China's carbon market construction aligns with the "dual - carbon" goal, and will gradually implement quota总量 control and paid distribution as the carbon - peak process advances [10] - The expansion schedule of the national carbon emissions trading market was announced, with major industrial sectors to be included by 2027, covering about 75% of CO2 emissions [10] - The "Chengdu Declaration" at the 2025 8th China International Photovoltaic and Energy Storage Industry Conference called for anti - "involution" in the industry and promoted high - quality development [10]

Core Viewpoint - The Ministry of Ecology and Environment has issued the "Quota Allocation Plan for National Carbon Emission Trading Market for Steel, Cement, and Aluminum Smelting Industries for 2024 and 2025," indicating a significant step towards expanding the carbon market to cover major industrial sectors [1][2]. Summary by Sections Carbon Market Expansion - The national carbon market, which started in 2021, has expanded from covering only the power generation sector to now include steel, cement, and aluminum smelting industries, marking its first major expansion [1][2]. - The types of greenhouse gases covered have also increased from solely carbon dioxide to include carbon dioxide, tetrafluoromethane, and hexafluoroethane [1]. Quota Allocation Framework - The "Quota Allocation Plan" continues the practice of free allocation of quotas based on carbon emission intensity, linking the quota amount to actual production levels without setting an absolute cap on total emissions [2]. - The focus is on direct emissions during production, excluding indirect emissions from purchased electricity and heat, emphasizing a "big fish, small fish" approach to target major emitters [2]. - The plan highlights the importance of data quality, stating that reliable carbon emission data is essential for an effective market, and introduces advanced monitoring technologies like blockchain and AI to combat data fraud [2]. Future Expansion Plans - Preparations for expanding the carbon market to include the chemical, petrochemical, civil aviation, and paper industries have already begun, with a goal to cover major industrial sectors by 2027 [3]. - The policy direction is clear, adhering to the principle of "mature one, include one," and will expand based on industry development, pollution reduction contributions, data quality, and emission characteristics [3]. - The ongoing improvements in the carbon emission management system and the implementation of reduction measures will enhance the role of the national carbon market in promoting green and low-carbon transformation in the economy and society [3].

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].

Core Points - The Ministry of Ecology and Environment has released a roadmap for expanding the national carbon market, aiming to cover major industrial sectors by 2027 [1][2] - The national carbon market currently includes approximately 3,700 key emission units, covering around 8 billion tons of carbon emissions, which accounts for over 60% of the national total [2][3] - The eight key industries targeted for inclusion in the carbon market account for about 75% of China's carbon dioxide emissions [2][3] Summary by Sections Carbon Market Expansion - The Ministry has initiated preparatory work for expanding the carbon market to include the chemical, petrochemical, civil aviation, and paper industries [4] - The expansion will follow a principle of "mature one, include one," based on industry development status and carbon emission characteristics [1][4] Current Market Status - As of August 2025, 1,277 key emission units from newly included industries have opened trading accounts [5] - The carbon market has expanded to include three major industries: steel, cement, and aluminum smelting, with a total of 1,500 key emission units [6] Allocation and Pricing Mechanism - The allocation method for carbon quotas will be similar to that of the power generation sector, with free allocation based on carbon emissions per unit of output for 2024 and 2025 [6][7] - By 2027, a new mechanism combining total quota control and both free and paid allocation will be implemented, potentially raising carbon prices from around 50 yuan/ton to between 130 and 180 yuan/ton [7][10] Industry Impact - Different industries will experience varying impacts from the carbon market, with power, steel, cement, and aluminum sectors being better prepared compared to the more complex petrochemical and chemical industries [7][8] - The paper industry, primarily composed of small and medium-sized enterprises, may face significant cost pressures and management challenges [7] Data Quality and Management - Ensuring data quality is critical for the carbon market's success, with the Ministry planning to enhance the monitoring and verification (MRV) system [5][11] - The Ministry will also upgrade infrastructure to support the expanded carbon market, focusing on regulatory capacity and data security [4][11] Future Directions - The carbon market aims to establish a transparent and unified pricing mechanism by 2030, with a focus on effective emission reduction and a robust regulatory framework [10][12] - The transition to a paid allocation system and total quota control is a key focus for the upcoming "15th Five-Year Plan" period [12]

Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology have released a draft for public consultation regarding the procurement standards for new energy vehicles, emphasizing non-discriminatory treatment of suppliers and strict adherence to contract specifications for vehicle parameters and configurations [2] - China's first green hydrogen coal chemical project has commenced full market operation, with an expected annual hydrogen production of 705,900 cubic meters, which will reduce carbon dioxide emissions by 13,880 tons [2] - Over 510 green mines have been established at the provincial level or above in China, including 1,054 national-level green mines, accounting for 40.8% of licensed operating mines, achieving significant results in resource conservation and ecological restoration [2] - The steel, cement, and aluminum smelting industries are set to complete their first carbon emission quota clearance by the end of this year, as per the newly released quota distribution plan for 2024 and 2025 [2] Regional Developments - The Yangtze River Delta has achieved 180.8 billion kilowatt-hours of inter-regional electricity exchange, surpassing its annual target ahead of schedule, with an 8.26% increase compared to the previous year [3] - The implementation plan for the national carbon peak pilot in the Qiannan High-tech Industrial Development Zone has been released, aiming for a low-carbon, efficient modern phosphate chemical industry by 2030 [3] Energy Projects - Shanxi Province has initiated a bidding process for new energy projects, with a total mechanism electricity scale of 55.06 billion kilowatt-hours, including 14.17 billion kilowatt-hours from wind power and 40.89 billion kilowatt-hours from solar power [4] International Developments - Japan is expected to approve the restart of its largest nuclear power plant, the Kashiwazaki-Kariwa Nuclear Power Plant, with only one of its seven reactors set to resume operation [5] - Egypt has signed a nuclear fuel procurement agreement with Russia for the Dabaa Nuclear Power Plant, ensuring fuel supply for the first reactor [5] Corporate News - China Nuclear Engineering Corporation has reported new contracts totaling 123.84 billion yuan and cumulative operating revenue of 81.33 billion yuan as of October 2025 [7]