在服务层面，交易所为参与人提供"双碳"咨询、能力建设、宣传推介、碳中和认证等多元化服务，精准 对接市场需求，旨在形成多方共赢的绿色交易生态。 面向未来，北京绿色交易所确立"一主五专两化"发展策略。王乃祥介绍，将坚守全国温室气体自愿减排 交易主业，落实生态环境部各类管理要求，持续支撑市场稳定高效运行；同时拓展北京地方碳市场交易 服务、企业绿色低碳发展服务、绿色技术交易服务、ESG综合服务、绿色债券发行与交易服务等五类绿 色交易专业服务。 在推动国际化、高能化发展方面，交易所将提升服务"双碳"产业的带动与塑造能力，以建设"面向全球 的国家级绿色交易所"为目标，坚持服务监管、服务市场的根本导向，逐步发展成为全球规模最大的自 愿减排交易市场，以及具有国内引领性、国际影响力、全面开放的市场化绿色技术交易综合性服务平 台。 21世纪经济报道记者卢陶然 李德尚玉 北京报道 "截至2025年7月28日，全国温室气体自愿减排交易市场累计成交量2398985吨，累计成交额 202546331.67元。市场规模稳步攀升。"7月29日，在北京绿色交易所2025年参与人大会上，北京绿色交 易所董事长王乃祥表示。 王乃祥介绍，2023年 ...

7月29日下午，北京绿色交易所（以下简称绿色交易所）成功举办了2025年参与人大会。本次会议吸引了来自各行各业的200余位自愿碳市场参 与人代表到场参会。 在致辞环节，绿色交易所董事长王乃祥回顾了公司发展历程，介绍了全国温室气体自愿减排交易和国家绿色技术交易两大平台建设，阐述 了"一主五专两化"发展战略。他强调将继续提供多元化服务，推动绿色低碳发展，助力国家碳达峰碳中和目标。 北京绿色交易所董事长王乃祥致辞 中国邮政储蓄银行北京分行党委书记、行长周颖辉介绍了分行在绿色金融领域的创新实践和成效，从组织架构优化、专营机构设立、政策支持 创新、重点项目投放和绿色金融创新五个维度，展示了推动绿色金融高质量发展的布局和路径，为国家"双碳"战略提供全方位支持。 中国邮政储蓄银行北京分行党委书记、行长周颖辉致辞 在主旨发言环节，绿色交易所总经理张若琰介绍了交易所的发展成果与未来方向，国家金融监督管理总局原一级巡视员叶燕斐、国家应对气候 变化战略研究和国际合作中心原副主任马爱民、中石化碳科副总经理陈军、绿色动力环保集团副总裁黄建中、上海宝碳创始人、董事长兼首席执行 官朱伟卿分别从自愿碳市场的巨大潜力与发展路径、全球气候治理的 ...

Core Insights - The Fudan University Sustainable Development Research Center released the carbon price index for August 2025, including national carbon emission allowance (CEA) prices, CCER prices, and GEC prices [1][2]. Carbon Emission Allowance (CEA) Prices - The expected buy price for the CEA in August 2025 is 71.25 CNY/ton, with a sell price of 76.04 CNY/ton, resulting in a midpoint price of 73.65 CNY/ton. The buy price index increased by 0.83% to 178.13, while the sell price index decreased by 0.82% to 171.57 [2][3]. - For December 2025, the expected buy price is 72.04 CNY/ton, sell price is 79.61 CNY/ton, and midpoint price is 75.82 CNY/ton. The buy price index is 134.78, and the sell price index is 136.65 [2][3]. Certified Emission Reduction (CCER) Prices - The expected buy price for CCER in August 2025 is 76.25 CNY/ton, with a sell price of 83.59 CNY/ton, leading to a midpoint price of 79.91 CNY/ton. The buy price index rose by 2.49% to 191.68, and the sell price index increased by 3.45% to 201.08 [2][3]. Green Electricity Certificate (GEC) Prices - The expected prices for GECs in August 2025 show a divergence in trends. For 2024 production, centralized project GECs are priced at 3.50 CNY/unit, distributed project GECs at 3.36 CNY/unit, and biomass power generation GECs at 3.66 CNY/unit. For 2025 production, prices are 7.82 CNY/unit for centralized projects, 6.94 CNY/unit for distributed projects, and 6.77 CNY/unit for biomass [4][5]. Market Trends - In July, the average closing price for CEA was 73.64 CNY/ton, up approximately 3% from June's average of 71.51 CNY/ton. However, the trading volume decreased by 35.75% to an average of 51.03 million tons compared to June [6]. - The global carbon market showed mixed trends, with the EU carbon market's average price rising slightly, while the UK market saw a significant drop in trading volume [9].

Core Insights - The event "Carbon Future, Green Movement" organized by China Carbon Trading Center (中碳登) showcased the development vitality of the carbon market, attracting representatives from various sectors including communities, schools, environmental organizations, and enterprises [1][2] - The exhibition highlighted the importance of the national carbon market and its market-driven mechanisms to guide enterprises in emission reduction, emphasizing the role of China Carbon Trading Center as a "carbon asset brain" and "carbon trading hub" [1][2] Group 1 - The event featured interactive exhibits that allowed visitors to understand the carbon trading market mechanisms, including a simulation system where participants acted as "carbon asset managers" [2] - The exhibition displayed innovative low-carbon technologies such as carbon capture and utilization, and waste resource utilization, which generated significant interest among attendees [2] - The introduction of a carbon points system in Wuhan encourages citizens to engage in low-carbon behaviors, integrating carbon reduction into daily life [1] Group 2 - The event aimed to deepen public understanding of the national "dual carbon" strategy and foster community involvement in achieving green and low-carbon development [2] - Future plans include the continuous development of "dual carbon" educational practice bases and broader public participation platforms to support national carbon goals [2]

Policy Insights - China and the EU reaffirmed their commitment to strengthen cooperation on climate change, emphasizing the importance of the Paris Agreement and the principle of "common but differentiated responsibilities" [4] - The joint statement outlines seven cooperation directions, including the implementation of climate agreement goals, support for the 2025 COP30 conference, and acceleration of renewable energy deployment [4] Local Developments - Three major provinces in China (Zhejiang, Henan, Guangdong) are piloting the issuance of green certificates for distributed renewable energy projects, aiming to establish a framework for nationwide implementation [5] - The pilot program focuses on project registration, measurement management, and data collection, which are crucial for enhancing the green value of renewable energy enterprises [5] Industry Practices - The national carbon market in China has been operational for four years, with a cumulative trading volume exceeding 670 million tons and a transaction value of 46 billion yuan, indicating a healthy and orderly market development [7] - The market is set to expand in 2025 to include high-carbon industries such as steel, cement, and aluminum, which are also affected by the EU's carbon border adjustment mechanism [7][8] - Companies are urged to enhance green electricity applications and conduct comprehensive carbon footprint assessments to improve competitiveness in response to international trade rules [8]

Core Viewpoint - The completion of data integration for the Carbon Coin agreement marks a significant step for the company in the digitalization of carbon credits, enabling effective management and trading through blockchain technology [1][2][3] Group 1: Carbon Credit Digitalization - The Carbon Coin agreement has successfully integrated data with carbon credit sources, facilitating the on-chain representation of 200,000 tons of carbon credits [1] - The integration allows for real-time synchronization, information exchange, and verification of carbon credit data, ensuring accuracy and consistency during transactions [1][2] Group 2: Technological Advancements - The dual-chain model of "Green Trust Chain (alliance chain) + public chain" enhances decentralization, security, immutability, and traceability throughout the carbon credit lifecycle [2] - Smart contracts automate the registration, confirmation, and management of carbon credits, reducing transaction cycles from weeks to minutes [2] Group 3: ESG Commitment and Market Impact - The initiative reflects the company's commitment to Environmental, Social, and Governance (ESG) principles and showcases its technological innovation in carbon asset digitalization [3] - The on-chain confirmation of carbon credit data is expected to promote transparent trading, market pricing, and healthy development of green asset financing, benefiting the overall financial ecosystem for green assets [3]

7月23日，市委召开专题会议研究推进全国碳排放权注册登记结算系统（中碳登）建设 发展工作。省委常委、市委书记郭元强主持会议并强调，要深入践行习近平生态文明思想， 认真落实党中央决策部署和省委工作要求，全力支持中碳登建设发展，更好服务国家"双 碳"战略，推动经济社会发展全面绿色转型，加快建设绿色低碳的美丽城市。市委副书记、 市长盛阅春出席会议并讲话。 编辑：代婧怡 会议强调，要加强组织领导，强化统筹协调，及时研究解决中碳登建设发展过程中的重 大问题，做好人才、资本、场景等要素保障，形成支持中碳登建设的强大合力。要加强改革 创新，在扩大行业覆盖范围、实行总量控制、有偿分配、市场稳定机制等方面先行先试，为 全国碳市场建设运行提供有益经验。要加大宣传推介力度，提升中碳登和武汉碳市场知名 度，激发企业和个人参与碳交易的积极性主动性。 市领导刘子清、陈劲超、曾晟、张俊勇、沈悦、张忠军参加会议。 会议指出，中碳登是国家碳市场建设的重要基础设施平台。要切实提高政治站位，扛牢 使命责任，把握国家加强碳市场建设的重大机遇，按照"全球视野、国际标准、专业运营、 协同发展、注重实效"的工作要求，全力抓好支持中碳登建设发展重点工作，努 ...

Core Insights - The national carbon market has been operating for four years, showing a healthy and orderly development with a cumulative trading volume exceeding 670 million tons and a transaction value of 46 billion yuan [1][2][3] - The introduction of the "Interim Regulations on Carbon Emission Trading Management" in 2024 provides a strong legal framework for the market, with the first expansion planned for 2025 to include steel, cement, and aluminum industries [2][3][9] - The market price has shown a positive trend, with the average closing price surpassing 100 yuan per ton in April 2024, and recent prices fluctuating between 70-80 yuan per ton [3] Market Development - The national carbon market has seen accelerated development in 2024, with the introduction of new trading methods such as single-direction bidding to enhance trading efficiency [2][3] - The trading system's continuous improvement has positively impacted market activity and price formation mechanisms, with trading prices remaining within a reasonable range [2] Regional Market Coordination - The implementation of the regulations on May 1, 2024, clarifies the boundaries between national and local carbon markets, preventing overlapping controls [4] - Shanghai's carbon market has introduced various carbon financial products, significantly increasing green electricity consumption and achieving a 72% growth in carbon reduction credits used for compliance [5][6] Financial Products and Innovations - Shanghai has launched multiple innovative carbon financial products, including carbon pledges, carbon repurchase, and carbon insurance, effectively mobilizing over 800 million tons of carbon assets [6][7] - The introduction of the carbon neutrality index and the upcoming capital market transformation index aims to enhance the synergy between carbon markets and financial markets [7] International Context and Challenges - The EU's Carbon Border Adjustment Mechanism (CBAM) poses challenges and opportunities for Chinese export enterprises, particularly in high-carbon industries [8] - Companies are encouraged to track domestic and international policies, build carbon data management systems, and enhance their low-carbon management practices to adapt to evolving trade rules [8][9]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints The report tracks important dynamics in the domestic and international "dual carbon" fields from July 14 to July 18, 2025, mainly focusing on the carbon quota trading sector. It shows that carbon quota prices and trading volumes in different markets have different trends, and there are also significant events in the green development field [2][5]. 3. Summary by Relevant Catalogs International Carbon Trading Market Tracking - **European Carbon Quota Price and Volume**: EUA spot price dropped from 69.68 EUR/ton on July 14 to 69.18 EUR/ton on July 18, a weekly decline of 0.72%. The EUA spot trading volume last week was 250,000 tons, a 21.95% increase from the previous week. EUA futures price decreased from 70.43 EUR/ton on July 14 to 69.89 EUR/ton on July 18, a weekly decline of 0.77%. The EUA futures trading volume last week was 3.331 million tons, a 3.25% decrease from the previous week [6]. - **US Carbon Quota Price and Volume**: EUA futures price fell from 70.42 EUR/ton on July 14 to 69.89 EUR/ton on July 18, a weekly decline of 0.75%. The total EUA futures trading volume last week was 11.946 billion tons, a 0.99% decrease from the previous week. UKA futures price rose from 48.15 GBP/ton on July 14 to 49.21 GBP/ton on July 18, a weekly increase of 2.20% [9]. - **South Korean Carbon Quota Price and Volume**: KAU24 spot price increased from 8,600 KRW/ton on July 14 to 8,660 KRW/ton on July 18, a weekly increase of 0.70%. The trading volume of KAU24 spot in the South Korean market last week was 1.1412 million tons, a 2.82% decrease from the previous week [15]. Domestic Carbon Market Tracking - **National Carbon Market Carbon Quota Volume and Average Transaction Price**: The cumulative trading volume of carbon quotas (CEA) in the national carbon market last week was 155,700 tons, and the cumulative transaction amount was 114.0725 million yuan. Both the cumulative trading volume and transaction amount decreased compared to the previous week, with declines of 20.88% and 22.74% respectively. As of July 18, the average daily transaction price of CEA last week was 73.94 yuan/ton, a 1.67% decrease from the previous week [19]. - **Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: Except for HBEA in Hubei Province and GDEA in Guangdong Province, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets showed an upward trend, with the largest increase of 2.75% in SHEA in Shanghai. Compared with the same period last month (from June 16 to June 20, 2025), the weekly average transaction prices of carbon quotas in each pilot carbon market showed a downward trend except for SZA in Shenzhen, with the largest decline of 8.80% in SHEA in Shanghai [23]. - **Trading Volume and Transaction Amount of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: The carbon quota trading in domestic pilot carbon markets last week was mainly concentrated in the carbon markets of Guangdong, Shenzhen, and Hubei provinces. Their weekly trading volumes accounted for 99.21% of the total weekly trading volume of all pilot carbon markets. The transaction amounts of the carbon markets in Guangdong, Shenzhen, and Hubei provinces accounted for a relatively high proportion, accounting for 98.65% of the total weekly transaction amount of all pilot carbon markets. The total weekly trading volume of domestic pilot carbon markets last week was 52,990 tons, a significant increase of 290.82% from the previous week [25]. Dual Carbon Frontier Technology Tracking - **Three Departments Issue Green Finance Support Project Catalog**: The People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly issued the "Catalogue of Projects Supported by Green Finance (2025 Edition)", which will come into effect on October 1, 2025. The catalogue integrates existing standards, delineates eight categories of supported projects such as energy conservation and carbon reduction, and environmental protection, providing a unified basis for various green financial products [2][27]. - **New Records Set for New Energy Power and Electricity in Ningxia**: On July 11, the maximum output of new energy in Ningxia reached 28.41 million kilowatts, and the daily maximum power generation reached 382 million kilowatt-hours, both setting new historical records. In the first half of 2025, the proportion of new energy power generation in Ningxia increased to 34.66%. With over 8 million kilowatts of new energy connected to the grid in the first half of the year and an expected increase of over 17 million kilowatts in the second half of the year, Ningxia will provide strong practical support and technical demonstrations for China's construction of a new power system dominated by new energy [29].

Core Insights - The national carbon market in China is celebrating its fourth anniversary, marking significant progress in its development and public engagement efforts [1][2][3] Group 1: Market Development - As of July 15, 2025, the national carbon market has achieved a cumulative trading volume of 673 million tons and a total transaction value of 46.246 billion yuan [1] - The market has successfully included high-energy-consuming industries such as steel, cement, and aluminum smelting, covering an additional 3 billion tons of CO2 emissions, alongside the previously covered 5 billion tons from the power sector, totaling over 8 billion tons, which represents more than 60% of the national CO2 emissions [5] - The Hubei carbon market is recognized as the most active in the country, accounting for a significant portion of the total trading volume and daily transaction value [5] Group 2: Public Engagement and Education - The "Carbon Asset Brain" building in Wuhan serves as a hub for carbon market activities and public education, hosting events to raise awareness and encourage participation in carbon trading [2][3] - The open day event featured interactive experiences, allowing citizens to engage with the carbon market through simulated trading, enhancing their understanding of market mechanisms [3] - Hubei's innovative carbon-inclusive mechanisms allow citizens to convert low-carbon behaviors into carbon credits, promoting daily participation in carbon reduction efforts [2][3] Group 3: Future Outlook - The national carbon market aims to continue its development towards a more mature and regulated system with enhanced price discovery and financial attributes [5] - Future expansions will include additional key emission enterprises, further integrating regional data with national carbon management [6]