Core Viewpoint - The document outlines China's plan to enhance its carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and establishing a robust carbon pricing mechanism by 2030 [1][2]. Group 1: Carbon Market Development - By 2027, the national carbon emissions trading market will cover major emission industries, with a focus on voluntary emission reduction trading in key sectors [1]. - The national carbon market, launched in July 2021, is the largest in the world, initially covering 2,200 power generation units with annual CO2 emissions exceeding 5 billion tons [1]. - By March 2025, the market will expand to include high-energy-consuming industries such as steel, cement, and electrolytic aluminum, adding approximately 1,500 key emission units and covering over 60% of national CO2 emissions [1]. Group 2: Quota Management and Market Stability - The plan emphasizes expanding the carbon market's coverage, improving quota management, and enhancing guidance and supervision of pilot markets [2]. - Quota management will transition from intensity control to total volume control, prioritizing stable emission industries by 2027 [2]. - A reserve and adjustment mechanism will be established to balance market supply and demand, enhancing market stability and liquidity [2]. Group 3: Financial Institutions and Market Participation - Financial institutions are encouraged to develop green financial products related to carbon emissions and voluntary emission reductions, increasing support for greenhouse gas reduction [3]. - Banks and financial institutions will be allowed to engage in carbon pledge financing and participate in the national carbon market under compliant and risk-controlled conditions [3]. - The voluntary emission reduction trading market will gradually allow qualified individuals to participate in trading [3].

Core Viewpoint - The document outlines the Chinese government's plan to advance green low-carbon transformation and strengthen the national carbon market, emphasizing the role of financial institutions in carbon financing and trading by 2027 and 2030 [1][2][3] Group 1: Carbon Market Development - By 2027, the national carbon emissions trading market is expected to cover major industrial sectors, with a voluntary emissions reduction market achieving full coverage in key areas [1] - By 2030, a comprehensive carbon emissions trading market will be established, featuring a combination of free and paid allocation methods, with a transparent and unified pricing mechanism [1] Group 2: Carbon Emission Quota Management - The plan includes expanding the coverage of industries and greenhouse gases based on development status, pollution reduction contributions, data quality, and emission characteristics [1] - A clear and transparent carbon emissions quota management system will be established to maintain policy stability and continuity [1] Group 3: Carbon Financial Products and Services - The document encourages the development of diverse carbon financial products and services, including carbon pledges and carbon repurchase policies, to support greenhouse gas reduction [2] - Financial institutions are urged to explore and develop green financial products related to carbon emissions rights and certified voluntary reduction amounts [2] Group 4: Market Regulation and Risk Management - The plan emphasizes the need for robust market regulation, including the establishment of risk assessment and management systems for key emission units [3] - There will be strict measures against market manipulation and disorder, with a focus on maintaining a stable financial environment [3]

Group 1 - The core viewpoint of the article is the comprehensive deployment of a national carbon market in China, aiming for significant coverage of major industrial sectors by 2027 and a fully established trading market by 2030 [1][2] - The current carbon emission allocation method is based on carbon intensity, which has led to a surplus of carbon allowances, reducing the effectiveness of emission reduction constraints on companies [1] - Transitioning from intensity control to total control of carbon emissions is crucial for achieving carbon neutrality goals, with a focus on scientifically and fairly distributing allowances [1][2] Group 2 - By 2027, priority will be given to industries with relatively stable carbon emissions for implementing total control of allowances, with a gradual increase in the proportion of paid allocations [2] - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction efforts [2] - The introduction of paid allocations is expected to create a more liquid carbon market, allowing carbon prices to reflect the scarcity of emission rights, thus influencing resource allocation more effectively [2]

全国碳市场建设正在进一步加快。8月25日，中共中央办公厅、国务院办公厅《关于推进绿色低碳转型 加强全国碳市场建设的意见》（以下简称《意见》）对外公布。《意见》提出，到2027年，全国碳排放 权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实现重点领域全覆盖。到 2030年，基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建成诚信 透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则 体系健全、价格水平合理的碳定价机制。其中，《意见》明确，稳妥推行免费和有偿相结合的碳排放配 额分配方式，有序提高有偿分配比例。 《意见》明确，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，我国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排 的全国温室气体自愿减排交易市场。 《意见》针对碳市场多方面提出具体举措。《意见》包括总体要求、加快建设全国碳排放权交易市场、 积极发展全国温室气体自愿减排交易市场、着力提升碳市场活力、全面加强碳市场能力建设、加强组织 实施保障等六个方面17条 ...

Core Viewpoint - The document outlines the Chinese government's strategy to enhance the national carbon market as a crucial tool for addressing climate change and promoting a green low-carbon transition in the economy [4][6]. Summary by Sections Overall Requirements - The strategy emphasizes the importance of adhering to Xi Jinping's thoughts on socialism with Chinese characteristics and aims to balance green low-carbon transformation with economic development needs [7]. - Key goals include achieving basic coverage of major industrial sectors in the national carbon emission trading market by 2027 and establishing a comprehensive carbon pricing mechanism by 2030 [7]. Accelerating the National Carbon Emission Trading Market - The plan includes expanding the coverage of the carbon emission trading market based on industry development, pollution reduction contributions, and carbon emission characteristics [8]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total control of carbon emissions by 2027 [8]. Developing the National Voluntary Greenhouse Gas Reduction Trading Market - The document calls for the establishment of a comprehensive methodology system for voluntary reduction projects, focusing on areas with significant sustainable development benefits [10]. - It encourages the use of certified voluntary reduction credits in various sectors, including government and enterprises, to offset carbon emissions [10]. Enhancing Market Vitality - The strategy promotes the development of financial products related to carbon emissions and encourages financial institutions to participate in the carbon market [11]. - It aims to expand the range of trading participants, including individuals and financial institutions, while ensuring regulatory oversight to maintain market order [11]. Strengthening Carbon Market Capacity - A robust management system will be established to support the development of the carbon market, including digital and intelligent management systems [12]. - The document emphasizes the need for accurate carbon emission accounting and reporting, with a focus on improving data quality and regulatory oversight [13]. Organizational Implementation Support - Local governments are tasked with implementing the strategy and providing policy support for carbon market operations [14]. - The document highlights the importance of legal frameworks to support carbon market development and the need for international cooperation in carbon market mechanisms [15][17].

全国碳市场建设正在进一步加快。 《中共中央办公厅国务院办公厅关于推进绿色低碳转型加强全国碳市场建设的意见》（下称《意见》） 于8月25日正式对外公布。 《意见》提出，到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿 减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结 合的全国碳排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减 排交易市场，形成减排效果明显、规则体系健全、价格水平合理的碳定价机制。 具体看，《意见》包括了总体要求、加快建设全国碳排放权交易市场、积极发展全国温室气体自愿减排 交易市场、着力提升碳市场活力、全面加强碳市场能力建设、加强组织实施保障等六个方面17条措施。 业内专家对第一财经分析表示，《意见》有三大特点，一是基于国家温室气体排放控制要求，结合自愿 减排市场和碳配额市场扩围，加强非二氧化碳排放控制管控，推动氟化物、甲烷等温室气体减排。二是 结合碳双控工作推进，加强碳配额总量管理，推出有偿配额发放，切实推动部分行业降低碳排放，助力 碳达峰目标。三是稳妥推进碳金融、碳信息披露等工作，与国 ...

Core Viewpoint - The document outlines China's commitment to building a more effective, vibrant, and internationally influential national carbon market as a key policy tool for addressing climate change and promoting green transformation in the economy and society [1] Group 1: Current Status of the National Carbon Market - China has established a national carbon emissions trading market and a voluntary greenhouse gas reduction trading market, which together form a comprehensive national carbon market system [2] - As of July 2025, the cumulative trading volume of carbon emission allowances reached 681 million tons, with a transaction value of 46.784 billion yuan, indicating the market's growing effectiveness [2] - The number of key emission units included in the national carbon emissions trading market is 2,096, with a compliance rate of nearly 100% for allowance surrender [2] Group 2: Development Goals and Roadmap - The document sets a clear roadmap for the medium- and long-term development of the national carbon market, with specific targets to be achieved by 2027 and 2030 [4] - It emphasizes the need to enhance market functions, expand the coverage of industries and greenhouse gases, and establish a transparent carbon allowance management system [4] - The focus will be on gradually shifting from intensity control to total control of carbon emissions, while implementing a combination of free and paid allocation of allowances [4] Group 3: Market Dynamics and Governance - The construction of the national carbon market aims to create a low-carbon development awareness among society, emphasizing that carbon emissions have costs while reductions yield benefits [3] - The government plays a crucial role in establishing the regulatory framework and risk prevention systems, while the market focuses on resource allocation efficiency [7] - Balancing market vitality with regulatory oversight is essential to ensure the healthy and orderly development of the carbon market [7] Group 4: International Cooperation and Standards - The carbon market is seen as a means to enhance international cooperation in green and low-carbon development, with an emphasis on aligning with international standards [8] - The design of the national carbon market will include provisions for international engagement, aiming to boost its global influence and facilitate cross-border cooperation in green technology and industries [8]

Core Viewpoint - The new policy aims to enhance the national carbon market construction and promote green and low-carbon transformation, with specific targets set for 2027 and 2030 [1][2]. Group 1: National Carbon Market Development - By 2027, the national carbon emission trading market will cover major emission industries in the industrial sector, and the voluntary greenhouse gas reduction trading market will achieve full coverage in key areas [1]. - By 2030, a national carbon emission trading market based on total quota control, combining free and paid allocation, will be basically established [1]. - The policy emphasizes expanding the coverage of the national carbon emission trading market and improving the carbon emission quota management system [1]. Group 2: Voluntary Emission Reduction Market - The policy calls for accelerating the construction of the voluntary emission reduction trading market and promoting the application of certified voluntary emission reductions [2]. - It encourages government agencies, enterprises, and social organizations to actively use certified voluntary emission reductions to offset carbon emissions [2]. Group 3: Market Vitality Enhancement - The policy proposes to enhance market vitality by enriching trading products, expanding trading entities, and strengthening market transaction supervision [2]. - Financial institutions that meet requirements will be allowed to participate in the national carbon market trading under lawful and risk-controlled conditions [2]. - A risk assessment and management system for compliance of key emission units will be established to prevent compliance risks [2]. Group 4: Capacity Building - The policy outlines the need to improve management systems and support frameworks, strengthen carbon emission accounting and reporting management, and ensure strict regulation of carbon emission verification [2]. - It includes the implementation of qualification management for verification institutions in the national carbon emission trading market [2]. Group 5: Implementation Assurance - The policy emphasizes increasing joint efforts to combat illegal activities in the carbon market and enhancing policy coordination with green electricity and green certificate markets [3].

Group 1 - The core viewpoint of the article emphasizes the importance of the carbon market as a policy tool for addressing climate change and promoting a green transition in the economy and society [1] - The main goals set forth in the recent opinion include achieving basic coverage of major industrial sectors in the national carbon emissions trading market by 2027 and establishing a comprehensive voluntary emissions reduction trading market by 2030 [1][2] - The expansion of the national carbon emissions trading market will include new sectors such as steel, cement, and electrolytic aluminum, which are significant contributors to emissions and are heavily influenced by international green trade [2][3] Group 2 - The opinion outlines the need to improve the carbon emissions quota management system, including establishing a transparent quota management framework and gradually shifting from intensity control to total control of emissions quotas [4] - The introduction of carbon finance is highlighted as a key strategy to enhance market vitality, allowing financial institutions to develop green financial products related to carbon emissions rights [5][6] - The article references the EU carbon market as a model for integrating financial attributes into carbon markets, which has led to a diverse range of trading products and active market participation [7]

稳妥推行免费和有偿相结合的碳排放配额分配方式 同时，统筹好全国碳排放权交易市场和有关地方试点开展的碳市场。鼓励碳排放权交易试点市场在扩大 覆盖范围、完善市场调节机制、创新监管手段、健康有序发展碳金融等方面先行先试，为全国碳排放权 交易市场建设探索经验。建立定期评估和退出机制，不再新建地方或区域碳排放权交易市场。 在积极发展全国温室气体自愿减排交易市场方面，包括加快自愿减排交易市场建设和积极推动核证自愿 减排量应用。 提升碳市场活力一直以来是关键环节，《意见》提出，着力提升碳市场活力，包括丰富交易产品、扩展 交易主体和加强市场交易监管。 全国碳市场建设正在进一步加快。 《中共中央办公厅 国务院办公厅关于推进绿色低碳转型加强全国碳市场建设的意见》（下称《意 见》）于8月25日正式对外公布。 《意见》提出，到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿 减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结 合的全国碳排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减 排交易市场，形成减排效果明显、规则体系健全、 ...