新华社权威快报 中共中央办公厅 国务院办公厅 《关于推进绿色低碳转型 加强全国倾行场建设的意见》 8月25日对外公布 新华社国内部出品 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》 对外公布。 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。为推动建设更加有效、更有活力、更具国际影响力的全国碳市场，经党中央、国务 院同意，现提出如下意见。 一、总体要求 这份意见明确，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。 这份意见提出，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、 ...

Core Viewpoint - The article discusses the release of a significant document by the Central Committee of the Communist Party of China and the State Council, titled "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction," which outlines the framework for China's carbon market development and its role in addressing climate change and promoting economic transformation [1][12]. Summary by Sections 1. Overall Requirements - The carbon market is identified as a crucial policy tool for addressing climate change and facilitating a comprehensive green transition in economic and social development. The main goals include achieving basic coverage of major industrial sectors by 2027 and establishing a robust carbon trading market by 2030 [15][12]. 2. Accelerating the Construction of the National Carbon Emission Trading Market - The coverage of the national carbon emission trading market will be expanded based on industry development, pollution reduction contributions, data quality, and carbon emission characteristics [16]. - A transparent carbon emission quota management system will be established, with a focus on balancing supply and demand in the market [17]. - Guidance and supervision will be strengthened for pilot carbon trading markets to ensure they contribute to regional green and low-carbon transitions [18]. 3. Actively Developing the National Voluntary Greenhouse Gas Reduction Trading Market - A comprehensive methodology system will be established to support voluntary reduction projects, ensuring effective management from project development to verification [18]. - Encouragement for various entities, including government and enterprises, to utilize certified voluntary reduction credits to offset emissions [18]. 4. Enhancing Market Vitality - Financial institutions will be supported in developing green financial products related to carbon emissions, including carbon pledges and repurchase policies [19]. - The introduction of new trading participants, including individuals, will be facilitated in the voluntary reduction trading market [19]. 5. Strengthening Carbon Market Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, enhancing supervision and operational efficiency [21]. - The carbon emission accounting and reporting management will be improved, with a focus on accurate measurement and verification of emissions [21]. 6. Strengthening Organizational Implementation Support - Local governments are urged to enhance leadership and policy support for carbon market construction, ensuring effective management of emission quotas and data quality [23]. - Legal frameworks will be developed to support carbon market operations, including regulations for voluntary reduction trading [24].

Core Viewpoint - The document outlines the Chinese government's strategic plan to enhance the national carbon market, aiming for a more effective, vibrant, and internationally influential system to support green and low-carbon transformation by 2030 [1][2]. Group 1: Overall Requirements - The plan emphasizes the integration of economic development with green and low-carbon transformation, aiming for a unified national carbon market that optimizes resource allocation and maximizes efficiency [2]. - Key targets include achieving basic coverage of major industrial sectors in the carbon trading market by 2027 and establishing a comprehensive carbon pricing mechanism by 2030 [2]. Group 2: National Carbon Emission Trading Market - The coverage of the national carbon emission trading market will be expanded based on industry development, emission reduction contributions, and data quality [3]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total volume control by 2027 for stable emission sectors [3]. Group 3: Voluntary Greenhouse Gas Reduction Trading Market - The development of a voluntary reduction trading market will be accelerated, focusing on sustainable projects with significant social and ecological benefits [5]. - The government encourages the use of certified voluntary reduction credits in various sectors, including government and enterprises, to offset carbon emissions [6]. Group 4: Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [7]. - The introduction of new trading participants, including individuals and financial institutions, will be facilitated to broaden market engagement [7]. Group 5: Strengthening Market Capacity - A robust management system will be established to support the national carbon market, including digital and intelligent management systems [8]. - The document emphasizes the importance of accurate carbon emission accounting and reporting, with a focus on improving data quality and regulatory oversight [9]. Group 6: Organizational Implementation and Support - Local governments are tasked with implementing the carbon market strategy, ensuring effective supervision of emission units and quota management [11]. - Legal frameworks will be developed to support carbon market operations, including regulations for voluntary reduction trading [12]. Group 7: International Cooperation - The plan highlights the importance of participating in international climate agreements and promoting the recognition of China's carbon market practices globally [12].

Core Viewpoint - The article discusses the establishment and enhancement of China's national carbon market, emphasizing the importance of market mechanisms in addressing climate change and promoting green transformation in the economy [1][2]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to balance green transformation with economic development, focusing on creating a unified carbon market with a transparent environment [2]. - Key goals include achieving comprehensive coverage of major industrial sectors in the carbon trading market by 2027 and establishing a robust carbon pricing mechanism by 2030 [2]. Group 2: National Carbon Emission Trading Market - The plan includes expanding the coverage of the carbon trading market based on industry development, emission reduction contributions, and data quality [3]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total volume control by 2027 [3]. Group 3: Voluntary Emission Reduction Trading Market - The development of a voluntary emission reduction trading market will focus on creating a comprehensive methodology to support sustainable development and social expectations [5]. - There will be an emphasis on the integrity of project owners and verification agencies in managing voluntary reduction projects [5]. Group 4: Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [7]. - The introduction of new trading participants, including individuals and financial institutions, will be facilitated to broaden market participation [7]. Group 5: Capacity Building for Carbon Market - A management system will be established to support the development of the carbon market, including digital and intelligent management systems [8]. - The article emphasizes the need for strict verification and quality control of carbon emission data to ensure accuracy and reliability [9]. Group 6: Organizational Implementation and Support - Local governments are urged to strengthen leadership and policy support for carbon market operations, ensuring effective management of emission quotas and data quality [11]. - Legal frameworks will be developed to support carbon market construction and to combat illegal activities within the market [11]. Group 7: International Cooperation - The initiative aims to engage in international dialogue and cooperation on carbon market mechanisms, promoting mutual recognition of standards and data [12].

Core Viewpoint - The joint issuance of the "Opinions" by the Guangdong Provincial High People's Court, the Guangdong Provincial Department of Ecology and Environment, and the People's Bank of China Guangdong Branch aims to provide systematic judicial guarantees for carbon emission quota pledge financing, marking a significant step in the development of green finance in China [3][5]. Group 1: Legal Framework and Innovations - The "Opinions" clarify that carbon emission quotas are legitimate pledge assets, establishing a stable legal expectation for market participants [5]. - A dual registration model is introduced to address ownership disputes and prevent repeated pledges, enhancing the security of carbon asset transactions [5]. - The "Opinions" emphasize the importance of judicial services in maintaining the validity of carbon quota pledge contracts and provide a mechanism for dispute resolution [5]. Group 2: Financial Mechanisms and Market Impact - The document encourages financial institutions to innovate financing products, including future carbon credit pledges and carbon asset securitization, to meet diverse financing needs of enterprises [6]. - A mechanism linking carbon quota pledges to emission reduction outcomes is established, promoting a virtuous cycle of reduction and financing [6]. - The collaboration among courts, environmental departments, and central bank branches is expected to transform carbon quotas into liquid financial assets, enhancing the carbon trading market [6][8]. Group 3: Market Activity and Challenges - Despite Guangdong's active carbon trading market, with over 230.85 million tons traded and a total transaction value of 6.701 billion yuan, the actual pledge financing cases remain limited due to legal ambiguities [4]. - The "Opinions" aim to resolve the long-standing issues of unclear legal status and lack of effective default handling mechanisms that have hindered the development of carbon finance [4][5]. Group 4: Expert Insights - Experts believe that the "Opinions" will effectively activate the carbon finance market in Guangdong and provide a replicable model for carbon finance development across China [7].

Report Title - EU Carbon Market Market Briefing (Issue No. 149, 2025) [1] Report Date - August 21, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - TTF price surge drives EUA futures prices to turn positive; strategy is to buy low and sell high within the range of €63 - 76 [2] Market Summary Primary Market - EUA auction price is 70.47 euros/ton (-1.26%), and the bid coverage ratio is 1.66 [2] Secondary Market - EUA futures settlement price is 71.29 euros/ton (0.18%), with a trading volume of 17,700 lots (-0.40) [2] Strategy - Adopt a high - sell and low - buy strategy within the price range of €63 - 76 [2] Core Logic Bullish Factors - No new bullish factors [2] Bearish Factors - The latest CoT report shows that investment funds' net long positions decreased by 8.65 million tons last week due to significant long - position liquidation; under the newly passed regulations, European gas storage facilities must reach 90% of their capacity between October and December, and the current capacity utilization is 73.91%, indicating a loose EU natural gas supply [2] Other Information - Russia stated on Wednesday that it must participate in any discussions regarding Ukraine's security guarantees, weakening hopes for a quick peace agreement [2][3] Data Tables EUA Auction Information - On August 20, 2025, the EUA auction price was 70.47 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 2.069 billion tons, the bid coverage ratio was 1.66, and the auction revenue was 145.8 million euros [4] - On August 19, 2025, the EUA auction price was 71.37 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 3.2455 billion tons, the bid coverage ratio was 1.59, and the auction revenue was 231.63 million euros [4] EUA Futures and Spot Information - On August 20, 2025, the futures settlement price was 71.29 euros/ton (0.18% increase), the trading volume was 17,700 lots (-0.40), and the open interest was 335,200 lots (no change); the spot settlement price was 70.73 euros/ton (0.20% increase), and the trading volume was 1,233 lots (-5,020) [5]

Core Viewpoint - The forum highlighted the importance of digital technology in enhancing carbon data management practices, emphasizing the need for better tools to support ESG and carbon neutrality efforts [1][2]. Group 1: Carbon Market and Data Management - The carbon market is becoming a key tool for global emission reduction policies, with an international carbon market framework gradually forming under the Paris Agreement [1]. - There is a growing exploration of digital carbon management systems across various industries, focusing on energy consumption and carbon emissions platforms [2]. - The Shanghai Carbon Public Welfare System utilizes blockchain and other advanced technologies to create a secure and efficient carbon management platform, ensuring data privacy and traceability [2]. Group 2: Financial Products and Indices - The Shanghai Environment and Energy Exchange has collaborated with other financial institutions to launch various carbon indices, including the China Securities Carbon Neutral Index and the Shanghai Carbon Price Index [3]. - A new green transition index will be released in the second half of the year, aimed at evaluating the performance of high carbon-emitting companies in their green transition efforts [4]. - The emphasis is on leveraging carbon emission data to enhance the role of green finance in guiding investment towards sustainable projects [4]. Group 3: Future Outlook - There is an increasing demand for carbon data applications in areas such as carbon accounting, asset financing, and ESG reporting [4]. - The need for more digital tools to support the acquisition, processing, analysis, and application of carbon data is emphasized to better facilitate ESG and carbon neutrality initiatives [4].

Core Points - The national carbon market opened at a price of 71.31 yuan per ton, with a closing price of 70.86 yuan per ton, reflecting a decrease of 0.99% from the previous day [1][2] - The total trading volume of carbon emission allowances today was 390,844 tons, with a total transaction value of 27,932,689.60 yuan [3][5] - Cumulative trading volume of carbon emission allowances in the national carbon market reached 687,745,739 tons, with a cumulative transaction value of 47,283,681,347.74 yuan as of August 18, 2025 [5] Trading Data - Today's trading included 90,844 tons in listed agreement transactions, amounting to 6,452,689.60 yuan, and 300,000 tons in bulk agreement transactions, totaling 21,480,000.00 yuan [2] - The highest price recorded today was 71.31 yuan per ton, while the lowest was 70.85 yuan per ton [1][2] - The trading data for various annual carbon emission allowances showed fluctuations, with some allowances experiencing price changes of up to -2.21% [4]

Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported a significant decrease in revenue for the first half of 2025, with a total revenue of approximately 1.36 billion yuan, a decline of 22.01% compared to the same period last year, while net profit attributable to shareholders increased by 27.62% to approximately 14 million yuan [2][3][11]. Company Overview and Financial Indicators - The company is headquartered in Yancheng, Jiangsu Province, and operates in various sectors including new energy, textiles, and specialized vehicles [2][3]. - Key financial metrics for the first half of 2025 include: - Total revenue: 1,358,178,119.31 yuan - Total profit: 10,348,380.66 yuan - Net profit attributable to shareholders: 14,024,716.17 yuan - Total assets: 10,000,537,285.24 yuan - Net assets attributable to shareholders: 4,377,757,979.26 yuan [2][3]. Business Segments - **New Energy**: The company focuses on developing and operating new energy projects, including wind and solar power, with significant investments in projects like the 150MW solar project and the 100MW/200MWh energy storage project [7][12]. - **Textiles**: The textile segment has shown resilience, with a production capacity of 42,000 tons of high-end knitted yarn and 28.8 million meters of home textile fabric [6][11]. - **Specialized Vehicles**: The specialized vehicle segment includes products like garbage trucks and street cleaning vehicles, with a focus on environmentally friendly technologies [6][11]. Industry Context - The new energy sector in China is experiencing rapid growth, with installed capacity for solar power reaching 110 million kilowatts, a year-on-year increase of 54.2% [8][9]. - The carbon market is also expanding, with a cumulative transaction volume of carbon emission allowances reaching 669 million tons by mid-2025 [9][10]. - The agricultural machinery market is facing challenges, with a decline in traditional tractor sales, but high-end products are gaining traction due to policy and technological advancements [10][11]. Operational Highlights - The company has made strategic acquisitions, including a 51% stake in Yueda Energy Service Company, to enhance its capabilities in energy management and sales [12][14]. - The company is actively pursuing projects in carbon asset management and has established a biomass fuel production base to support renewable energy initiatives [13][14]. - The company is also focusing on digital transformation and management innovation to improve operational efficiency and market competitiveness [16].

Core Viewpoint - The Shanghai Carbon Market aims to enhance its resource allocation function to support the city's goal of reaching carbon peak by 2030 [3] Group 1: Action Plan and Market Coverage - On August 14, Shanghai issued the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)", which outlines measures for total quota control in stable carbon emission industries and reserves development space for strategic emerging industries [3][4] - The plan aims to gradually expand market coverage through a "lowering thresholds, expanding categories, and increasing varieties" approach [5] Group 2: Carbon Market Development - The Shanghai Carbon Market, along with the national carbon market covering the power and steel industries, currently accounts for approximately two-thirds of the city's total carbon emissions, significantly aiding in the reduction of emissions in the industrial sector [3] - As of June 30, 2025, the Shanghai Carbon Market has cumulatively traded 26.5 million tons of carbon, with a total transaction value of 5.521 billion yuan, ranking it among the top pilot carbon markets [3] Group 3: Financial Support and Innovation - The Action Plan emphasizes the importance of financial support in promoting green transformation in industries, encouraging companies to establish carbon footprint management systems and set greenhouse gas emission control targets [5][6] - The plan includes initiatives to enhance the carbon financial product and service system, allowing financial institutions to participate in voluntary greenhouse gas reduction activities and carbon trading [6][7] Group 4: Collaboration Between Industry and Finance - The synergy between industrial transformation and financial support is highlighted, aiming to create a strong impetus for the green development of the real economy [7]