Core Viewpoint - The national carbon emissions trading market in China has shown significant operational effectiveness since its launch in 2021, with a well-established system and smooth functioning of allocation, trading, and compliance processes [4][6]. Market Performance - As of August 2025, the cumulative trading volume of carbon allowances reached nearly 700 million tons, with a transaction value exceeding 47.8 billion yuan. The carbon price has increased from 48 yuan per ton at the start to over 100 yuan per ton, currently stabilizing around 60 yuan per ton [4][6][11]. Policy Impact - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" by the central government marks a systematic deployment for the future development of the national carbon market, providing a roadmap and objectives for market construction [4][8]. Market Expansion - The inclusion of the steel, cement, and aluminum smelting industries into the carbon market has added over 30 billion tons of annual emissions coverage, enhancing market activity and resilience [5][11]. Recommendations for Improvement - To address existing issues in the carbon market, it is recommended to establish a transparent carbon allowance management system, maintain policy stability, and implement a combination of free and paid allocation methods [5][12]. - The introduction of paid allocation is expected to enhance corporate awareness of carbon costs and benefits, promoting proactive management of emissions [9][10]. Future Directions - The carbon market aims to cover major industrial sectors by 2027 and expand the range of greenhouse gases included, with a focus on enhancing trading mechanisms and regulatory frameworks [8][11].

Group 1 - As of the end of August, the national carbon emissions trading market has a cumulative transaction volume of 696 million tons and a transaction value of 47.826 billion yuan, with the 2024 transaction value reaching a new annual high since the market's launch in 2021 [3] - The national carbon market, which started online trading on July 16, 2021, is the largest carbon market globally in terms of greenhouse gas emissions coverage, initially including 2,162 enterprises in the power generation sector and covering a carbon quota of 4.5 billion tons [3] - Following the market's expansion in May, approximately 1,500 key emission units from the steel, cement, and aluminum smelting industries were added, increasing the total carbon emissions coverage to 8 billion tons, accounting for over 60% of the national total [3] Group 2 - The national carbon market has enhanced companies' awareness of low-carbon development, with significant improvements in carbon emission control capabilities [5] - The Ministry of Ecology and Environment reported that the carbon emission intensity of the national power sector decreased by 10.8% in 2024 compared to 2018 [5] - The trading scale of the national carbon market reached a historical high, with increased participation willingness from trading entities and a gradual enrichment of trading products and methods [5] Group 3 - The China Carbon Registration and Settlement System (referred to as "Zhong Carbon") is the core infrastructure of the national carbon market, responsible for registration, settlement, and clearing functions [3] - Zhong Carbon has completed 20 system upgrades and implemented quantum encryption technology to ensure data security, achieving nearly 1,000 billion yuan in cumulative clearing amounts with zero errors in settlements [4] - Baosteel Co., Ltd. has been active in carbon trading since 2013, successfully implementing 270 energy-saving projects from 2022 to 2024, resulting in a reduction of 2.59 million tons of carbon emissions [4]

Group 1 - The national carbon market in China has expanded its coverage, adding over 1,300 key emission units, resulting in an increase of approximately 3 billion tons of greenhouse gas emissions, with the covered CO2 emissions now accounting for over 60% of the national total [1] - By 2027, the national carbon market is expected to cover the main emission industries in the industrial sector [1] - In 2024, the carbon emission allowance trading market operated for 242 trading days, with an average daily trading volume of carbon emission allowances increasing by 43.55% compared to the previous compliance cycle, and the total annual trading volume reaching 18.9 million tons [1] Group 2 - The comprehensive closing price of the national carbon market in 2024 ranged from 69 yuan/ton to 106 yuan/ton, with the year-end closing price at 97.49 yuan/ton, representing a 103.1% increase from the opening price on the first trading day in 2021 and a 22.75% increase from the closing price at the end of 2023 [2] - The trading willingness of key emission units has significantly increased, with the total buy and sell orders for listed agreement trading rising by 232% year-on-year as of August this year [2] - As of August this year, 1,277 trading accounts have been opened by key emission units newly included in the market [2]

Group 1 - The national carbon emissions trading market in China has achieved a cumulative trading volume of nearly 700 million tons and a transaction value of approximately 48 billion RMB as of the end of August 2024, marking a record high since the market's launch in 2021 [1] - The annual transaction value for carbon emission allowances reached 18.114 billion RMB in 2024, setting a new record since the market's inception [1] - The report indicates that the Ministry of Ecology and Environment is accelerating the allocation of quotas for the steel, cement, and aluminum smelting industries, with 1,334 key emission units from these sectors newly included [1] Group 2 - By the end of 2024, the completion rate for quota compliance for the 2023 fiscal year was 99.98%, a historical high, with 28 provincial regions achieving 100% compliance [2] - The national carbon market has been operating smoothly, with an enhanced institutional framework and increased market vitality, leading to a stronger awareness of carbon reduction among key emission units [2] - Various stakeholders are actively participating in the carbon market, voluntarily developing and implementing emission reduction projects, showcasing the market's growing functionality [2]

"自愿减排交易市场要针对可持续发展效益显著、社会期待高、社会和生态效益兼具的重点领域，加快 方法学开发，强化自愿减排项目开发、审定实施及减排量核查等全链条管理，积极推动核证自愿减排量 应用。要丰富交易产品，扩展交易主体，着力提升碳市场活力，加强碳排放数据质量全过程监管。"李 高表示。 李高表示，全国碳市场顶层设计已进一步完善。今年8月25日，中共中央办公厅、国务院办公厅发布 《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》"），这是我国碳市场领域第一 份中央文件，对全面推进全国碳市场建设作出系统部署，明确碳市场的基本定位、总体要求，制定了全 国碳市场发展目标和重点工作任务。 《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。 主要目标是：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，对碳排放总量相对稳 定的行业，优先实施配额总量控制。自愿减排交易市场实现重点领域全覆盖，支持生态系统碳汇、可再 生能源、甲烷利用、节能、提高能效、碳捕集利用与封存等领域低碳、零碳、负碳技术发展。 此外，到2030年，基本建成以配额总量控制为基础，免 ...

Core Insights - The national carbon emissions trading market in China has seen significant growth, with a cumulative trading volume of nearly 700 million tons and a transaction value of approximately 48 billion RMB as of the end of August 2023, marking a record high for annual transaction value since the market's inception in 2021 [1] - The market's trading activity is increasing, with a 43.55% rise in average daily trading volume compared to the previous compliance cycle, resulting in a total trading volume of 18.9 million tons and a total transaction value of 18.114 billion RMB in 2024, the highest since the market started [1] - The carbon intensity of electricity generation in China decreased by 10.8% in 2024 compared to 2018, highlighting the significant role of the carbon market in achieving emissions reductions [1] Market Expansion - In March 2025, the State Council approved the inclusion of the steel, cement, and aluminum smelting industries into the national carbon emissions trading market, expanding the market's coverage [1] - This expansion added over 1,300 new key emission units, increasing the proportion of carbon dioxide emissions covered by the market to over 60% of the national total [1] Voluntary Emission Reduction Market - The national voluntary greenhouse gas emission reduction trading market was launched as a significant policy tool to support China's "dual carbon" goals, with the first batch of newly registered certified voluntary emission reductions starting trading in March 2025 [2] - As of the end of August 2023, the voluntary emission reduction market recorded a cumulative trading volume of 2.7061 million tons and a transaction value of 229 million RMB, with transaction prices frequently exceeding 100 RMB per ton [2] - The Ministry of Ecology and Environment plans to steadily expand the coverage of the carbon market, enrich trading varieties and methods, and enhance international cooperation in the carbon market sector [2]

Group 1 - The Shanghai carbon market has cumulatively traded 265 million tons of carbon emissions since its inception in 2013, with a total transaction value of 5.544 billion yuan, making it the only pilot region in China to achieve 100% compliance for twelve consecutive years [1] - Shanghai has implemented an "electricity-carbon" collaborative mechanism, with green electricity transactions exceeding 8 billion kilowatt-hours from January to September 2025, and has introduced incentives for outstanding companies, offering free quota rewards of 0.3% or 0.5% [1] - The carbon market in Shanghai covers over 400 enterprises across 28 industries, including steel, chemicals, automotive, aviation, and water transport, with a total carbon quota of approximately 100 million tons [1] Group 2 - Shanghai has organized 16 sessions of paid quota auctions by August 2025, with a total of 26.68 million tons of quotas auctioned and a total transaction value of 628 million yuan [2] - The city is promoting carbon financial innovations, forming a "carbon spot + carbon forward" linkage model, and has developed various financial products such as carbon funds, carbon trusts, and carbon insurance [2] - A carbon inclusive management platform has been established, attracting over 200,000 citizens to open accounts and involving nearly 500 distributed photovoltaic projects, resulting in the issuance of over 100,000 tons of emission reductions [2] Group 3 - Future plans for the Shanghai carbon market include enhancing operational capabilities and focusing on three major actions: improving the carbon trading market, incentivizing voluntary greenhouse gas reductions, and enhancing innovation capabilities [3] - The city has outlined 16 key reform tasks, including establishing quota management systems, improving greenhouse gas reporting, and enriching carbon financial products and services [3] - Shanghai aims to stimulate market vitality by expanding market participants, integrating carbon assets into financial institutions' collateral, and developing a carbon account system based on corporate carbon performance [3]

Core Viewpoint - The article discusses the Chinese government's strategic plan to enhance the national carbon market, aiming for a more effective and internationally influential system to address climate change and promote green transformation in the economy [1][2]. Group 1: Overall Requirements - The plan emphasizes the integration of Xi Jinping's thoughts on ecological civilization and economic development, aiming for a balance between green transformation and economic growth [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: Carbon Emission Trading Market Development - The national carbon emission trading market will expand its coverage based on industry development, pollution reduction contributions, and carbon emission characteristics [3]. - A transparent carbon quota management system will be established, transitioning from intensity control to total volume control by 2027 for stable emission sectors [3]. Group 3: Voluntary Emission Reduction Market - The development of a voluntary emission reduction trading market will be accelerated, focusing on areas with significant sustainable development benefits [5]. - The government encourages the use of certified voluntary emission reductions in various sectors, including government and corporate social responsibility initiatives [6]. Group 4: Market Vitality Enhancement - 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: Capacity Building for Carbon Market - A comprehensive management system will be established to support the carbon market's development, including digital and intelligent management systems [8]. - The article highlights 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 Legal Support - Local governments are tasked with implementing the carbon market strategy, ensuring compliance and effective management of emission quotas [11]. - The government will strengthen legal frameworks to support carbon market operations and enhance regulatory measures against violations [11]. Group 7: International Cooperation - The article emphasizes the importance of participating in international climate agreements and promoting China's carbon market practices globally [12].

Group 1 - The third Cross-Strait Green Low-Carbon Circular Development Industry Technology Exchange Conference was held in Changsha, Hunan, focusing on promoting cutting-edge technologies in the green low-carbon sector and signing low-carbon agricultural cooperation projects [2][3] - Over 150 participants, including experts, scholars, and entrepreneurs from both sides of the Taiwan Strait, engaged in discussions to inject new momentum into the development of the green low-carbon circular industry [2] - Key topics of interest included the transformation of conventional crop planting methods to organic agricultural product cultivation, as highlighted by the signing of cooperation agreements in the agricultural carbon sink field [2] Group 2 - The event featured multiple thematic seminars where experts and entrepreneurs from Taiwan, Fujian, Zhejiang, and Hunan discussed themes such as new energy, carbon trading, and green agriculture [3] - A delegation of over 30 Taiwanese youth participated in the Hunan tour, engaging in exchanges and gaining valuable agricultural data for their research [3] - The event was co-hosted by the Ministry of Science and Technology's Cross-Strait Science and Technology Exchange Center, Hunan Provincial Department of Science and Technology, and the Hunan Provincial Taiwan Affairs Office [3]

Core Viewpoint - The carbon market is a crucial policy tool for promoting green and low-carbon transformation in China, with a focus on establishing a robust national carbon market system that includes both mandatory and voluntary carbon markets to achieve the "dual carbon" goals [2][3]. Summary by Sections Carbon Market Development - China has established a national carbon emissions trading market that mandates key emission units to fulfill reduction responsibilities, alongside a voluntary carbon market that encourages self-reduction efforts. These two markets operate independently but are interconnected through a quota management system [4][5]. - As of August 22, 2023, the mandatory carbon market has seen a cumulative transaction volume exceeding 680 million tons, with a transaction value of 47.41 billion yuan. The voluntary carbon market has recorded a cumulative transaction of 2.49 million tons, amounting to 210 million yuan [4]. Future Plans and Roadmap - The "Opinions" document outlines a timeline and roadmap for the development of the national carbon market. By 2027, the mandatory carbon market will expand to cover major industrial sectors, while the voluntary market will broaden its scope to include biomass utilization and solid waste management [6][9]. Quota Management System - A clear and transparent carbon emissions quota management system is essential for the healthy operation of the national carbon trading market. The distribution of quotas will balance reduction targets with economic costs and industry differences, aiming for a stable total carbon emissions control by 2027 [7][8]. Market Vitality and Financial Integration - The Ministry of Ecology and Environment plans to enhance market vitality by collaborating with financial institutions to develop green financial products related to carbon emissions rights. This includes mechanisms like carbon pledges and carbon repurchase agreements to facilitate financing for key emission units [11]. Data Quality and Regulatory Framework - Accurate and reliable carbon emission data is critical for quota trading and compliance. The government is enhancing data quality management through a three-tier review system and utilizing advanced technologies like big data and blockchain to improve regulatory efficiency [9][12]. Systematic Improvement - The construction of the national carbon market is a complex system engineering task that requires a problem-oriented and goal-oriented approach. The focus will be on improving the reliability of data and inclusivity across industries [10].