Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks the first central document in China's carbon market sector, providing a more comprehensive institutional guarantee and stronger capability support for the national carbon market construction [1][2]. Group 1: National Carbon Market Development - The national carbon market consists of a mandatory carbon emissions trading market and a voluntary carbon emissions trading market, which operate independently but are interconnected through a quota clearing mechanism, achieving full coverage of emission reduction entities [2][4]. - As of August 22, 2023, the mandatory carbon market has seen a cumulative transaction volume of over 680 million tons, with a transaction value of 47.41 billion yuan, while the voluntary carbon market has recorded a cumulative transaction of 2.49 million tons, valued at 21 million yuan [2][4]. Group 2: Future Plans and Roadmap - By 2027, the mandatory carbon market aims to gradually cover major industrial sectors beyond power generation, steel, cement, and aluminum smelting, while the voluntary carbon market will expand to include biomass utilization and solid waste treatment [4][5]. - The goal is to establish a transparent and predictable carbon emissions quota management system, balancing emission reduction targets with economic costs and industry differences [5][6]. Group 3: Market Mechanisms and Data Management - The establishment of a quota distribution and clearing system is essential for the healthy and orderly operation of the national carbon emissions trading market [5][6]. - Accurate and reliable carbon emission data is crucial for quota trading and compliance, with ongoing efforts to enhance data quality management through advanced technologies like big data and blockchain [7][8]. Group 4: Enhancing Market Vitality and Management - The ecological environment department plans to collaborate with financial institutions to develop green financial products related to carbon emissions rights and certified voluntary reduction amounts, such as carbon pledges and carbon repurchase policies [9][10]. - Strict regulations on carbon emissions verification and enhanced oversight of data quality are emphasized to combat fraudulent activities [10].

Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks the first central document in China's carbon market sector, providing a more comprehensive institutional guarantee and stronger capability support for the national carbon market construction [1][2]. Summary by Relevant Sections National Carbon Market Development - China has established a national carbon emissions trading market for key emission units with mandatory reduction responsibilities and a voluntary carbon market to incentivize social self-reduction. These two markets operate independently but are interconnected through a quota clearing mechanism, achieving full coverage of reduction entities [2][3]. - 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 of certified voluntary reduction, amounting to 210 million yuan [2]. Timeline and Roadmap - The "Opinions" outline a timeline and roadmap for the national carbon market's development. By 2027, the mandatory carbon market will expand to cover major industrial emission sectors beyond power generation, steel, cement, and aluminum smelting. The voluntary carbon market aims for full coverage of key areas by 2027 and to establish a transparent, unified, and internationally aligned market by 2030 [3][4]. Quota Management System - A clear and transparent carbon emissions quota management system is essential for the healthy and orderly operation of the national carbon trading market. The quota distribution system will balance reduction targets with economic costs and industry differences, implementing total quota control for stable emission sectors by 2027 [4][5]. Development of Voluntary Carbon Market - The government aims to actively develop the national voluntary greenhouse gas reduction trading market, focusing on key areas and technologies for carbon peak and neutrality. This includes establishing a methodological system for voluntary reduction projects and enhancing market trading systems [6][7]. Market Mechanism 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 market mechanism, ensuring data reliability, and enhancing industry inclusiveness [7][8]. Management and Oversight - The ecological environment department will enhance carbon emission verification and strengthen the responsibility of key emission units for carbon accounting and reporting. There will be strict supervision of carbon emission data quality to combat fraudulent activities [9].

Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks the first central document in China's carbon market sector, providing a more comprehensive institutional guarantee and stronger capability support for the national carbon market construction [1][2]. Group 1: National Carbon Market Development - China has established a national carbon emissions trading market that includes both a mandatory carbon market and a voluntary carbon market, which operate independently but are interconnected through a quota clearing mechanism [2][3]. - As of August 22, 2023, the cumulative transaction volume of the mandatory carbon market exceeded 680 million tons, with a transaction value of 47.41 billion yuan, while the voluntary carbon market recorded a cumulative transaction of 2.49 million tons, valued at 210 million yuan [2][3]. Group 2: Timeline and Roadmap - The "Opinions" outline a timeline and roadmap for the national carbon market, aiming to cover major industrial sectors by 2027 and achieve comprehensive coverage in key areas by 2030 [3][4]. - The mandatory carbon market will expand to include major industrial sectors, while the voluntary market will extend to biomass utilization and solid waste treatment by 2027 [3][4]. Group 3: Quota Management System - A clear and transparent carbon emissions quota management system is essential for the healthy operation of the national carbon trading market [4][5]. - The quota distribution system will balance emission reduction targets with economic costs and industry differences, gradually implementing total quota control by 2027 [4][5]. Group 4: Development of Voluntary Carbon Market - The government aims to actively develop the national voluntary greenhouse gas reduction trading market, focusing on key areas and technologies for carbon neutrality [6][7]. - Strengthening market regulation and ensuring accurate carbon emission data are crucial for the success of the carbon market [6][7]. Group 5: Enhancing Market Vitality - The Ministry of Ecology and Environment plans to collaborate with financial institutions to explore green financial products related to carbon emissions rights and certified voluntary reduction amounts [8][9]. - Initiatives like carbon pledging and carbon repurchase will help improve financing channels for key emission units and enhance their proactive engagement in energy-saving and carbon reduction efforts [8][9]. Group 6: Management Improvement - Strict regulations on carbon emissions verification and enhanced oversight of data quality are necessary to ensure compliance and integrity within the carbon market [9].

Core Viewpoint - The recent release of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step towards establishing a comprehensive carbon emission trading system in China, integrating mandatory and voluntary measures, government and market forces, as well as domestic and international elements [1][2]. Summary by Sections Carbon Market Development - The carbon market has become a crucial policy tool for climate governance in China, with pilot programs initiated in 2011 across seven provinces and cities, covering over 20 industries [2]. - The national carbon emission trading market was officially launched on July 16, 2021, and has since become the largest market globally in terms of greenhouse gas emissions coverage, with a cumulative trading volume of 694 million tons and a total transaction value of 47.716 billion yuan as of August 28 [2]. - The voluntary carbon market started later, officially launching on January 22, 2024, with a cumulative trading volume of 250,160 tons and a transaction value of 21 million yuan by August 28, 2025 [2]. Challenges and Policy Directions - The current carbon market faces challenges such as low market activity, insufficient data quality, and underutilization of market mechanisms. The "Opinions" provide specific policy directions to address these issues [3]. - The document emphasizes the need to diversify market participants by introducing financial institutions, non-compliance entities, and individuals to enhance market activity [3]. Data Quality and Management - Data quality is identified as a critical issue, with the "Opinions" proposing measures to enhance data management, including increasing penalties for violations and improving corporate carbon management capabilities [4]. - The establishment of a robust regulatory framework and the development of a digital management information system are also highlighted as essential steps to ensure data integrity and compliance [4]. Market Mechanisms and Opportunities - The "Opinions" propose optimizing quota management and introducing total control, paid allocation, and quota reserve systems to improve carbon pricing mechanisms [5]. - New market opportunities are anticipated in sectors such as renewable energy, industrial energy efficiency, carbon management, and carbon finance, as the document outlines strategies for economic development in response to climate change [5][6].

Core Viewpoint - The article discusses the release of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" by the Central Committee of the Communist Party of China and the State Council, emphasizing the development of the national carbon market as a key policy tool for controlling greenhouse gas emissions and achieving carbon peak and carbon neutrality goals [2][7]. Group 1: National Carbon Market Goals - The document sets specific targets for the national carbon market, aiming for basic coverage of major industrial sectors by 2027 and a comprehensive trading system by 2030, including quota control, distribution, and international market integration [12][13]. - The goals reflect a coordinated approach with the dual control system for carbon emissions, transitioning from intensity control to total control by 2030 [16][17]. Group 2: Development of Trading Systems - The national carbon market consists of mandatory emission reduction trading and voluntary emission reduction trading, with key sectors like power generation, steel, cement, and aluminum already included [3][18]. - The voluntary carbon market is set to restart in January 2024, with methodologies being developed for various sectors, including power, oil and gas, and forestry [20]. Group 3: Financial Product Innovation - The document encourages financial institutions to develop green financial products related to carbon emissions, such as carbon bonds, carbon futures, and carbon funds, to enhance support for greenhouse gas reduction [22][23]. - Local governments, such as Guangdong and Shanghai, are implementing policies to support carbon asset financing and expand the range of market participants [24]. Group 4: Carbon Emission Accounting and Verification - The article highlights the need for improved carbon emission accounting and reporting management, including the revision of guidelines for key industries and the establishment of a national carbon measurement center [25][26]. - The ecological environment department has released guidelines for greenhouse gas accounting and reporting for four key industries since the market's inception in 2021, with ongoing updates needed for other sectors [27].

Group 1 - The Fudan University Sustainable Development Research Center released the carbon price index for September 2025, indicating a buy price expectation of 68.46 CNY/ton and a sell price expectation of 72.38 CNY/ton for national carbon emission allowances (CEA) [1] - The buy price index for CEA decreased by 3.92% to 171.15, while the sell price index fell by 4.81% to 163.31, resulting in a mid-price index drop of 4.38% to 167.03 [1] - The prices for three types of domestic green certificates (GEC) produced in 2024 and 2025 showed a comprehensive decline, with biomass power generation certificates experiencing the largest drop [1] Group 2 - In August, the average closing price for CEA was 71.39 CNY/ton, down approximately 3% from July's average of 73.57 CNY/ton, indicating a downward trend in carbon prices [2] - The average daily trading volume of carbon allowances increased by about 9% to 55.26 million tons compared to July, with market trading stability improving significantly [2] - The release of the "Opinions" by the Central Committee and the State Council on August 25 aims to enhance the national carbon market, promoting a unified market and optimizing resource allocation efficiency [2][3]

Group 1 - The core viewpoint of the article emphasizes the importance of the newly issued "Opinions" as a guiding document for the construction of a national carbon market in China, marking a new phase in the country's green and low-carbon transition efforts [1][5] - The carbon market is identified as a crucial policy tool for addressing climate change and accelerating the green transformation of the economy, with the establishment of both mandatory and voluntary carbon trading markets [2][5] - The national carbon market aims to reflect the marginal costs of emissions reduction and social value through carbon pricing, guiding capital and resources towards low-carbon technologies and services [2][3] Group 2 - The construction of the carbon market is designed to provide flexible mechanisms for achieving greenhouse gas control targets at lower social costs, allowing companies to choose their compliance paths [3][5] - The national carbon market is expected to accelerate the transition to clean energy and technological innovation in key industries such as electricity, metallurgy, and cement, promoting decarbonization across supply chains [3][5] - The article highlights the need for a unified carbon market with standardized management, trading, and regulatory frameworks to enhance resource allocation efficiency and market potential [6][9] Group 3 - The voluntary carbon market is an essential component of the national carbon market system, aimed at creating significant green market opportunities and supporting national climate goals [8][9] - As of now, the voluntary carbon market has made progress with the establishment of registration and trading systems, and several greenhouse gas reduction projects have been registered, totaling approximately 9.48 million tons of CO2 equivalent [9] - The government plans to focus on key areas for carbon peak and neutrality, developing methodologies for voluntary reduction projects and exploring international pathways for voluntary trading mechanisms [9]

Core Viewpoint - China's carbon market is entering a critical upgrade phase, with the release of the first central document outlining the long-term development roadmap and tasks for the national carbon market [2] Group 1: Policy Framework - The document emphasizes the dual-track carbon market system of "mandatory reduction + voluntary reduction" to support green transformation and climate change response [2] - It sets a direction for a "more effective, more vibrant, and more internationally influential" national carbon market, which is crucial for achieving carbon peak and carbon neutrality goals [2] Group 2: Institutional Foundation - The document focuses on enhancing the effectiveness of the carbon market through expanded coverage, improved quota management, regulatory innovation, and strengthened rule coordination [4] - By 2027, the national carbon trading market aims to cover major industrial sectors, while the voluntary reduction market will achieve full coverage in key areas [4] - A transparent quota mechanism will be established, transitioning from intensity control to total volume control for stable carbon emission sectors by 2027 [4] Group 3: Regulatory Innovation - The document proposes a national coordination approach to avoid the disorderly development of local carbon markets, enhancing operational efficiency [5] - It emphasizes policy coordination between the national carbon market and other green mechanisms, facilitating a comprehensive green low-carbon policy system [5] Group 4: Market Vitality - To address the current limitations of trading participants and products, the document aims to stimulate market dynamics by diversifying products, expanding participants, and strengthening regulation [7] - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing corporate carbon asset management [7] - The introduction of non-compliance entities and eligible individuals into the carbon market is expected to attract more social capital into the green sector [8] Group 5: International Influence - China's carbon market, launched in 2021, has become the largest in terms of greenhouse gas emissions coverage, playing a significant role in global climate governance [10] - The document outlines tasks to enhance the international recognition of China's voluntary emission reduction credits, aiding domestic enterprises in navigating international green trade barriers [10] - It emphasizes participation in the formulation of international carbon market mechanisms and strengthening international cooperation in carbon market standards and data recognition [10][11]

Core Insights - The central government has issued a significant policy document to advance the construction of a national carbon market, marking the first central document in this field, which outlines a long-term development timetable, roadmap, and task list for the national carbon market [1] Carbon Market Development - The national carbon market has been operational for four years, achieving breakthroughs by expanding coverage to the steel, cement, and aluminum industries, and issuing the first batch of certified voluntary emission reductions (CCER) [1][6] - As of June 30, 2025, the cumulative trading volume of carbon allowances reached 669 million tons, with a total transaction value of 45.93 billion yuan, including a record high of 18.044 billion yuan in 2024 [6][1] - The voluntary carbon market has registered 23 projects with a total reduction of 9.48 million tons, and the CCER trading volume reached 2.1938 million tons with a transaction value of 0.185 billion yuan [6][1] Regulatory Framework and Standards - A multi-level and relatively complete regulatory framework for the national carbon market has been established, with over 30 regulations and technical standards developed [5][6] - The Ministry of Ecology and Environment is working on establishing a product carbon footprint management system, including the development of accounting standards and research on carbon footprint factors [2][3][4] Future Directions - The government plans to expand the carbon market to include additional industries such as aviation, petrochemicals, chemicals, and paper manufacturing, based on a principle of gradual inclusion [8][9] - Financial institutions are increasingly participating in carbon finance, with at least 18 institutions having obtained carbon trading qualifications, and the market is expected to see a diversification of trading products and participants [10][11] International Cooperation - China is actively participating in the global carbon market and is involved in the development of international carbon market rules, contributing to global climate governance [15][16] - The country aims to enhance its international influence and promote the mutual recognition of carbon market standards and technologies [16]

Group 1: National Carbon Market Development - The central government has issued a significant policy document to advance the construction of the national carbon market, marking the first central document in this field, which outlines a long-term development timetable and roadmap [1][2] - The national carbon market has been operational for four years, achieving breakthroughs by expanding to include the steel, cement, and aluminum industries, and issuing the first batch of certified voluntary emission reductions (CCER) [1][7] - As of June 30, 2025, the cumulative trading volume of allowances reached 669 million tons, with a total transaction value of 45.93 billion yuan, indicating a robust market performance [2][7] Group 2: Carbon Footprint Management - The Ministry of Ecology and Environment is actively working on establishing a product carbon footprint management system, which includes developing accounting standards and guidelines for carbon footprint calculations [3][4] - The government aims to enhance the management of carbon footprints by accelerating research on carbon footprint factors and establishing a comprehensive database [4][5] - A series of pilot projects and international cooperation initiatives are being explored to improve carbon footprint management and certification processes [6][11] Group 3: Financial Market and Carbon Trading - The carbon financial market is experiencing growth, with at least 18 financial institutions obtaining carbon trading qualifications, indicating increased participation and product diversity [11][12] - The government plans to expand trading participants in the mandatory carbon market while introducing more diverse trading products and enhancing regulatory oversight [11][12] - The voluntary carbon market has seen significant engagement, with 5,787 registered entities, including financial institutions and project owners, contributing to a dynamic trading environment [7][11] Group 4: International Cooperation and Global Trends - China is actively participating in the global carbon market development, contributing to international climate governance and sharing its experiences in carbon market construction [15][16] - The country is exploring cross-border carbon trading and establishing management systems to facilitate international cooperation in carbon markets [16] - The global trend towards carbon market mechanisms is supported by the implementation of the Paris Agreement, with China positioning itself as a key player in this arena [15][19]