广东省茂名市电白区南海岛水东湾海洋公园内茂密的红树林湿地景观。黄胜林摄（人民视觉） 在山东省荣成市石岛管理区的海上风电产业基地，超大型风电叶片正在吊装和运输，准备运往海上作业 区进行安装。李信君摄（人民视觉） 看不见、摸不着的碳排放也有价格、可以交易。 自2013年起，中国在多个省市开展碳排放交易试点，2021年，全国碳排放权交易市场正式启动上线。碳 市场已成为中国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一项重要政策工 具。 近日，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》）公布，明确全国碳市场中长期发展的时间表、路线图。在业内看来，这意味着碳市场进入 2.0时代，将推动全国碳市场更有活力、更具国际影响力。 企业减排越多、收益越多 碳市场里买卖什么？从营造红树林，到建设海上风电……企业等减排主体的贡献"份额"被量化、交易， 既可选择通过技术改造降低排放，也可选择购买配额填补缺口，从而以更低的社会成本达成总体减排目 标。 "碳市场一头牵着减碳目标，一头连着经济增长，通过市场机制作用将减排压力转化为动力，激发市场 主体和社会各界参与到减碳进 ...

加快建设更加有效、更有活力、更具国际影响力的全国碳市场 生态环境部党组书记 孙金龙 生态环境部部长 黄润秋 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。近日，中 共中央办公厅、国务院办公厅印发《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》），充分彰显了我国积极稳妥推进碳达峰碳中和的坚定决心和有力行动。要以习近平新时代中 国特色社会主义思想特别是习近平生态文明思想为指导，准确把握加强全国碳市场建设的总体要求、主 要目标和重点任务，加快建设更加有效、更有活力、更具国际影响力的碳市场，为实现人与自然和谐共 生的现代化提供有力支撑。 一、深刻认识加强全国碳市场建设的重大意义 当前，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，两个市场相互衔接，共同构成全国碳市场体系。在全面总结全国碳市场建 设成效和存在的问题、深入借鉴国内试点碳市场和国际碳市场建设实践经验的基础上，进一步加强全国 碳市场建设，具有十分重要的现实意义。 全国碳市场建设激发全社会绿色低碳发展内生动力，是统筹高质量发展和高水平保护、 ...

加快建设更加有效、更有活力、更具国际影响力的全国碳市场 生态环境部党组书记 孙金龙 生态环境部部长 黄润秋 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。近日，中 共中央办公厅、国务院办公厅印发《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》），充分彰显了我国积极稳妥推进碳达峰碳中和的坚定决心和有力行动。要以习近平新时代中 国特色社会主义思想特别是习近平生态文明思想为指导，准确把握加强全国碳市场建设的总体要求、主 要目标和重点任务，加快建设更加有效、更有活力、更具国际影响力的碳市场，为实现人与自然和谐共 生的现代化提供有力支撑。 一、深刻认识加强全国碳市场建设的重大意义 当前，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，两个市场相互衔接，共同构成全国碳市场体系。在全面总结全国碳市场建 设成效和存在的问题、深入借鉴国内试点碳市场和国际碳市场建设实践经验的基础上，进一步加强全国 碳市场建设，具有十分重要的现实意义。 全国碳市场建设激发全社会绿色低碳发展内生动力，是统筹高质量发展和高水平保护、 ...

Core Viewpoint - The article discusses the transition of China's carbon market from intensity-based control to total volume control, emphasizing the importance of carbon emission quotas as a new form of currency for environmental accountability and economic incentives [2] Group 1: Transition to Total Volume Control - The carbon market will shift from "intensity control" to "total volume control" by 2030, allowing for more precise emission reductions [2] - This new approach ensures that each company's emissions are tracked and managed, moving away from the logic of "more emissions, more profits" [2] Group 2: Paid Quotas and Market Dynamics - The transition from free quotas to paid quotas is expected to incentivize companies to actively reduce emissions, similar to the EU's experience which generated €180 billion in revenue [2] - Increasing the proportion of paid quotas will create market pressure for companies, making carbon emissions a cost and carbon reduction a benefit [2] Group 3: Fair and Efficient Allocation - The allocation of quotas must be balanced; too lenient may lead to complacency, while too strict could harm businesses, highlighting the need for "moderate flexibility" [2] - Enhanced data accounting and traceability mechanisms will ensure transparency and fairness in quota usage [2] Group 4: Future Implications - The evolution of the carbon market is set to drive China's green and low-carbon transformation, opening new avenues for industrial upgrades [2] - The carbon market is positioned to become a new engine for green development in China [2]

Group 1 - The core viewpoint of the article emphasizes the importance of quotas in the construction of the carbon market, with a clear timeline for the adjustment of quota distribution methods outlined in the recent policy document [1][2][3] - By 2030, a national carbon emissions trading market based on total quota control will be established, combining free and paid distribution methods [1][2] - The transition from intensity control to total control of carbon emissions is highlighted, addressing the limitations of the current intensity-based quota distribution method [1][2] Group 2 - The carbon market's management will cover over 60% of the national carbon emissions after the inclusion of new industries like steel and cement in 2024, making it a key player in achieving carbon reduction targets [2] - The gradual shift from free to paid quota distribution is necessary to enhance market liquidity and reduce excessive volatility, as evidenced by international experiences such as the EU carbon market [2] - The principle of "cost for carbon emissions and benefits for carbon reduction" is emphasized, with the flexibility to adjust paid quota distribution to stabilize market prices and guide reasonable price expectations [2][3] Group 3 - The policy document aims to ensure a balanced and fair quota distribution that encourages advanced companies while pressuring less proactive ones to reduce emissions [3] - Strict regulations and enhanced verification of carbon emissions data are necessary to ensure compliance and traceability of quota usage [3] - The implementation of the policy is expected to accelerate the transition to a market-driven carbon market, serving as a driving force for green transformation [3]

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these challenges, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, and data quality oversight [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

Core Viewpoint - The issuance of the "Opinions" by the Central Committee of the Communist Party of China and the State Council marks the first central document in the field of carbon markets, outlining a long-term development timetable and roadmap for China's national carbon market, aiming for comprehensive coverage by 2027 [1] Group 1: Mandatory Carbon Market - By 2027, the mandatory carbon market will expand its coverage from the current sectors of power generation, steel, cement, and aluminum smelting to include major emission industries in the industrial sector [2][3] - The allocation method for carbon quotas will shift from free allocation to a combination of free and paid allocation, gradually increasing the proportion of paid allocation [3] Group 2: Voluntary Carbon Market - The voluntary carbon market aims to achieve full coverage of key areas by 2027, expanding from current sectors such as renewable energy, methane reduction, energy efficiency improvement, and forestry carbon sinks to include biomass utilization and solid waste treatment [2] - By 2030, the goal is to establish a voluntary carbon market that is credible, transparent, methodologically unified, widely participatory, and aligned with international standards [2] Group 3: Market Mechanisms and Management - The national carbon market will implement total quota control in industries with relatively stable carbon emissions by 2027, with a pre-set total national carbon emission quota to be allocated downwards to enterprises [2] - A mechanism for quota reserves and market regulation will be established to balance supply and demand, enhancing market stability and liquidity while improving risk management capabilities [2]

Core Viewpoint - The issuance of the "Opinions" by the Central Committee of the Communist Party of China and the State Council marks a significant step in strengthening the national carbon market, providing a more comprehensive institutional guarantee and robust support for its construction [1][2]. Group 1: Carbon Market Development - The national carbon market consists of a mandatory carbon emissions trading market and a voluntary carbon market, which operate independently but are interconnected through a quota clearing mechanism [2]. - 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, while the voluntary market has recorded 2.49 million tons of certified voluntary emission reductions, amounting to 210 million yuan [2]. - The "Opinions" outline a timeline and roadmap for the development of the national carbon market, aiming for comprehensive coverage of key emission sectors by 2027 and a transparent voluntary carbon market by 2030 [3][4]. Group 2: Quota Management and Regulation - The establishment of a clear and transparent carbon emissions quota management system is essential for the healthy operation of the carbon trading market [4]. - The current quota distribution method is based on intensity control, with plans to gradually implement total quota control for stable emission sectors by 2027 [4]. - The government aims to enhance data quality management and strengthen regulatory measures to prevent data manipulation in carbon emissions reporting [5][6]. Group 3: Market Vitality and Financial Integration - The ecological environment department plans to collaborate with financial institutions to develop green financial products related to carbon emissions rights and certified voluntary emission reductions [6]. - New policies such as carbon pledging and carbon repurchase are being explored to improve financing channels for key emission units and enhance their proactive engagement in energy conservation and emission reduction [6][7]. - The "Opinions" emphasize the importance of involving qualified financial institutions and individuals in the carbon market to broaden participation and enhance market dynamics [7].

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, aiming to provide 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 - 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 [2]. - 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, while the voluntary market has recorded 2.49 million tons of certified voluntary emission reductions, amounting to 210 million yuan [2]. Timeline and Roadmap - The "Opinions" outline a timeline for the national carbon market's development, aiming to cover major industrial sectors by 2027 and achieve full coverage in key areas by 2030 [3]. - The mandatory carbon market will expand to include major industrial sectors, while the voluntary market will broaden its scope to include biomass utilization and solid waste treatment [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]. - The quota distribution system will balance emission reduction targets with economic costs and industry differences, with a gradual shift towards total quota control by 2027 [5]. Development of Voluntary Carbon Market - The government aims to accelerate the development of the voluntary carbon market by focusing on key areas and technologies related to carbon neutrality [6]. - Strengthening market regulation and ensuring accurate carbon emission data are critical for the success of the carbon market [6]. Systematic Improvement - The construction of the national carbon market is a complex system engineering task that requires a problem-oriented and goal-oriented approach [7]. - The government will enhance the reliability of data and inclusivity of industries within the carbon market [7]. Implementation Strategies - The implementation of the "Opinions" will focus on expanding the coverage of the mandatory carbon market and developing the voluntary market with a robust methodological framework [8]. - Financial institutions will be encouraged to develop green financial products related to carbon emissions, such as carbon pledges and carbon repurchase agreements, to enhance market liquidity and reduce financing costs [8]. Management Enhancement - Strict regulations on carbon emissions verification and improved technical standards for key industries will be enforced [9]. - The government will strengthen the entire process of carbon emissions data quality supervision and 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, aiming to provide a more comprehensive institutional guarantee and stronger capability support for the national carbon market construction [1] Group 1: 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 [2] - 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, while the voluntary carbon market has recorded a cumulative transaction of 2.49 million tons, valued at 210 million yuan [2] - The "Opinions" outline a timeline and roadmap for the development of the national carbon market, aiming for full coverage of key emission sectors by 2027 and a transparent voluntary carbon market by 2030 [3] Group 2: Quota Management and Distribution - The establishment of a clear and transparent carbon emissions quota management system is essential for the healthy operation of the national carbon trading market [4] - The quota distribution system will balance emission reduction targets with economic costs and will gradually implement total quota control for stable emission industries by 2027 [5] Group 3: Voluntary Carbon Market and Data Quality - The development of the national voluntary carbon emissions trading market is emphasized, focusing on key areas for carbon peak and neutrality, and establishing a methodology system for voluntary reduction projects [6] - Continuous enhancement of data quality management is crucial, with measures including monthly verification of key emission data and the use of big data and blockchain for risk monitoring [6] Group 4: Market Mechanism and Financial Integration - The construction of the national carbon market is a complex system project that requires a problem-oriented and goal-oriented approach, enhancing the reliability of data and inclusivity of industries [7] - The ecological environment department plans to explore green financial products related to carbon emissions rights and certified voluntary reduction amounts, which will help improve financing channels for key emission units [8] Group 5: Management and Compliance - Strict regulation of carbon emissions verification and enhancement of the responsibility of key emission units for carbon accounting and reporting are necessary [9] - Comprehensive supervision of carbon emissions data quality will be enforced to combat fraudulent activities [9]