Core Insights - The Fudan University Sustainable Development Research Center released the carbon price index for November 2025, indicating a significant decline in carbon emission allowance prices and green certificate prices [1][2]. Carbon Emission Allowance (CEA) Prices - The expected buy price for the national carbon emission allowance (CEA) in November 2025 is 47.59 yuan/ton, with a sell price of 55.42 yuan/ton, resulting in a midpoint price of 51.51 yuan/ton. The buy price index decreased by 14.08%, and the sell price index decreased by 8.59% [1]. - For December 2025, the expected buy price is 55.63 yuan/ton, with a sell price of 65.35 yuan/ton, leading to a midpoint price of 60.50 yuan/ton [1]. Green Certificate Prices - The expected price for green certificates from centralized projects for 2025 is 4.24 yuan/unit, with a price index of 77.09. For distributed projects, the price is 3.65 yuan/unit (index 74.06), and for biomass power generation, it is 3.81 yuan/unit (index 73.84) [2]. - All green certificate prices showed a decline compared to October 2025, with biomass power generation certificates experiencing the largest drop [2]. Market Performance Overview - In October, the average closing price for CEA was 54.76 yuan/ton, down 12.4% from September's average of 62.51 yuan/ton. The carbon price exhibited a significant drop followed by a slight rebound [2]. - The average daily trading volume for carbon allowances was 1.7214 million tons, an increase of 15.81% compared to September's 1.4864 million tons, indicating active market trading as the compliance period approaches [2]. Global Carbon Market Trends - The global carbon market saw an overall increase in trading volume in October, although the Korean carbon market experienced a slight decline. The price trends varied across major global carbon markets, with mixed performance in trading prices [3].

Core Insights - The 2025 China Carbon Market Conference was successfully held in Shanghai, focusing on enhancing carbon pricing mechanisms to stimulate green and low-carbon development [1] - The conference gathered representatives from over 20 countries and regions, discussing key topics such as the operation of the national carbon market, the improvement of trading systems, and innovations in carbon finance [1] - The event aimed to elevate China's influence in the international carbon trading system and contribute to achieving the climate goals outlined in the Paris Agreement [1] Group 1: Carbon Credit Quality and International Cooperation - China's carbon credit quality has significantly improved, aligning with international standards in monitoring, accounting precision, environmental benefits, and compliance management [2] - The "Fudan Carbon Price Index" and other carbon pricing mechanism studies are enhancing the international recognition of Chinese carbon credits [2] - Recommendations for future development include advancing the internationalization of the "Fudan Carbon Price Index," innovating financial products related to carbon credits, and strengthening international cooperation on standards [2] Group 2: Talent Development and Market Mechanism - Fudan University is innovating in lifelong education, launching a project focused on the dual transformation of green and digital initiatives, aiming to cultivate high-end talent for global climate governance [3] - The successful hosting of the conference demonstrates China's progress in carbon market development and lays a solid foundation for deepening international carbon credit cooperation [3] - The ongoing improvement of China's market mechanisms will enable its carbon credits to play a more significant role in the global market [3]

Core Viewpoint - The 2025 China Carbon Market Conference emphasized the importance of improving carbon pricing mechanisms to stimulate green and low-carbon development, highlighting China's advancements in carbon credit quality and international recognition [1][2]. Group 1: Carbon Market Development - Over four years, the Chinese carbon market has achieved stable growth, with a comprehensive policy framework established and over 60% of effective CO2 emissions being controlled [2]. - The market's vitality has increased, with growing participation from trading entities, making it a significant tool for promoting green and low-carbon transitions and achieving carbon peak and neutrality goals [2]. Group 2: International Cooperation and Standards - China is enhancing the quality of its carbon credits through improved methodologies and data quality, aligning with international standards, which lays a solid foundation for global carbon credit mutual recognition [1][2]. - The "Fudan Carbon Price Index" and other carbon pricing mechanisms are being developed to increase the international recognition of Chinese carbon credits, urging the global community to acknowledge their value [1]. Group 3: Future Directions - The Ministry of Ecology and Environment plans to expand the carbon market's industry coverage and trading entities, diversify trading products and methods, and strengthen international cooperation to build a more effective and influential carbon market [2]. - Recommendations for high-quality development of the global carbon credit system include advancing the internationalization of the "Fudan Carbon Price Index," innovating financial products related to carbon credits, and enhancing international cooperation on standards [2]. Group 4: Talent Development - The Fudan University Insurance Application Innovation Research Institute is innovating in lifelong education, launching a Chief Transformation Officer (CTO) program focused on green and digital transformation, aiming to cultivate high-end talent for global climate governance and the development of the carbon credit system [3].

Group 1 - The Fudan University Sustainable Development Research Center released the carbon price index for August 2025, including national carbon emission allowance (CEA) prices and China Certified Emission Reduction (CCER) prices [1] - The expected buy price for CEA in August 2025 is 71.25 CNY/ton, with a sell price of 76.04 CNY/ton, resulting in a midpoint price of 73.65 CNY/ton [1] - The expected buy price for CCER in August 2025 is 76.25 CNY/ton, with a sell price of 83.59 CNY/ton, resulting in a midpoint price of 79.91 CNY/ton [1] Group 2 - The research center also published green certificate prices for centralized projects, distributed projects, and biomass power generation for 2024 and 2025 [2] - The expected price for green certificates from centralized projects for 2025 is 7.82 CNY/unit, while distributed projects are expected to be 6.94 CNY/unit, and biomass power generation is expected to be 6.77 CNY/unit [2] - Compared to July 2025, the prices of green certificates for 2024 and 2025 show mixed trends, with some prices increasing and others decreasing [2] Group 3 - In July, the average closing price for CEA was 73.64 CNY/ton, an increase of approximately 3% compared to June's average of 71.51 CNY/ton [3] - The average daily trading volume for carbon allowances in July was 51.03 million tons, a decrease of 35.75% from June's 79.42 million tons, ending a four-month increase in trading volume [3] - Despite the decrease in trading volume, it remains at a high level, showing a year-on-year increase of nearly 236%, indicating enhanced trading activity in the national carbon emissions trading market [3]

Group 1 - The Fudan University Sustainable Development Research Center released the carbon price index for July 2025, including national carbon emission allowance (CEA) price indices and China Green Electricity Certificate (GEC) price index [1] - The expected buy price for national carbon emission allowances in July 2025 is 70.67 yuan/ton, with a sell price of 76.67 yuan/ton, resulting in a midpoint price of 73.67 yuan/ton [1] - The buy price index increased by 3.37% to 176.66, while the sell price index rose by 2.52% to 172.98, and the midpoint price index increased by 2.93% to 174.73 [1] Group 2 - In June, the carbon price continued to rise, starting from 68.34 yuan/ton at the beginning of the month and reaching 76.57 yuan/ton by the end, with a monthly increase of over 12% [2] - The average daily trading volume of carbon allowances in June was 781,000 tons, a 43.1% increase compared to May's 545,800 tons [2] - Global carbon markets showed varied performance in June, with different trading volumes and price trends across major carbon markets, and New Zealand's carbon market experienced the largest month-on-month price increase [2]