《意见》明确了全国碳市场到2027年扩围、2030年定型的时间表，为各级政府和企业提供了清晰的行动 指南。 继《碳排放权交易管理暂行条例》出台，全国碳市场建设顶层设计又迎来重大升级。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》（以下简称《意 见》）。 今年，全国碳市场正式运行四周年，碳价一度突破100元/吨，首次扩围纳入钢铁、水泥、铝冶炼三大行 业，预计全国碳市场重点排放单位将达到3700家左右，覆盖排放量约80亿吨。全国温室气体自愿减排交 易市场也于今年启动交易，首批核证自愿减排量（CCER）正式签发。 此次是"两办"首次专门针对全国碳市场建设发布文件。《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、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则体系健 全、价格水平合理的碳定价机制。 多位业内人士向21世纪经济报道记者表示，《意见》明确了全 ...

在着力提升碳市场活力方面，《意见》提出要从丰富交易产品、扩展交易主体、加强市场交易监管三方 面入手。稳妥推进符合要求的金融机构在依法合规、风险可控前提下参与全国碳市场交易，全国温室气 体自愿减排交易市场逐步引入符合条件的自然人参与交易。并且要加强交易行为监管，严厉打击扰乱市 场秩序、操纵市场等行为。建立重点排放单位履约风险评估预警和管理制度，防范履约风险。 全国碳市场启动四年后，新的推动政策正在路上。 8月25日，中共中央办公厅、国务院办公厅对外公布《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》）。《意见》部署了六个方面共17条要求，明确到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。 在推进全国碳市场建设方面，《意见》提出扩大全国碳排放权交易市场覆盖范围，完善碳排放配额管理 制度，加强对碳排放权交易试点市场的指导和监督管理。到2027年，对碳排放总量相对稳定的行业优先 实施配额总量控制。稳妥推行免费和有偿相结合的碳排放配额分配方式，有序 ...

Regulatory Insights - The national carbon market has seen a significant increase in both volume and price, with a transaction value exceeding 46.6 billion yuan [2] - The Ministry of Ecology and Environment highlighted the need for clearer pathways for the steel industry's green and low-carbon transition as it was included in the national carbon market this year [2] Policy Updates - Three major economic provinces are piloting the issuance of distributed green certificates, which are crucial for promoting green consumption and production [2] - The development of zero-carbon parks is accelerating, with renewable energy and digitalization companies benefiting from this trend [3] - The People's Bank of China and other regulatory bodies have included green trade and consumption in the support scope of the new green finance project directory, effective from October 1, 2025 [3] - The National Energy Administration has set mandatory consumption targets for renewable electricity, particularly for the electrolytic aluminum industry [3] Cover Article - The national carbon market has expanded to include the steel, cement, and aluminum smelting industries, covering approximately 8 billion tons of emissions, with around 3,700 key emission units expected to participate [3] Industry Insights - China's new climate goals aim to cover the entire economy and all greenhouse gases by 2035, as stated in a joint declaration with the EU [4] - The installed capacity of renewable energy in China has surpassed that of coal power, marking a significant milestone in the country's energy development [4] - 90% of large banks in China have fully disclosed their operational carbon emissions, while smaller banks are lagging behind [4] - New tea beverage companies face challenges in food safety and compliance, necessitating the integration of ESG into their strategies for long-term growth [5] - The white wine industry is increasingly looking to overseas markets for growth amid intensified domestic competition, with a reported decline in the wine index since May [6] ESG Discussions - The national carbon market's expansion is expected to add 1,500 key emission units, covering over 60% of national CO2 emissions [7] - The global focus on transition finance is growing, as traditional high-carbon industries face financing challenges while green investment continues to rise [7]

Core Insights - The national carbon emissions trading market in China is set to expand its coverage to include the steel, cement, and aluminum smelting industries, which are significant carbon emitters, with an estimated total emissions coverage of approximately 80 billion tons [1][3][4] - The market has seen a cumulative trading volume of about 673 million tons and a total transaction value exceeding 46.2 billion yuan as of July 15, 2025, indicating a growing trading scale and stable price trends [1][6][12] - The introduction of the voluntary carbon emissions reduction trading market (CCER) has begun, with the first certified voluntary reduction units officially issued, further enhancing market activity [1][12] Market Expansion - The national carbon market is recognized as a major institutional arrangement to address climate change and promote green low-carbon transformation in the economy [2][4] - The expansion plan was outlined in the government work report for 2025, emphasizing the need to broaden the industry coverage of the carbon emissions trading market [2][4] - The newly included industries are expected to add around 1,500 key emission units, increasing the total to approximately 3,700 units, which will cover over 60% of the national carbon emissions [3][4] Trading Mechanism and Performance - The carbon trading system has adopted a single-sided bidding method to enhance trading efficiency [3] - The carbon price has fluctuated within a reasonable range, with the market price recently stabilizing between 70-80 yuan per ton after reaching a peak of over 105 yuan per ton in November 2024 [7][9] - The completion rate for the 2023 carbon quota was approximately 99.98%, indicating a strong compliance culture among key emission units [6][11] CCER Market Development - The CCER market has seen a cumulative trading volume of about 237,800 tons and a total transaction value of 200 million yuan as of July 15, 2025, reflecting its growing importance [13][12] - Various stakeholders, including national and local key emission units, project developers, and financial institutions, are participating in the CCER market, which is expected to further stimulate market activity [13][14] - The CCER price has remained higher than the carbon emissions allowance (CEA) price, indicating strong market demand and the potential for future price adjustments as supply increases [10][14]