Group 1: Nationally Determined Contributions (NDC) Goals - China announced new NDC goals aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with a target for non-fossil energy consumption to exceed 30% of total energy consumption [1] - The total installed capacity for wind and solar power is expected to reach over 360 million kilowatts, which is more than six times the capacity in 2020 [1] - The NDC goals are seen as a strong commitment to reducing global greenhouse gas emissions and will enhance the efficiency of the national carbon market [1] Group 2: Carbon Market Development - The national carbon market has been operational for over four years, covering more than 2,200 key emission units in the power sector, making it the largest carbon market globally in terms of greenhouse gas emissions coverage [2] - As of August 2024, the cumulative trading volume in the carbon market reached nearly 700 million tons, with a transaction value of approximately 48 billion yuan [2] - The carbon market is expected to expand to include the steel, cement, and aluminum industries by 2025, adding over 1,300 new key emission units and increasing the controlled carbon emissions by about 3 billion tons [7] Group 3: Future Plans and Recommendations - The Ministry of Ecology and Environment plans to steadily expand the carbon market's coverage and enhance trading varieties and methods [3] - A central document was released outlining a roadmap for the carbon market's development, aiming for comprehensive coverage of major industrial sectors by 2027 [4] - Experts suggest establishing a total control system for carbon emissions and setting net-zero growth targets for the 14th Five-Year Plan period [5][6] Group 4: International Cooperation and Standards - China is actively working to enhance its international influence in carbon markets and is exploring cross-border carbon trading mechanisms [10] - The upcoming COP30 in Brazil is seen as a critical point for advancing the implementation of the Paris Agreement, with expectations for increased international cooperation [9] - China's carbon market has been recognized as a model for emerging economies, with its innovative carbon intensity control being referenced by countries like Turkey, Brazil, and Indonesia [11]

21世纪经济报道记者李德尚玉 据新华社消息，在9月24日联合国气候变化峰会上，中国宣布了新一轮国 家自主贡献：到2035年，中国全经济范围温室气体净排放量比峰值下降7%-10%，力争做得更好。非化 石能源消费占能源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达到2020年的6倍以 上、力争达到36亿千瓦，森林蓄积量达到240亿立方米以上，新能源汽车成为新销售车辆的主流，全国 碳排放权交易市场覆盖主要高排放行业，气候适应型社会基本建成。 国家自主贡献（下称"NDC目标"）是各国根据各自国情和发展阶段确定的应对气候变化行动目标。多名 受访人士向21世纪经济报道表示：新一轮NDC目标，详细阐述了我国在应对气候变化方面的自主承 诺，将为减少全球温室气体排放提供有力支撑。同时，碳市场是行业碳排放管控的重要手段，有了总量 目标，会使得全国碳市场更高效地实现价格发现。 全国碳排放权交易市场运行已有四年多。自2021年7月16日上线以来，全国碳市场已覆盖电力行业2200 余家重点排放单位，成为全球覆盖温室气体排放量最大的碳市场。经过3个履约周期，碳市场的制度体 系不断完善，市场机制愈加成熟。2025年，全国碳市场 ...

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].

2025年中国碳市场大会昨天在上海举行。上海市委书记陈吉宁出席开幕式并致辞。生态环境部党组 书记孙金龙，湖北省委副书记、省长李殿勋在开幕式上致辞，与上海市委副书记、市长龚正共同启动大 会。 陈吉宁指出，习近平主席向国际社会庄严宣示实现碳达峰、碳中和目标，为中国绿色低碳发展指明 了奋进方向、提供了根本遵循。上海作为国内最早试点碳市场的省市之一，在生态环境部有力指导下， 深入贯彻国家"双碳"战略，助力构建具有中国特色的碳市场制度体系。上海将以习近平生态文明思想为 指导，以碳市场建设为牵引，推动绿色低碳转型不断取得新进展，在推进中国式现代化中充分发挥龙头 带动和示范引领作用。深化央地协同，更好服务全国碳市场建设。落实完善碳排放权交易等基础性制 度，持续深化地方碳市场改革试点。完善绿色金融标准和目录，支持金融机构扩大业务规模、探索开发 衍生品体系，助力提升碳市场活力。坚持多措并举，加快经济社会全面绿色低碳转型。推动低碳零碳负 碳等关键技术创新和规模化应用，大力培育绿色技术供应商和转型服务商，积极构建绿色低碳供应链体 系。创新碳普惠机制，优化自愿减排方法学体系，引导市民形成绿色生活方式。倡导开放创新，深入开 展国际绿色 ...

李殿勋说，当前，推动绿色低碳转型发展已经成为人类日益增强的共同关切，我国生态文明建设进入全 面绿色转型的关键时期，要加快建设更加有效、更有活力、更具国际影响力的碳市场，更好为中国乃至 全球的可持续发展注入强劲动力。湖北作为全国碳排放权注册登记结算系统所在地，近年来坚定贯彻习 近平生态文明思想，协同推进降碳、减污、扩绿、增长，碳交易、碳核算、碳金融等产业链初步形成， 绿色生产力不断壮大。我们将以此次大会为契机，进一步依托和用好注册登记结算系统功能作用、湖北 的区位条件和区域碳市场先发优势，加快建设全国碳市场中心和碳金融中心，加快推进生态产业化和产 业生态化，为更好回应新时期人民群众对美好生活的新需求，为推动长江经济带高质量发展和加快建设 美丽中国作出新的更大贡献。 以碳市场建设为牵引，推动绿色低碳转型不断取得新进展。 2025年中国碳市场大会今天在上海举行。上海市委书记陈吉宁出席开幕式并致辞。生态环境部党组书记 孙金龙，湖北省委副书记、省长李殿勋在开幕式上致辞，与上海市委副书记、市长龚正共同启动大会。 陈吉宁指出，习近平主席向国际社会庄严宣示实现碳达峰、碳中和目标，为中国绿色低碳发展指明了奋 进方向、提供了根本 ...

Group 1 - The Hong Kong Financial Secretary, Xu Zhengyu, welcomes the signing of a memorandum of cooperation between the Hong Kong Stock Exchange and several carbon trading platforms in the Greater Bay Area, aiming to enhance knowledge exchange and collaboration in the carbon market and green finance ecosystem [1] - This memorandum is the first quadrilateral agreement among carbon exchanges in the Greater Bay Area, indicating a significant step towards the orderly and healthy development of the carbon market in the region [1] - The new Policy Address emphasizes strengthening pilot cooperation with the Greater Bay Area carbon market and building a carbon market ecosystem, showcasing the commitment of the Hong Kong government and the Stock Exchange to promote collaboration with mainland carbon markets [1]

Core Viewpoint - China aims to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060, marking a significant commitment to green transformation and sustainable development [1][2]. Financial Sector's Role - The financial sector is crucial in facilitating resource allocation and addressing financing challenges for green projects, with green credit surpassing 42 trillion yuan and green bond issuance ranking among the highest globally [1][3]. - Financial innovations and policies have been implemented to support the "dual carbon" goals, including the establishment of a comprehensive financial support framework [3][5]. Funding Requirements - From 2024 to 2030, China's total funding requirement for climate change mitigation and adaptation is approximately 25.2 trillion yuan, averaging about 3.6 trillion yuan annually; from 2031 to 2060, the requirement is around 243 trillion yuan, averaging about 8.1 trillion yuan annually [2]. Policy Framework - A robust policy framework has been established, including key documents that outline financial support for green development, providing clear strategic guidance for market participants [3][4]. - The introduction of standards and guidelines has enhanced transparency and accountability in green finance, preventing greenwashing practices [4][5]. Market Practices - Green credit has become a vital tool for financing energy efficiency and renewable energy projects, with a reported balance of 42.39 trillion yuan in green loans as of mid-2025, reflecting a 14.4% increase from the beginning of the year [6][7]. - The issuance of green bonds and sustainable development-linked bonds has enabled companies to raise funds specifically for low-carbon projects, linking financial incentives to emission reduction targets [7][8]. Carbon Market Development - China's carbon trading market has rapidly expanded since its launch, becoming the largest in the world by greenhouse gas emissions coverage, with a cumulative trading volume of 715 million tons and a transaction value of 49.04 billion yuan [9]. - The integration of carbon markets with other financial instruments is essential for maximizing the effectiveness of green finance and ensuring that emission reductions are economically viable [9][10]. Future Challenges and Directions - Despite progress, challenges remain in matching funding supply with project demand, developing risk pricing mechanisms, and enhancing collaboration across financial tools [10][11]. - Future efforts should focus on innovating financial products, improving resource matching, and fostering international cooperation to strengthen the green finance ecosystem [11][12].

Group 1 - The core viewpoint of the article emphasizes the significant progress made in ecological environment protection and high-quality development during the "14th Five-Year Plan" period, highlighting a shift from pollution prevention to comprehensive construction of a beautiful China [1][2][4] Group 2 - The pollution prevention campaign has achieved new results, with PM2.5 concentration in cities expected to drop to 29.3 micrograms per cubic meter by 2024, a 16.3% decrease from 2020, and the proportion of good air quality days reaching 87.2%, up 2.4 percentage points from 2020 [2] - The blue sky protection campaign has seen PM2.5 concentrations in key regions like Beijing-Tianjin-Hebei and the Yangtze River Delta decrease by 18% and 10% respectively compared to 2020 [2] - The water quality improvement initiative has led to over 90% of surface water quality monitoring points achieving good water quality for the first time [2] Group 3 - Green and low-carbon development has made new strides, with 1.12 billion kilowatts of coal power units and 950 million tons of crude steel capacity undergoing ultra-low emission transformations [3] - The establishment of the world's largest carbon trading market covers over 60% of national carbon emissions, enhancing the internal motivation and innovative vitality for green development [3] Group 4 - A robust policy framework has been developed to promote high-level protection and foster new productive forces, with a significant decrease in environmental impact assessments for high-emission projects and an increase in assessments for renewable energy projects [4][5] - The ecological environment management system has been established, categorizing over 40,000 control units into three types: priority protection, key control, and general control [4] Group 5 - The green finance sector has been advanced, with over 100 projects receiving financial support amounting to 216.4 billion yuan, facilitating the transition to a low-carbon economy [6] - The national carbon market has seen a cumulative trading volume of 714 million tons and a total transaction value of 48.961 billion yuan as of September 18 [7]

Core Insights - China is actively promoting efforts to address climate change and achieve carbon peak and carbon neutrality goals, establishing the world's largest and fastest-growing renewable energy system [1] - The total installed capacity of wind and solar power has already met the 2030 national contribution target ahead of schedule [1] - Since the 14th Five-Year Plan, China's carbon dioxide emission intensity has been continuously declining [1] Carbon Market Development - The construction of the national carbon market is progressing positively, with the establishment of the largest carbon trading market globally covering greenhouse gas emissions [1] - This year, new sectors including steel, cement, and aluminum smelting have been included, effectively managing over 60% of the national carbon dioxide emissions [1] - As of September 18, the cumulative trading volume of carbon emission allowances in the national market reached 714 million tons, with a total transaction value of 48.961 billion yuan [1] - The standardization, accuracy, and timeliness of carbon emission data statistics and accounting have significantly improved [1]

Core Insights - China has established the world's largest carbon emissions trading market, which is crucial for achieving carbon peak and carbon neutrality goals, marking a significant step in climate change response [1][2] - The national carbon market has seen steady progress since the 14th Five-Year Plan, with a cumulative trading volume of 714 million tons and a total transaction value of 48.961 billion yuan as of September 18, 2025 [1] - The market has expanded to include key industries such as steel, cement, and aluminum, effectively managing over 60% of national CO2 emissions [1][2] Carbon Market Development - The carbon market is divided into a compliance carbon market and a voluntary carbon market, which together form a comprehensive national carbon market system [2] - By 2027, the national carbon emissions trading market aims to cover major industrial sectors, while the voluntary market seeks to achieve full coverage in key areas [2] - The government is committed to enhancing the carbon market's effectiveness and international influence, promoting green and low-carbon transitions [2] Environmental Improvements - During the 14th Five-Year Plan, the number of environmental assessments for high-pollution projects decreased, while assessments for renewable energy projects increased significantly [3] - National air quality has improved, with PM2.5 concentrations in cities dropping to an average of 29.3 micrograms per cubic meter in 2024, a 16.3% decrease from 2020 [3][4] - Major initiatives have led to the elimination of black and odorous water bodies in over 3,000 cities, with rural sewage treatment rates exceeding 45% [4]