在不久前举行的贝伦气候峰会上，中国与欧盟、巴西共同发起建立"碳排放权交易市场开放联盟"，以进 一步推动碳市场领域国际交流与合作。该联盟共包括11个经济体，旨在建立一个跨国合作框架，协调各 国碳定价机制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网络。 "联盟参与方呈现鲜明特征：欧盟在碳治理领域起步早、经验丰富，拥有成熟技术与机制；中国，凭借 自主转型成果，在新能源产业、绿色金融发展方面都取得了积极的进展，在碳市场建设方面也初见成 效；巴西等发展中国家则面临治理资金短缺的现实困境。"中央财经大学绿色金融国际研究院首席经济 学家刘锋在接受记者采访时谈到，这几方的合作和经验交流很有价值。 兴业银行首席经济学家鲁政委也对记者表示，此次加入的11个经济体既包括传统碳市场强者，也涵盖了 新兴市场代表，如中国、智利与赞比亚。这一组合体现出发达与发展中国家在碳市场治理上的"桥接合 作"趋势，也将为新兴市场带来更多气候资金支持。 受访专家普遍认为，开放合规碳市场联盟将有助于统一协调全球碳定价机制的开展，通过标准协调、机 制互认、经验分享、技术合作、公正转型等多种措施，在统一框架下促进合规市场的衔接，确保合 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Heilongjiang Province has achieved significant progress in ecological and environmental quality, ranking among the top tier in the country, with six consecutive years of excellent performance in pollution prevention assessments [1][2]. Group 1: Ecological Protection Initiatives - The province focuses on addressing urgent environmental issues for the public, emphasizing the importance of clean air, water, and soil [1]. - By 2024, the proportion of good air quality days is expected to increase by 1.3 percentage points compared to 2020, and PM2.5 concentration is projected to decrease by 0.6 micrograms per cubic meter [1]. - The improvement of water quality in the Songhua River is highlighted, with a target of increasing the proportion of good water quality monitoring sections by 10.2 percentage points by 2024 compared to 2020 [2]. Group 2: Economic Development through Ecological Value - The province aims to catalyze economic growth through ecological value, establishing a comprehensive ecological environment zoning and control system [2]. - Since the launch of the national carbon emissions trading market, 99 key emission units in Heilongjiang have actively participated, with a notable project in Daxing'anling that reduces carbon dioxide emissions by over 6,000 tons annually [2]. Group 3: Legal Framework for Environmental Governance - Heilongjiang has implemented local regulations and standards tailored to its specific conditions, focusing on water pollution prevention and other environmental laws [2]. - Innovative systems such as environmental judicial linkage and ecological compensation have been developed to enhance legal governance in environmental protection [2]. Group 4: Technological Empowerment in Environmental Management - The establishment of digital platforms for environmental monitoring and data analysis has been prioritized, utilizing big data and cloud computing for real-time environmental data collection and intelligent decision-making [3]. - The "smart environmental protection" system aims to upgrade environmental supervision from manual to technological and intelligent methods [3].

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [4][7]. Core Insights - The establishment of the ecological environment rights trading platform in Hubei province is expected to significantly benefit carbon trading and management sectors, with a focus on building a comprehensive trading center by 2030 [11][18]. - The joint development plan between Anhui and Henan provinces aims to create a cross-province pollution prevention and control system, enhancing opportunities for the environmental industry [19][26]. - The current macroeconomic environment, characterized by historically low interest rates, presents a favorable backdrop for investing in high-dividend and growth-oriented assets within the environmental sector [2][27]. Summary by Sections Carbon Trading Market - The national carbon market saw a price increase, with the highest price reaching 55.67 CNY/ton and a total trading volume of 7.5 billion tons since inception [2][32]. - The report highlights the potential for growth in hazardous waste management and recycling sectors, recommending companies like GaoNeng Environment and Huicheng Environmental [2][28]. Industry News - Recent policies in Yunnan and Inner Mongolia aim to enhance pollution control and energy efficiency in the cement industry, indicating a broader trend towards stricter environmental regulations [3][42]. - The environmental sector underperformed compared to the broader market, with a reported increase of 2.61% against the Shanghai Composite Index's 2.88% [32][39]. Key Companies - Huicheng Environmental is noted for its strong technological capabilities and ongoing projects in hazardous waste management, with a significant focus on plastic recycling [28][30]. - GaoNeng Environment aims to become a leading global environmental service provider, benefiting from increased orders due to regulatory changes [29][30]. - HongCheng Environment is recognized for its consistent revenue growth and high dividend payouts, making it an attractive investment option [28][30].

Core Insights - The national carbon emissions trading market in China is a significant policy tool aimed at achieving carbon peak and carbon neutrality goals, transforming emission reduction pressure into internal motivation for economic growth [1][2] - The market has successfully integrated major industries such as steel, cement, and aluminum, covering over 60% of the country's carbon dioxide emissions [1][2] - The trading market's activity is increasing, with a record transaction volume of 18.114 billion yuan in 2024, marking the highest level since its inception in 2021 [2] Group 1 - The carbon market encourages companies to sell excess carbon emission allowances and reinvest the proceeds into energy-saving projects, creating a positive feedback loop [1] - The national carbon market operates independently from the voluntary greenhouse gas reduction trading market, yet they are interconnected through a quota clearing mechanism [2] - The carbon market has fostered a low-carbon development awareness across society, emphasizing that carbon emissions incur costs while reductions yield benefits [2] Group 2 - The establishment of the carbon market is a complex system requiring effective management, regulatory frameworks, reliable trading systems, and accurate emission data [3] - There is a need to expand the coverage of the national carbon emissions trading market and develop a comprehensive methodology to support voluntary emission reductions [3] - Recent government opinions aim to enhance the effectiveness and international influence of the national carbon market, promoting green and low-carbon transitions [3]

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]