本报记者 韩昱 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。8月25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》）正式对外公布，推动建设更加 有效、更有活力、更具国际影响力的全国碳市场。 "总体看，《意见》是全国碳市场里程碑式的顶层设计文件，为未来碳定价机制发挥更大作用奠定了制度基础。"川财证券 研究所所长陈雳在接受《证券日报》记者采访时表示，《意见》系统性布局，明确了全国碳市场中长期发展的时间表和路线 图。 陈雳表示，全国碳排放权交易市场配额累计成交量超6亿吨，初步形成规模，市场功能逐渐显现。2024年重点排放单位配 额清缴完成率接近100%，企业合规意识强，市场约束机制有效。此外，2025年纳入钢铁、水泥、铝冶炼行业，丰富履约主 体。 加快建设全国碳排放权交易市场后续有哪些发力点？陈雳进一步分析，一是扩大行业覆盖范围，逐步纳入其他高排放行 业，增加配额总量和交易需求，提升市场深度；二是完善配额分配与管理，优化初始配额分配方式（如有偿分配比例），引入 配额储备机制或调整机制，增强配额稀缺性和价格信号有效性；三是增强 ...

要充分发挥碳交易市场的"指挥棒"作用，要丰富交易品种、交易人群和交易支持工具。这也是一般成熟 市场的必备条件。 意见提出，今后将根据行业发展状况、降碳减污贡献、数据质量基础、碳排放特征等，有序扩大覆盖行 业范围和温室气体种类。也就是说，在目前已有电力、钢铁、建材、有色四大行业纳入全国碳市场的基 础上，今后将有更多行业纳入全国碳市场。 另外，一个价格合理的繁荣的市场必须有多方参与。在全国温室气体自愿减排交易市场中逐步引入符合 条件的自然人参与交易，以及在金融方面建立完善碳质押、碳回购等政策制度等，都是扩大交易群体的 有效措施。 当交易群体充分扩大的时候，市场的判断力就会增强，价格形成的机制就会更加完善，一些违背市场规 律的行为也会受到各方监督。市场则聚焦资源配置效能释放，通过丰富交易产品、扩展交易主体等提升 活力，激发内生动力，形成真实碳价信号。 要充分发挥碳交易市场"指挥棒"作用，也要加强对政府行为的规范和对市场运行的监管。 8月25日，中办、国办发布《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"）。其 中强调，要加快建设全国统一的碳市场，有计划分步骤扩大实施范围、扩展参与主体，营造更加公平公 ...

全国碳市场建设实现稳起步、稳运行 新华社北京8月25日电 题：建设更加有效、更有活力、更具国际影响力的全国碳市场——解读中办、国 办《关于推进绿色低碳转型加强全国碳市场建设的意见》 新华社记者高敬 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。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》25日对外公布。 生态环境部相关负责人表示，这一文件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。 做好统筹工作推进碳市场建设 全国碳市场建设是一项复杂的系统工程，要坚持问题导向、目标导向，强化系统观念，统筹好市场和政 府、长远目标和短期目标、整体和局部、国内和国际等关系，推动全国碳市场体制机制更加完善、数据 可靠性更高、行业包容性更强。 生态环境部相关负责人介绍，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 ...

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 ...

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]

Core Viewpoint - The carbon credit system under the Paris Agreement facilitates the cross-border flow of climate funds, achieving carbon reduction goals at lower costs and higher efficiency [1][11]. Development of China's Carbon Market - China's carbon market has evolved from the Clean Development Mechanism (CDM) to a comprehensive system that includes mandatory and voluntary trading markets, ensuring a healthy and orderly operation [4][5]. - The voluntary carbon market has experienced fluctuations, with significant developments starting from 2012, including the establishment of the national certified voluntary emission reduction (CCER) program [4][5]. - The national carbon market has seen a significant expansion, with the launch of the national power quota market in 2021 and the voluntary emission reduction trading system in 2023 [5][6]. Market Performance and Mechanisms - In 2024, the national carbon market's trading volume reached 189 million tons, with a transaction value of 18.114 billion yuan, marking a new high since its inception [6][7]. - The trading price in the carbon market has shown a steady increase, with the closing price in the fourth quarter stabilizing between 97 yuan/ton and 106 yuan/ton [7]. - The market's trading activity has significantly increased, with a turnover rate of 3.5% in 2024, compared to approximately 2.0% in previous years [6][7]. Policy Recommendations for Market Development - To enhance market vitality, it is essential to diversify trading products, participants, and methods, encouraging participation from financial institutions and individual investors [9][18]. - Implementing a paid quota usage mechanism, similar to the EU carbon market, is recommended to internalize costs and improve price discovery [9][18]. - Strengthening environmental information disclosure and building a robust integrity system are crucial for ensuring data quality and market credibility [10][18]. International Cooperation and Market Expansion - Attracting participation from countries involved in the Belt and Road Initiative can enhance the quality and openness of China's carbon market, promoting international carbon asset transactions settled in yuan [1][11]. - Active participation in international rule-making is necessary to establish a legal, international, and modern carbon market, increasing its global attractiveness and influence [1][11].