Core Viewpoint - The article discusses the Chinese government's strategic plan to enhance the national carbon market, aiming for a more effective and internationally influential system to address climate change and promote green transformation in the economy [1][2]. Group 1: Overall Requirements - The plan emphasizes the integration of Xi Jinping's thoughts on ecological civilization and economic development, aiming for a balance between green transformation and economic growth [2]. - Key goals include achieving comprehensive coverage of major industrial sectors in the carbon trading market by 2027 and establishing a robust carbon pricing mechanism by 2030 [2]. Group 2: Carbon Emission Trading Market Development - The national carbon emission trading market will expand its coverage based on industry development, pollution reduction contributions, and carbon emission characteristics [3]. - A transparent carbon quota management system will be established, transitioning from intensity control to total volume control by 2027 for stable emission sectors [3]. Group 3: Voluntary Emission Reduction Market - The development of a voluntary emission reduction trading market will be accelerated, focusing on areas with significant sustainable development benefits [5]. - The government encourages the use of certified voluntary emission reductions in various sectors, including government and corporate social responsibility initiatives [6]. Group 4: Market Vitality Enhancement - Financial institutions will be encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [7]. - The introduction of new trading participants, including individuals and financial institutions, will be facilitated to broaden market engagement [7]. Group 5: Capacity Building for Carbon Market - A comprehensive management system will be established to support the carbon market's development, including digital and intelligent management systems [8]. - The article highlights the importance of accurate carbon emission accounting and reporting, with a focus on improving data quality and regulatory oversight [9]. Group 6: Organizational Implementation and Legal Support - Local governments are tasked with implementing the carbon market strategy, ensuring compliance and effective management of emission quotas [11]. - The government will strengthen legal frameworks to support carbon market operations and enhance regulatory measures against violations [11]. Group 7: International Cooperation - The article emphasizes the importance of participating in international climate agreements and promoting China's carbon market practices globally [12].

Core Viewpoint - The carbon market is a crucial policy tool for promoting green and low-carbon transformation in China, with a focus on establishing a robust national carbon market system that includes both mandatory and voluntary carbon markets to achieve the "dual carbon" goals [2][3]. Summary by Sections Carbon Market Development - China has established a national carbon emissions trading market that mandates key emission units to fulfill reduction responsibilities, alongside a voluntary carbon market that encourages self-reduction efforts. These two markets operate independently but are interconnected through a quota management system [4][5]. - As of August 22, 2023, the mandatory carbon market has seen a cumulative transaction volume exceeding 680 million tons, with a transaction value of 47.41 billion yuan. The voluntary carbon market has recorded a cumulative transaction of 2.49 million tons, amounting to 210 million yuan [4]. Future Plans and Roadmap - The "Opinions" document outlines a timeline and roadmap for the development of the national carbon market. By 2027, the mandatory carbon market will expand to cover major industrial sectors, while the voluntary market will broaden its scope to include biomass utilization and solid waste management [6][9]. Quota Management System - A clear and transparent carbon emissions quota management system is essential for the healthy operation of the national carbon trading market. The distribution of quotas will balance reduction targets with economic costs and industry differences, aiming for a stable total carbon emissions control by 2027 [7][8]. Market Vitality and Financial Integration - The Ministry of Ecology and Environment plans to enhance market vitality by collaborating with financial institutions to develop green financial products related to carbon emissions rights. This includes mechanisms like carbon pledges and carbon repurchase agreements to facilitate financing for key emission units [11]. Data Quality and Regulatory Framework - Accurate and reliable carbon emission data is critical for quota trading and compliance. The government is enhancing data quality management through a three-tier review system and utilizing advanced technologies like big data and blockchain to improve regulatory efficiency [9][12]. Systematic Improvement - The construction of the national carbon market is a complex system engineering task that requires a problem-oriented and goal-oriented approach. The focus will be on improving the reliability of data and inclusivity across industries [10].

证券代码： 000617 证券简称：中油资本 中国石油集团资本股份有限公司 投资者关系活动记录表 编号：2025-010 | | □特定对象调研 分析师会议 □ | | --- | --- | | □ 投资者关系 | 媒体采访 √ 业绩说明会 | | □ 活动类别 | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 投资者网上提问 | | 及人员姓名 | | | 时间 | 年 月 日 下午 2025 9 12 (周五) 15:30~16:30 | | | 通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | 地点 和 | 深 圳 证 券 交 易 所 " 互 动 易 " 平 台 " 云 访 谈 " 栏 目 | | | （http://irm.cninfo.com.cn)采用网络互动的方式进行 | | | 1、副董事长、总经理何放 | | 上市公司 | 2、副总经理、财务总监、董事会秘书刘强 | | 接待人员姓名 | 3、独立董事陈武朝 | | | 4、财务部、证券事务部总经理及工作人员 | | | 公司就 ...

Group 1 - In August, the national carbon market price experienced a significant decline, closing at 69.3 yuan/ton on August 29, down 4.39% from the last trading day of the previous month [1] - The average daily closing price of carbon emission allowances (CEA) in August was 71.39 yuan/ton, a decrease of approximately 3% compared to July's average of 73.57 yuan/ton [1] - The average daily trading volume of CEA in August was 55.26 million tons, an increase of about 9% from July's 50.71 million tons, indicating a rise in market activity [1] Group 2 - The Central Committee of the Communist Party of China and the State Council issued an opinion on August 25 to accelerate the construction of a unified national carbon market, with plans to cover major industrial sectors by 2027 and establish a comprehensive trading market by 2030 [2] - The Ministry of Ecology and Environment announced plans to expand the coverage of the mandatory carbon market based on industry development, pollution reduction contributions, and data quality, transitioning from intensity control to total control [2] - The Ministry will also explore the development of green financial products related to carbon emissions and strengthen the management of carbon emission verification and reporting [3]

Overall Requirements - The document emphasizes the importance of establishing a unified national carbon market to effectively address climate change while promoting economic development [2] - The main goals include achieving comprehensive coverage of major industrial sectors by 2027 and establishing a robust carbon pricing mechanism by 2030 [2] National Carbon Emission Trading Market - The plan includes expanding the coverage of the national carbon emission trading market based on industry development, pollution reduction contributions, and carbon emission characteristics [3] - A transparent carbon emission quota management system will be established, transitioning from intensity control to total volume control by 2027 [3] - The document outlines the need for a balance between carbon emission control and energy security, as well as the gradual increase of paid quota distribution [3] Voluntary Greenhouse Gas Reduction Trading Market - The establishment of a comprehensive methodology for voluntary reduction projects is prioritized, focusing on areas with significant sustainable development benefits [5] - The document encourages the use of certified voluntary reduction amounts in various sectors, including government and enterprises, to offset carbon emissions [5] Enhancing Market Vitality - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [6] - The introduction of new trading participants, including individuals and financial institutions, is planned to diversify market engagement [6] - Strengthening market regulation and monitoring to prevent market manipulation and ensure fair trading practices is emphasized [6] Capacity Building for Carbon Market - A management system that aligns with the development stages of the national carbon market will be established to enhance oversight and operational efficiency [7] - The document stresses the importance of accurate carbon emission accounting and reporting, with a focus on developing national standards [7] - It highlights the need for rigorous verification processes for carbon emissions to ensure the credibility of reported data [7] Organizational Implementation Support - Local governments are tasked with leading the implementation of the carbon market initiatives, ensuring compliance and effective management of emission quotas [9] - The document calls for the development of legal frameworks to support carbon market operations and enhance regulatory enforcement [10] - International cooperation and dialogue on carbon market mechanisms are encouraged to align with global climate change efforts [10]

Core Viewpoint - The Ministry of Ecology and Environment has announced the first central document regarding the national carbon market, outlining a long-term development roadmap and tasks for carbon market construction in China [1][2] Group 1: Carbon Market Development - The document emphasizes the need to expand the coverage of the mandatory carbon market based on industry development, pollution reduction contributions, data quality, and carbon emission characteristics [1] - A transparent carbon emission quota management system will be established, transitioning from intensity control to total control of carbon emissions [1] - The allocation of quotas will shift from entirely free to a combination of free and paid, gradually increasing the proportion of paid allocations [1] Group 2: Voluntary Carbon Market and Financial Products - The development of a voluntary carbon market will be actively pursued, with a focus on establishing a comprehensive methodology for key areas such as ecosystem carbon sinks and methane reduction [1] - Financial institutions will be engaged to explore green financial products related to carbon emissions rights and verified voluntary reduction amounts, including policies for carbon pledges and carbon repurchase [1] Group 3: Regulatory Framework and Market Performance - Strict regulations will be enforced for carbon emission verification, and responsibilities for carbon accounting and reporting will be reinforced among key emission units [2] - The carbon market has developed a multi-level regulatory framework over four years, with the coverage of key industries expanding to include steel, cement, and aluminum, managing over 60% of national carbon emissions [2] - As of August 22, 2025, the cumulative trading volume of carbon emission rights reached 680 million tons, with a transaction value of 47.41 billion yuan [2]

Core Viewpoint - The article emphasizes the importance of establishing a national carbon market as a key policy tool to address climate change and promote a green and low-carbon transformation of the economy and society [2][4]. Summary by Sections Overall Requirements - The goal is to build a unified national carbon market that balances green low-carbon transformation with economic development needs, optimizing resource allocation efficiency and maximizing benefits [5]. - By 2027, the national carbon emission trading market will cover major industrial sectors, and by 2030, a comprehensive carbon pricing mechanism will be established [5]. Accelerating the Construction of the National Carbon Emission Trading Market - The coverage of the national carbon emission trading market will be expanded based on industry development, pollution reduction contributions, and carbon emission characteristics [7]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total control by 2027 [7]. - Guidance and supervision of existing carbon trading pilot markets will be strengthened to support regional green low-carbon transformation [8]. Actively Developing the National Voluntary Greenhouse Gas Reduction Trading Market - A comprehensive methodology system will be established to support voluntary reduction projects, ensuring integrity and social supervision [9]. - Encouragement for government agencies and enterprises to use certified voluntary reduction credits to offset carbon emissions [9]. Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [10]. - The participation of banks and other financial institutions in the carbon market will be promoted, along with the gradual inclusion of individuals in the voluntary reduction trading market [10]. Strengthening Carbon Market Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, enhancing data security and operational efficiency [12]. - The carbon emission accounting and reporting management will be improved, with a focus on accurate and credible verification processes [12]. Strengthening Organizational Implementation Support - Local governments are urged to strengthen leadership and policy support for carbon market construction and management [14]. - Legal frameworks will be developed to support carbon market operations, including regulations for voluntary reduction trading [15]. - International cooperation will be enhanced to align with global climate change initiatives and promote the sharing of best practices [15].

Core Viewpoint - The document outlines the Chinese government's plan to advance green and low-carbon transformation through the establishment and enhancement of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a well-structured carbon pricing mechanism by 2030 [1][4]. Group 1: Overall Requirements - The plan emphasizes the importance of balancing green low-carbon transformation with economic development, aiming to optimize resource allocation and maximize efficiency in carbon emissions [4]. - Key targets include achieving basic coverage of major emission industries in the national carbon trading market by 2027 and establishing a comprehensive voluntary emission reduction trading market by 2030 [4]. Group 2: National Carbon Emission Trading Market - The document calls for an expansion of the national carbon emission trading market's coverage based on industry development, pollution reduction contributions, and data quality [5]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total volume control by 2027 [5]. - The plan includes a gradual increase in the proportion of paid quota distribution while maintaining market stability and liquidity [5]. Group 3: Voluntary Emission Reduction Trading Market - The establishment of a comprehensive methodology system for voluntary emission reduction projects is prioritized, focusing on areas with significant sustainable development benefits [8]. - The document encourages the use of certified voluntary emission reductions in various sectors, including government and enterprises, to offset carbon emissions [8]. Group 4: Enhancing Market Vitality - The plan advocates for the development of green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [9]. - It supports the inclusion of financial institutions in carbon market trading and encourages the participation of qualified individuals in the voluntary emission reduction market [9]. Group 5: Capacity Building - A robust management system will be established to support the national carbon market's development, including digital and intelligent management systems [10]. - The document emphasizes the need for accurate carbon emission accounting and reporting, with a focus on improving data quality and regulatory oversight [11]. Group 6: Organizational Implementation - Local governments are tasked with implementing the plan, ensuring effective supervision of key emission units and supporting the carbon market's operation [13]. - The document highlights the importance of legal frameworks to support carbon market construction and the need for international cooperation in carbon market mechanisms [16][14].

Overall Requirements - The carbon market is a crucial policy tool for addressing climate change and promoting a comprehensive green transition in economic and social development [1] - The construction of a unified national carbon market is prioritized, with a focus on optimizing resource allocation efficiency and maximizing benefits [1] Main Goals - By 2027, the national carbon emission trading market will cover major industrial sectors, and the voluntary greenhouse gas reduction trading market will achieve full coverage in key areas [2] - By 2030, a comprehensive carbon emission trading market will be established, featuring a combination of free and paid allocation methods, with a transparent and internationally aligned voluntary reduction trading market [2] Accelerating Carbon Emission Trading Market Construction - The coverage of the national carbon emission trading market will be expanded based on industry development, pollution reduction contributions, data quality, and carbon emission characteristics [2][3] - A transparent carbon emission quota management system will be established, with a gradual shift from intensity control to total control of carbon emissions [3] Developing Voluntary Greenhouse Gas Reduction Trading Market - A comprehensive methodology system will be established to support voluntary reduction projects, ensuring effective management throughout the project lifecycle [4] - The application of certified voluntary reduction amounts will be promoted across various sectors, with an emphasis on enhancing international recognition [5] Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon emissions, expanding channels for corporate carbon asset management [6] - The introduction of new trading entities, including individuals, will be supported to enhance market participation [6] Strengthening Carbon Market Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, focusing on efficient operation and clear responsibilities [7] - The carbon emission accounting and reporting management will be improved, with a focus on establishing a robust reporting system for enterprises [7] Organizational Implementation Assurance - Local governments and relevant departments are tasked with implementing the guidelines effectively, ensuring policy support for carbon market operations [10] - Legal frameworks will be developed to support carbon market construction, including regulations for voluntary reduction trading [10][11]

Overall Requirements - The carbon market is a crucial policy tool for addressing climate change and promoting a green transition in economic and social development [1] - The establishment of a national carbon emissions trading market and a voluntary greenhouse gas reduction trading market aims to enhance the effectiveness and international influence of the carbon market [1][2] Goals and Objectives - By 2027, the national carbon emissions trading market will cover major industrial sectors, while the voluntary reduction trading market will achieve full coverage in key areas [2] - By 2030, a comprehensive carbon emissions trading market will be established, featuring a transparent and unified pricing mechanism that aligns with international standards [2] Development of Carbon Emissions Trading Market - The coverage of the national carbon emissions trading market will be expanded based on industry development, emission reduction contributions, and data quality [3] - A transparent carbon emissions quota management system will be established, transitioning from intensity control to total control of emissions quotas by 2027 [3] Voluntary Reduction Trading Market - The development of a voluntary reduction trading market will focus on creating a comprehensive methodology to support sustainable development and social expectations [5] - Encouragement for government agencies and enterprises to utilize certified voluntary reduction credits to offset emissions [5] Market Vitality Enhancement - Financial institutions will be encouraged to develop green financial products related to carbon emissions trading [7] - The introduction of new trading participants, including individuals and financial institutions, will be supported to enhance market participation [7] Capacity Building - A management system will be established to ensure effective supervision and management of the national carbon market [8] - The carbon emissions accounting and reporting system will be improved to ensure accurate emissions data [8] Organizational Implementation - Local governments and relevant departments will be responsible for implementing the carbon market policies and ensuring compliance [10] - Legal frameworks will be developed to support the carbon market, including regulations for voluntary reduction trading [11] International Cooperation - Active participation in international carbon market mechanisms and cooperation to promote global green and low-carbon transitions [11][12]