Increased activity in the national carbon market

In recent days, the continuous rise in carbon prices has attracted attention. Compared to the initial opening price of 48 yuan per ton in the national carbon market, the current carbon price is close to doubling, with multiple trading days closing at around 90 yuan.

Carbon price is an important indicator of carbon market activity. How to view this round of upward trend? How to seize the opportunity and exert force in the construction of the national carbon market?

The market continues to heat up

After nearly 7 years of suspension, the National Voluntary Greenhouse Gas Emission Reduction Trading Market (CCER Market) announced its restart in January this year, complementing and connecting with the national carbon emission trading market. China's carbon market has officially started a "dual wheel drive".

In the context of green and low-carbon transformation, the carbon market is seen as a policy tool to achieve social carbon reduction at a lower cost. By pricing carbon and conducting carbon emission trading, the negative external effects of emissions are internalized according to the "polluter pays" principle.

Qi Rui, Associate Professor at the School of Economics and Management of China University of Geosciences (Wuhan) and Secretary General of Wuhan Double Carbon Industry Research Institute, stated that the carbon market has been continuously favorable, driving up carbon prices. After the restart of the CCER market, the overall trading volume has been active; In addition, following the solicitation of opinions on the carbon emission accounting verification of the aluminum smelting industry in March, relevant work in the cement industry has also been carried out, releasing signals of growth in the demand for carbon emission quotas in the national carbon emission trading market, and the overall heat of the carbon market has increased.

At the beginning of this year, the Provisional Regulations on the Management of Carbon Emission Rights Trading were officially released, which for the first time clarified the carbon emission rights market trading system in the form of administrative regulations, providing detailed guidelines for the construction of the national carbon market. Subsequently, the Ministry of Ecology and Environment publicly solicited opinions on the "Guidelines for Accounting and Reporting of Greenhouse Gas Emissions by Enterprises in the Aluminum Smelting Industry" and "Guidelines for Accounting and Reporting of Greenhouse Gas Emissions by Enterprises in Cement Clinker Production", accelerating the expansion of the carbon market. Therefore, although the second compliance cycle of the national carbon market ended at the end of last year, carbon prices still showed an overall upward trend.

In Qi Rui's view, the price discovery mechanism of the national carbon emission trading market has initially taken shape. In the short term, a rise in carbon prices may increase the cost pressure on key emission control enterprises, but in the long run, a relatively stable upward expectation will promote enterprises to carry out emission reduction work and promote green and low-carbon development.

Several experts have stated that the carbon price formed by the carbon market provides a benchmark price reference for climate related investment and financing, carbon asset management, and other activities such as low-carbon, zero carbon, and negative carbon technologies. At the same time, it will also promote relevant industries to increase investment in pollution reduction and carbon reduction projects and scientific research innovation, and promote the acceleration of low-carbon production and lifestyle in the whole society.

Erect four beams and eight columns

Nine key emission control enterprises voluntarily cancelled their carbon market quota of over 60000 tons, and a carbon neutrality report from the 2023 Hangzhou Asian Games was particularly impressive.

Carbon market quotas involve real gold and silver for enterprises, and achieving precise carbon offsetting during the competition period through voluntary cancellation of carbon market quotas is one of the positive achievements brought about by carbon market construction. Chen Zhixiang, Chairman of the National Carbon Emission Rights Registration Agency, introduced that as the "carbon asset brain" and "carbon trading hub" of the national carbon market, the agency helps key emission control enterprises enhance their carbon market participation capabilities from system construction, market operation, and performance guarantee measures. The voluntary cancellation mechanism of carbon quotas launched on this basis not only responds to the willingness of enterprises to take initiative in green and low-carbon transformation, but also plays a demonstrative role in promoting the normalization of carbon neutrality in large-scale activities.

In July 2021, the national carbon emission trading market took the lead in launching the "starting gun" in the power generation industry. Currently, it has successfully completed two compliance cycles, covering an annual carbon dioxide emissions of about 5.1 billion tons and being included in 2257 key emission units, becoming the carbon market with the largest greenhouse gas emissions worldwide.

The infrastructure support system and data quality are important prerequisites for the operation of the carbon market. It is reported that the national carbon emission trading market has formed an infrastructure support system of "one network, two institutions, and three platforms", including the National Carbon Market Information Network, National Carbon Emission Registration and Trading Institutions, and fine management of quota registration, distribution, clearance, trading and other related activities; We have built and stably operated three major infrastructure systems, namely the national carbon emission rights registration and registration system, trading system, and management platform, achieving online management of all business processes, centralized data throughout the entire process, and scientific decision-making.

In terms of carbon emission accounting and management capabilities, a long-term regulatory mechanism for the normalization of carbon emission data quality has been established, and a three-stage review process of "national provincial city" has been implemented. Information technology such as big data and blockchain have been used for intelligent warning to eliminate data problems in the early stages.

Steadily advancing expansion

At present, various measures to further expand the coverage of the national carbon market industry are being vigorously implemented.

China's carbon emissions are mainly concentrated in key industries such as power generation, steel, building materials, non-ferrous metals, and petrochemicals, accounting for about 75% of China's total carbon dioxide emissions. These industries have a high degree of industrialization and possess a certain talent, technology, and management foundation, making it easier to achieve quantitative control and management of carbon emissions, and affecting the prices of carbon containing products and services.

The Effectiveness and Outlook of China's Carbon Market Construction (2024) proposes that expanding the coverage of the carbon market industry is the main way to improve the design of carbon market mechanisms and enhance the influence of the carbon market. From the development experience of mature carbon markets abroad, different industry categories have been included, and the types of trading products are also constantly enriching. Currently, the national carbon market has established a full process management system, and the timing for incorporating new trading entities is basically ripe.

The upcoming Interim Regulations on the Management of Carbon Emission Trading have clarified the relevant work procedures for determining industry coverage and key emission units. Every year, carbon emission accounting report verification work is carried out for key industry organizations nationwide. Although other key industries other than electricity have not yet been included in quota control, their carbon emission accounting report verification work has been carried out in an orderly manner.

Zhao Yingmin, Deputy Minister of Ecology and Environment, stated that carbon emission control and management are new things for government departments, industries, and even key emission units. The expansion work should grasp the rhythm and intensity, scientifically and reasonably determine the inclusion time of different industries, and actively promote the coverage of carbon emission trading markets in key industries in stages and steps, in order to build a more effective, dynamic, and internationally influential carbon market. At the same time, we will adhere to the principle of "mature one, integrated one", fully draw on and utilize existing carbon emission management systems and experiences, so that key emission units in these industries can not only meet the management requirements of the carbon market, ensure the healthy development of the carbon market, but also promote green and low-carbon transformation and enhance enterprise market competitiveness after being included in the carbon market.

全国碳市场活跃度提升

连日来，碳价一路上涨引发关注。相较于每吨48元的全国碳市场初启日开盘价，当前碳价接近翻番，多个交易日收盘价站上90元大关。

  碳价是碳市场活跃度的重要风向标，如何看待此轮涨势？全国碳市场建设如何乘势发力？

  市场持续升温

  暂停近7年后，全国温室气体自愿减排交易市场（CCER市场）今年1月宣布重启，与全国碳排放权交易市场互补衔接，我国碳市场正式开启“双轮驱动”。

  绿色低碳转型背景下，碳市场被视为以较低成本实现全社会降碳的政策工具，通过为碳定价，开展碳排放权交易，按照“污染者付费”原则，将排放的负外部效应内部成本化。

  中国地质大学（武汉）经济管理学院副教授、武汉市双碳产业研究院秘书长齐睿表示，碳市场接连迎利好，带动碳价持续走高。CCER市场重启后，交易量整体活跃；加之继3月就铝冶炼行业碳排放核算核查征求意见后，水泥行业相关工作也陆续展开，释放出全国碳排放权交易市场碳排放配额需求增长信号，碳市场热度整体增加。

  今年年初，《碳排放权交易管理暂行条例》正式发布，首次以行政法规形式明确了碳排放权市场交易制度，全国碳市场建设有了详细指南。随后，生态环境部就《企业温室气体排放核算与报告指南 铝冶炼行业》《企业温室气体排放核算与报告指南 水泥熟料生产》公开征求意见，碳市场扩围进度加快。因此，尽管全国碳市场第二个履约周期已于去年底结束，碳价依然呈整体上涨态势。

  在齐睿看来，目前全国碳排放权交易市场的价格发现机制已初步形成。短期内碳价走高可能会增加重点控排企业成本压力，但从长远看，较为稳定的上涨预期将促进企业开展减排工作，推动绿色低碳发展。

  多位专家表示，碳市场形成的碳价，为开展低碳、零碳、负碳技术等气候领域投融资、碳资产管理等活动形成了基准价格参考。同时也会推动相关行业加大减污降碳项目投入和科研创新力度，促进全社会生产生活方式加速低碳化。

  架起四梁八柱

  9家重点控排企业自愿注销6万余吨碳市场配额，一份来自2023年杭州亚运会的碳中和成绩单分外亮眼。

  碳市场配额涉及企业真金白银，以自愿注销碳市场配额方式精准实现赛事期间碳抵消，是碳市场建设带来的积极成果之一。全国碳排放权注册登记机构董事长陈志祥介绍，作为全国碳市场“碳资产大脑”与“碳交易枢纽”，机构从系统建设、市场运行、履约保障措施等方面帮助重点控排企业提升碳市场参与能力。在此基础上推出的碳配额自愿注销机制，既回应了企业在绿色低碳转型下主动作为的意愿，也为推进大型活动碳中和常态化发挥了示范作用。

  2021年7月，全国碳排放权交易市场“发令枪”率先在发电行业打响，目前已顺利完成两个履约周期，覆盖年二氧化碳排放量约51亿吨，纳入重点排放单位2257家，成为全球覆盖温室气体排放量最大的碳市场。

  基础设施支撑体系与数据质量是碳市场运行的重要前提。据介绍，全国碳排放权交易市场已形成“一网、两机构、三平台”的基础设施支撑体系，包括全国碳市场信息网、全国碳排放权注册登记机构和交易机构，对配额登记、发放、清缴、交易等相关活动精细化管理；建成并稳定运行全国碳排放权注册登记系统、交易系统、管理平台三大基础设施，实现了全业务管理环节在线化、全流程数据集中化、综合决策科学化。

  在碳排放核算和管理能力方面，建立了碳排放数据质量常态化长效监管机制，实施“国家—省—市”三级联审，运用大数据、区块链等信息化技术智能预警，将数据问题消灭在萌芽阶段。

  稳步推进扩围

  目前，进一步扩大全国碳市场行业覆盖范围的各项措施正紧锣密鼓展开。

  我国碳排放主要集中在发电、钢铁、建材、有色、石化等重点行业，占我国二氧化碳排放总量的75%左右。这些行业工业化程度高，具备一定人才、技术与管理基础，更容易实现对碳排放的量化控制管理，并影响含碳产品和服务的价格。

  《中国碳市场建设成效与展望（2024）》提出，扩大碳市场行业覆盖范围是完善碳市场机制设计、提高碳市场影响力的主要途径。从国外较为成熟的碳市场发展经验看，不同行业类别已被纳入，交易产品类型也在不断丰富。当前，全国碳市场已建立起全流程制度管理体系，纳入新的交易主体时机已基本成熟。

  即将施行的《碳排放权交易管理暂行条例》，对确定行业覆盖范围和重点排放单位相关工作程序进行了明确。每年在全国范围内对重点行业组织开展碳排放核算报告核查工作，电力以外的其他重点行业虽然尚未被纳入配额管控，但其碳排放核算报告核查工作已有序开展。

  生态环境部副部长赵英民表示，碳排放控制和管理，对于政府部门、行业乃至重点排放单位而言都是新生事物。扩围工作要把握好节奏力度，科学合理确定不同行业的纳入时间，分阶段、有步骤地积极推动碳排放权交易市场覆盖碳排放重点行业，从而构建更加有效、更有活力、更具国际影响力的碳市场。同时，将坚持“成熟一个、纳入一个”原则，充分借鉴运用好已有的碳排放管理制度和经验，使这些行业的重点排放单位在纳入碳市场后，既能够满足碳市场的管理要求，确保碳市场健康发展，也能推动绿色低碳转型，提升企业市场竞争力。