The new regulations of the national carbon market have been officially implemented, and the low-carbon transformation of enterprises is imperative

On May 1, the national "Interim Regulations on the Administration of Carbon Emission Trading" (hereinafter referred to as the "Regulations") came into effect, which is the first special regulation in the field of climate change in China, and also the first time to clarify the carbon emission trading market system in the form of administrative regulations, which is a milestone for the realization of the "double carbon" goal.

Carbon emission trading is an important measure to control and reduce carbon dioxide and other greenhouse gas emissions through market mechanisms, and to promote carbon peak and carbon neutrality. The Interim Regulations on the Administration of Carbon Emission Trading, which have been officially implemented, have made clear provisions on the coverage, inclusion objects, quota allocation, and data supervision of the carbon emission trading market, and further build a carbon emission trading system with clear rights and responsibilities.

Zhuang Zican, director of the Carbon Trading and Carbon Finance Research Center of Zhongnan University of Economics and Law, said: "After the launch of the national (carbon) trading market in 2021, the trading subject is single and the capacity is very small. ”

In carbon emission trading, data authenticity is the basis for ensuring a stable and orderly carbon market. The "Regulations" clearly state that it is necessary to implement multi-angle supervision of the data security of emission control entities and third-party institutions, and to increase the punishment of data fraud.

Li Quanwei, strategic director of China Carbon Deng, said: "Depending on the circumstances, not only the illegal gains can be confiscated, but even a fine of between 5 and 10 times can be imposed. ”

At present, China's carbon emissions are mainly concentrated in eight key industries such as power generation, iron and steel, and building materials, but the carbon emission trading market is only piloted in the power generation industry, and steel, non-ferrous metals and other industries will soon be included. As one of the drafting units participating in the "Regulations", China Carbon Emission Rights Registration and Clearing Co., Ltd., which is located in Hubei, has participated in the whole process of the construction of the national carbon market system and has cleared nearly 100,000 transactions, which is more conducive to attracting and serving Hubei enterprises to participate in the national "carbon" green competition.

Geng Lingchang, chief engineer of Sinopec Energy Management, said: "After the promulgation of the Regulations, we will continue to plan the development and utilization of new energy, and under their guidance, carbon finance, carbon mortgage, and carbon replacement can participate more fully in the carbon market." ”

Since its official launch in July 2021, the national carbon emission trading market has gone through two compliance cycles, with a cumulative turnover of 457 million tons of carbon allowances and a cumulative turnover of 26.194 billion yuan, ranking first in the world in terms of business scale.

Li Quanwei said: "Together with relevant departments, we will make further efforts to improve the activity of carbon trading and improve the price formation mechanism, guide emission control enterprises to complete emission reductions through the optimal path, give full play to the economic effectiveness of emission reduction of the carbon trading mechanism itself, and enhance the overall confidence of market participants."

(Original topic: The new regulations of the national carbon market are officially implemented today, and the low-carbon transformation of enterprises is imperative)