Become the world's largest carbon market covering greenhouse gas emissions
Sinochem News The reporter learned at the press conference held by the Ministry of Ecology and Environment on July 29 that since the launch of the national carbon emissions trading market three years ago, it has currently included 2257 key emission units in the power generation industry, covering approximately 5.1 billion tons of carbon dioxide emissions annually, with a turnover of approximately 27 billion yuan. It has become the world's largest carbon market covering greenhouse gas emissions.
Pei Xiaofei, spokesperson of the Ministry of Ecology and Environment, said that the national carbon market is an important policy tool for using market mechanisms to control greenhouse gas emissions and achieve carbon peak and carbon neutrality goals, including the mandatory carbon emissions trading market and voluntary greenhouse gas voluntary emission reduction trading market. Two parts. Over the past three years, the national mandatory carbon emissions trading market has successfully completed two performance cycles and achieved the expected construction goals.
A relatively complete institutional framework has been established. The State Council issued and implemented the "Interim Regulations on the Administration of Carbon Emissions Trading", and the Ministry of Ecology and Environment issued the "Measures for the Administration of Carbon Emissions Trading (Trial)" and three management rules for carbon emission rights registration, trading, and settlement, carbon emission accounting reports and verification guidelines, and quotas. Documents such as allocation plans have jointly formed a relatively complete carbon emissions trading system.
An infrastructure support system of "one network, two institutions, and three platforms" has been built. "One Network" refers to the establishment of a "National Carbon Market Information Network" to centrally publish authoritative information on the national carbon market. The "two institutions" refer to the establishment of a national carbon emission rights registration agency and trading agency to conduct refined management of quota registration, issuance, settlement, and trading. The "three platforms" refer to the establishment and stable operation of the three major infrastructures of the national carbon emission rights registration system, trading system, and management platform, realizing the online management of the entire business, the centralization of full-process data, and the scientific comprehensive decision-making.
Carbon emission accounting and management capabilities have been significantly improved. Establish a long-term supervision mechanism for normalizing the quality of carbon emission data, optimize accounting verification methods, and implement monthly certificates for key emission data of enterprises. Innovate and establish a dynamic supervision mechanism for performance risks to urge enterprises to complete quota payments on time and in full. At present, enterprises have established internal control systems for carbon emission management, and their management level and accounting capabilities have been significantly improved.
The vitality of the carbon market has steadily increased. As of the end of June 2024, the cumulative transaction volume of the national carbon emissions trading market was 465 million tons, with a transaction volume of approximately 27 billion yuan. The transaction scale has gradually expanded, and the transaction volume and transaction volume in the second performance cycle have increased by 19% and 89% respectively compared with the first performance cycle. The overall carbon price showed a steady upward trend, rising from 48 yuan/ton at the start to the closing price of 91.6 yuan/ton on July 26, an increase of 90.8%.
In the next step, the Ministry of Ecology and Environment will explore and implement a combination of free and paid quota allocation methods, deepen international exchanges and cooperation in the carbon market, and strive to build a more effective, more dynamic, and more internationally influential carbon market.