The carbon market "runs in small steps" and starts again

The establishment and operation of the national carbon market is a major institutional innovation to promote green and low-carbon development.
Together with government management, it constitutes a "two-wheel drive" for China's climate change efforts
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China's carbon market has huge development potential and broad prospects
.
In the future, all parties need to build more consensus, form greater synergy, promote the continuous improvement of the national carbon market operation mechanism, and contribute more to China's low-carbon transformation and green development
.

Just like a "newborn baby" falling to the ground, the national carbon market has moved forward firmly in the expectation of all parties, and it has been a year without knowing it
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The establishment and operation of the national carbon market is a major institutional innovation to promote green and low-carbon development, but it is still a market mechanism in essence.

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Because of this, since the national carbon market was launched on July 16 last year, it has attracted widespread attention from the society
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After all, this is the world's first national carbon market established in a developing country, and it is a carbon market with the largest quota volume in the world right from its "birth"
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Over the past year, although the national carbon market has encountered a low ebb in market trading, it has also gained valuable growth marks—whether it is the construction of the carbon allowance trading model, the use of price discovery functions, and the promotion of the formation of market pricing mechanisms.
The exploration on the above has accumulated a lot of remarkable experience and practices
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The figures may be more telling: as of July 13 this year, the national carbon market has achieved a trading volume of 194 million tons of allowances, with a cumulative turnover of 8.
49 billion yuan, a market allowance compliance rate of more than 99.
5%, and more than half of enterprises have participated in carbon allowance trading.

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Judging from the transaction price in the past two months, the transaction price of carbon allowances is between 55 yuan and 60 yuan, which is basically in line with market expectations
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Overall, the national carbon market has been running smoothly and orderly over the past year, but there are also problems such as limited overall market activity and insufficient liquidity, especially the characteristics of the compliance-oriented market
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Some market institutions have made statistics.
From the perspective of transaction concentration, most carbon transactions occur in the last month of the compliance period.
From the perspective of transaction methods, the proportion of bulk agreements in the transaction volume reaches more than 80%, and the listed transaction volume less than 20%
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The reason for the above situation is that, on the one hand, during the first performance period, the industry and market entities entering the market are relatively single, currently limited to 2,162 key emission companies in the power generation industry, and the main method is spot trading
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On the other hand, according to the current rules, institutional investors, professional companies and individuals have not been able to participate in the transaction, which is not enough to provide sufficient and diverse market entities for the national carbon market, and to a certain extent brings the flow of the entire carbon market.
Sexual insufficiency
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At present, the national carbon market is still in the early stage of market cultivation, but this does not prevent all parties from looking forward to the prospect of the national carbon market
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In the next few years, the national carbon market will cover 8 energy-intensive industries in an orderly manner, including power generation, steel, building materials, nonferrous metals, petrochemicals, chemicals, papermaking, and aviation
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According to rough estimates, if all these industries are included, the national carbon market will have about 8,500 large-scale carbon emission companies, and the total carbon emissions under control is expected to reach 70% of the national energy carbon emissions.
The smooth realization of the "two-carbon" goal will play a pivotal role
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This effect is also reflected in the impact of carbon price on the production and operation decisions of enterprises and the consumption behavior of the public
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In fact, in the process of forming carbon price, it can not only accelerate the formation of low-carbon production and life>
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The construction of the national carbon market is a complex systematic project, and it is also a long-term project that needs to be continuously improved and developed in practice
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At present, the national carbon market is still in its infancy, and many links need to be further improved, and a clearer "construction drawing" needs to be formed for the long-term development in the future.
The unclear and difficult implementation of policy rules will affect the carbon market to a certain extent.
Development expectations are adversely affected
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Behind the challenges lie opportunities
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Benchmarking the global mature carbon market, China's carbon market has huge development potential and broad prospects, but it will never be achieved easily
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In the future, all parties need to build more consensus, form greater synergy, promote the continuous improvement of the national carbon market operation mechanism, and contribute more to China's low-carbon transformation and green development
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(Gu Yang)