Accelerating the construction of a more effective, more dynamic and more internationally influential national carbon market
Sun Jinlong
, Secretary of the Party Group of the Ministry of Ecology and Environment, and Huang Runqiu
, Minister of the Ministry of Ecology and Environment, are using market mechanisms to actively respond to climate change. It is an important policy tool to speed up the comprehensive green transformation of economic and social development. Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued "Opinions on Promoting Green and Low Carbon Transition and Strengthening the Construction of the National Carbon Market" (hereinafter referred to as "Opinions"), which fully demonstrates China's firm determination and strong action to actively and steadily promote carbon peak and carbon neutralization. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, especially Xi Jinping Thought on Ecological Civilization, we should accurately grasp the overall requirements, main objectives and key tasks of strengthening the construction of the national carbon market, accelerate the construction of a more effective, dynamic and internationally influential carbon market, and provide strong support for the modernization of harmonious coexistence between man and nature.
1. Deeply understand the great significance
of strengthening the construction of the national carbon market. At present, China has established a national carbon emission trading market for key emission units to fulfill their mandatory emission reduction responsibilities and a national voluntary greenhouse gas emission reduction trading market to encourage the society to reduce emissions independently. The two markets are linked together to form a national carbon market system. It is of great practical significance to further strengthen the construction of the national carbon market on the basis of a comprehensive summary of the achievements and problems in the construction of the national carbon market and in-depth reference to the practical experience of the domestic pilot carbon market and the international carbon market. The construction of the national
carbon market stimulates the endogenous power of green and low-carbon development of the whole society, and is an important grasp for coordinating high-quality development and high-level protection, and accelerating the cultivation and development of new quality productive forces. High-quality development is the primary task of building a socialist modern country in an all-round way, and promoting green and low-carbon economic and social development is the key link to achieve high-quality development. Strengthening the construction of the national carbon market will give full play to the leading, optimizing and forcing role of carbon emission reduction, promote the deep transformation of traditional industries, promote the innovation and application of green technology, leverage the investment and financing of green low-carbon industries, promote the development of emerging industries, improve the "gold content" and "green content" of economic and social development, and achieve high quality development and high level protection. The construction of
the national carbon market pursues the optimal efficiency and maximum benefit of resource allocation, which is an inevitable requirement for deepening the reform of the socialist market economic system and the ecological civilization system. The Third Plenary Session of the Twentieth Central Committee of the Communist Party of China made an important plan to build a high-level socialist market economic system and improve the system of ecological civilization, and proposed to improve the carbon market trading system and the voluntary greenhouse gas emission reduction trading system. Strengthening the construction of the national carbon market is a concrete measure to improve the market-oriented allocation system of resources and environmental factors and the green low-carbon development mechanism, which is conducive to giving full play to the decisive role of the market in the allocation of carbon emission reduction resources, promoting the organic combination of effective market and promising government, and forming an incentive and restraint mechanism for all kinds of carbon emitters. The construction of the national
carbon market adheres to the goal of low-cost carbon reduction, which is a powerful measure to implement the national strategy of actively responding to climate change and to promote carbon peak and carbon neutrality. Achieving carbon peak and carbon neutralization is a major strategic decision made by the Party Central Committee with Comrade Xi Jinping as its core to coordinate the domestic and international overall situation. At present, the construction of ecological civilization in China has entered a critical period of focusing on carbon reduction as the strategic direction, promoting the synergy of pollution reduction and carbon reduction, promoting the comprehensive green transformation of economic and social development, and realizing the improvement of ecological environment quality from quantitative change to qualitative change. Strengthening the construction of the national carbon market will strengthen the clear policy orientation of "encouraging the advanced and spurring the backward", give full play to the function of the carbon market to promote low-cost emission reduction, effectively reduce the intensity of carbon emissions in China, and help achieve the goal of carbon peak and carbon neutralization. The construction of the national
carbon market focuses on international exchanges and cooperation, which is an effective way to seek the road of global construction of ecological civilization, participate in and lead global climate governance. General Secretary Xi Jinping pointed out that "no matter how the international situation changes, China's active response to climate change will not slow down, its efforts to promote international cooperation will not weaken, and its practice of building a community of human destiny will not stop". Strengthening the construction of the national carbon market is conducive to enhancing China's influence in global carbon pricing, promoting the construction of a fair, reasonable and win-win global climate and environmental governance system, providing important experience for developing countries and emerging economies to build and improve the carbon market, and helping to achieve a just transformation of green and low carbon. It further highlights China's role as a firm actor and an important contributor to the world's green development.
2. The
Party Central Committee and the State Council attach great importance to the construction of the national carbon market and have made a series of major decisions and arrangements. After more than four years of development, the construction of the national carbon market has achieved a steady start and stable operation, the system is becoming more and more perfect, the market vitality has been steadily improved, the data quality has been improved in an all-round way, and the market function of promoting low-cost emission reduction in the whole society has gradually emerged. The system of
laws and regulations is basically constructed. In 2024, the State Council promulgated and implemented the Interim Regulations on the Management of Carbon Emission Trading, the first special regulation in the field of climate change in China, which further strengthened the legal guarantee for the construction of the carbon market. In recent years, the Ministry of Ecology and Environment, together with relevant departments, has formulated more than 30 systems and technical specifications for carbon emission accounting and verification, registration, transaction settlement, and methodology for voluntary emission reduction projects, and has initially formed a multi-level and relatively complete national carbon market regulatory system. The vitality of the national
carbon market has steadily improved. As of August 22, 2025, the total turnover of quotas in the national carbon emissions trading market was 680 million tons, with a turnover of 474. The completion of quota clearance was getting better in an all-round way. A total of 2096 key emission units were included in the quota management of the national carbon emissions trading market in 2023, with a total of 5.244 billion tons of quotas to be cleared. Actual clearance 52.
Carbon emission data quality management continued to be strengthened. The accounting and verification methods are continuously optimized, the daily management mechanism of data quality is continuously improved, and problems are found and solved in time through the joint examination at the national, provincial and municipal levels. We will carry out special supervision and assistance on the quality of carbon emission reports throughout the country, and carry out special actions to combat environmental crimes committed by falsifying carbon emission data. Intelligent early warning of data quality risk by means of information technology has significantly enhanced management efficiency. In 2024, more than 3 million enterprise data were audited, the incidence of abnormal data was significantly reduced, and the standardization, accuracy and timeliness of statistical accounting of carbon emission data were greatly improved. The coverage of
key industries has been expanding. With the approval of the State Council, on the basis of the power generation industry, the steel, cement and aluminium smelting industries will be included in the national carbon emission trading market. The Ministry of Ecology and Environment issued the Work Program of the National Carbon Emission Trading Market Covering Steel, Cement and Aluminum Smelting Industries, and fully deployed the key tasks of expanding the coverage of the National Carbon Emission Trading Market. After the completion of the expansion, the national carbon emissions trading market will achieve effective control of more than 60% of the country's carbon emissions, and promote the industry to accelerate the green low-carbon transformation.
The national greenhouse gas voluntary emission reduction trading market was launched. Since 2023, the Ministry of Ecology and Environment, together with relevant departments, has issued management measures and supporting system documents for voluntary emission reduction trading, issued six methodologies for afforestation carbon sequestration, offshore wind power, photothermal power generation, mangrove construction, coal mine gas utilization, and energy saving of highway tunnel lighting system, and completed the registration of the first batch of 9.48 million tons of certified voluntary emission reduction. As of August 22, 2025, a total of 2.49 million tons of certified voluntary emission reductions have been achieved, with a turnover of 2.
Through continuous exploration and practice, the construction of the national carbon market has grasped the rhythm and strength as a whole, and fully stimulated the endogenous power of carbon reduction while considering the affordability of enterprises. Effectively promote the whole society to form a low-carbon development awareness of "carbon emission has cost, carbon reduction has benefits", and the industry's high-tech, high-efficiency and high-quality characteristics are constantly emerging. Taking thermal power as an example, on the premise of ensuring industry development and energy supply security, the national carbon emission intensity of thermal power in 2023 is lower than that in 2018. 2. The national carbon market carbon emission accounting system provides important data support for the formulation of power carbon emission factors, regional power grid baseline carbon emission factors, and the establishment and improvement of carbon footprint management system. It has effectively improved the management level of carbon emissions in the industry.
3. Accurately grasp the overall requirements
of strengthening the construction of the national carbon market. The construction of the national carbon market is a complex systematic project. We should adhere to the problem-oriented and goal-oriented approach, strengthen the concept of system, and do a good job of "four overall plans". Promote the national carbon market system and mechanism to be more perfect, data reliability to be higher, and industry inclusiveness to be stronger.
Coordinate the relationship between effective market and promising government. The efficient coordination between the effective market and the government is the inherent requirement of strengthening the construction of the national carbon market. From the perspective of effective market, we should fully respect the law of market development, adhere to the principle of "first spot, then futures, first service, then products", make better use of market mechanism to accurately control greenhouse gas emissions, continuously stimulate the enthusiasm of carbon market traders, and find reasonable carbon prices. From the perspective of a promising government, we should improve the supervision and management system, ensure that all kinds of trading entities use market elements equally according to law, participate in competition fairly and receive equal legal protection, create a fair, open and transparent market environment, effectively control market risks, better maintain market order, and achieve both "open" and "control".
Coordinate the relationship between long-term and short-term goals. Strengthening the construction of the national carbon market is a long-term task, which should be guided by long-term goals and supported by the realization of short-term goals. By 2027, the national carbon emission trading market will basically cover major emission industries in the industrial sector, and the national greenhouse gas voluntary emission reduction trading market will cover all key areas; By 2030, a national carbon emission trading market based on total quota control and combining free and paid distribution will be basically established, and a national voluntary greenhouse gas emission reduction trading market with integrity, transparency, unified methods, wide participation and international convergence will be established, so as to form a carbon pricing mechanism with obvious emission reduction effect, sound rules system and reasonable price level.
Coordinate the relationship between the whole and the part.In order to achieve the goal of carbon peak and carbon neutralization, we should strengthen the coordination between the carbon market system and other policies and systems, and give full play to the role of the national carbon emissions trading market in the total carbon emissions control. Promote the effective convergence and synergy between the national carbon emission trading market and the national greenhouse gas voluntary emission reduction trading market, and clarify the positioning function, development path and connection mode of the two markets. We should speed up the construction of a unified national carbon market, encourage local pilot carbon markets to try first, and carry out beneficial exploration for the construction of the national carbon market.
Coordinate domestic and international relations. To strengthen the construction of the national carbon market, first of all, we should base ourselves on China's national conditions, explore ways and means in line with market rules, and coordinate the relationship between achieving the goal of carbon peak and carbon neutralization and ensuring energy security, industrial chain and supply chain stability. China's carbon market has an important impact on the global carbon pricing and carbon trading mechanism. We should further strengthen international exchanges, dialogues and practical cooperation, actively participate in the international negotiations and rule-making of the Paris Agreement on the global carbon market mechanism, fully respect the sovereignty and different national conditions of all countries, and promote the international recognition of technologies, methods, standards and data. It will make positive contributions to the establishment of a scientific, fair and reasonable global carbon market mechanism. The
Opinions defines the timetable, road map and task book for the medium and long-term development of the national carbon market, and is a programmatic document guiding the construction of the national carbon market. With a high sense of political responsibility and mission, we should carry out all key tasks to ensure that the decision-making and deployment of the Party Central Committee and the State Council are effective.
Give full play to the market function and promote the construction of the national carbon emission trading market in depth. According to the development status of the industry, the contribution of carbon reduction and pollution reduction, the basis of data quality, and the characteristics of carbon emissions, the coverage of the industry and the types of greenhouse gases will be expanded in an orderly manner. Establish an open and transparent carbon emission quota management system with clear expectations, clarify the medium and long-term carbon emission quota control objectives in the market, gradually shift from intensity control to total amount control, steadily implement a combination of free and paid carbon emission quota allocation, and establish a quota reserve and market regulation mechanism. We will strengthen the guidance, supervision and management of the pilot carbon emissions trading market, establish a regular evaluation and exit mechanism, and no new local or regional carbon emissions trading market will be established.
We will continue to promote institutional innovation and actively develop the national greenhouse gas voluntary emission reduction trading market. Establish a scientific and complete methodology system, speed up the development of methodologies in key areas, and effectively serve the society to reduce emissions independently and realize the value of ecological products. Strengthen the whole chain management of voluntary emission reduction project development, approval, implementation and emission reduction verification. We will strengthen the overall management of national carbon emission reduction resources and standardize all kinds of voluntary emission reduction trading activities. We will actively promote the application of certified voluntary emission reductions, and advocate that Party and government organs, enterprises and social organizations actively use certified voluntary emission reductions to offset carbon emissions. We will improve the rules for the offset of certified voluntary emission reductions, enhance international recognition, and actively serve the international compliance of enterprises in relevant industries and the carbon neutrality of products.
Gradually enrich market elements and strive to enhance the vitality of the national carbon market. We will steadily and prudently promote financial institutions to explore and develop green financial products and services related to carbon emission rights and certified voluntary emission reductions, and establish and improve policies and systems such as carbon pledge and carbon repurchase. We will steadily promote the participation of financial institutions that meet the requirements in the national carbon market under the premise of compliance with the law and controllable risks, and introduce other non-performing entities in a timely manner. Promote the gradual introduction of qualified natural persons into the national greenhouse gas voluntary emission reduction trading market. We will strengthen supervision over market transactions and carbon financial activities, severely crack down on acts that disrupt market order and manipulate the market, and guard against the bottom line of systemic financial risks.
We will comprehensively strengthen capacity building and improve the management level of the national carbon market. Establish and improve a management system that is compatible with the development stage of the national carbon market, conducive to strengthening unified supervision and management, clear powers and responsibilities, and efficient operation. Strengthen the management capacity building of the national carbon market. Strengthen the management of carbon emission accounting and reporting, speed up the revision of greenhouse gas accounting and reporting guidelines for enterprises in key industries, and implement monthly certification of key parameters of key emission units. Strictly standardize the verification of carbon emissions, improve the technical specifications for verification of key industries, and promote the comprehensive verification and verification of carbon emissions by the verification agencies. Strengthen the supervision of the whole process of carbon emission data quality, and consolidate the main responsibility of key emission units to fulfill carbon emission accounting and reporting. We should strengthen the supervision of technical service institutions and promote the healthy development of the third party technical service market. We will improve the information disclosure system and strengthen credit supervision and management of key emission units, technical service institutions and financial institutions in accordance with the law.
Strengthen the guarantee of policies and regulations, and consolidate the institutional foundation of carbon market construction. We will study and improve relevant laws and regulations, and carry out legislative research on the management of voluntary greenhouse gas emission reduction transactions. We will improve the long-term mechanism for linking administrative law enforcement with criminal justice, carry out public interest litigation in relevant fields according to law, and intensify joint efforts to crack down on illegal and criminal acts in the carbon market. We will improve the system of adjudication rules and support administrative organs in fulfilling their duties of administrative supervision of the carbon market in accordance with the law. Strengthen policy coordination and system convergence with market-oriented mechanisms such as green electricity and green certificates. To formulate rules for registration and transaction fees in the national carbon market. We will improve the fund liquidation mechanism of the national carbon market and improve the efficiency of fund liquidation. Reduce the institutional transaction costs of the carbon market, optimize the market trading environment, constantly enhance the effectiveness, vitality and influence of the carbon market, and promote green and low-carbon development.
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