The first anniversary of the operation of the national carbon market has yielded fruitful results

On July 16, the first anniversary of the launch of the national carbon market. Since the launch of online trading in July 2021, positive results have been achieved, a scientific and effective institutional system has been initially constructed, the market has been running smoothly on the whole, and the role of enterprises in promoting low-cost emission reduction has initially emerged, becoming an important window to show China's active response to climate change.
Li Gao, director of the Department of Climate Change of the Ministry of Ecology and Environment, said that during the operation of the national carbon market, the market operated smoothly and orderly, and the trading price rose steadily. Overall, the basic framework of the national carbon market has been initially established, and the role of promoting enterprises to reduce greenhouse gas emissions and accelerate green and low-carbon transformation has been initially revealed, effectively playing the role of carbon pricing.
On July 13, the Ministry of Ecology and Environment (MEE) held a national carbon market construction work conference to comprehensively summarize the operational experience and results of the first implementation cycle, analyze the current situation and challenges, and arrange and deploy key tasks for the next stage. Zhao Yingmin, Deputy Director of the Office of the Leading Group for Carbon Peak and Carbon Neutrality and Vice Minister of the Ministry of Ecology and Environment, attended the meeting and delivered a speech.
The meeting emphasized that it is necessary to focus on data quality management, accelerate the improvement of institutional mechanisms, and establish and improve the daily management mechanism of carbon market data quality. Consolidate the main responsibility of enterprises, and strengthen the supervision and management of technical service institutions. We will do a solid job in the verification of the 2021 carbon emission report and the allocation of allowances, and accelerate the establishment and improvement of the voluntary greenhouse gas emission reduction trading market. Accelerate the construction of national carbon market registration institutions and trading institutions, strive to improve the level of informatization, strengthen policy publicity, promote the healthy development of the national carbon market, and play a greater role in the implementation of the goal of carbon peak and carbon neutrality.
On July 15, a series of activities to mark the first anniversary of the national carbon market was held in Wuhan. More than 100 government leaders, experts and scholars, representatives of various institutions, representatives of carbon market service agencies and business people from all over the country gathered at the Wuhan Carbon Emission Registration and Settlement Center (hereinafter referred to as "China Carbon Deng") to summarize the experience and results of the construction of the national carbon market, discuss the path of the carbon market to help achieve the "double carbon" goal, and discuss the use of the carbon market to promote the development of Hubei's industrial structure and promote green and low-carbon transformation.
In the signing process, Hubei Hongtai Group and eight provinces and cities jointly signed the "Strategic Cooperation Agreement on Jointly Supporting the Construction of the National Carbon Market", China Carbon Deng and the major settlement banks jointly signed the "Settlement Bank Fund Settlement Business Cooperation Agreement", the Wuchang District People's Government signed the "Financial Institutions to Support the National Climate Investment and Financing Development Cooperation Agreement" with major financial institutions, and the "Strategic Cooperation Agreement on Industry Associations to Support the Construction of the National Carbon Market" with various industry associations.
It is understood that from July 16, 2021 to July 15, 2022, the national carbon market operated for a total of 52 weeks and 242 trading days, and the cumulative number of enterprises participating in the transaction exceeded more than half of the total number of key emitting enterprises. The cumulative trading volume of carbon emission allowances (CEA) was 194 million tons, and the cumulative turnover was 8.492 billion yuan. Among them, the trading volume of listing agreements was 32.5928 million tons, with a turnover of 1.556 billion yuan, and the trading volume of bulk agreements was 161 million tons, with a turnover of 6.936 billion yuan. Over the past year, the national carbon market has achieved initial results in carbon pricing, playing the role of a baton in the market.