4. Giving Full Play to the Role of the Market
(四)充分发挥市场机制作用
The carbon market provides an effective approach to managing the relationship between economic development and carbon emissions reduction. The national carbon emissions trading market (national carbon market) is a major institutional innovation that uses market mechanisms to control and reduce greenhouse gas emissions and promote green and low-carbon development. It is also an important policy tool for China to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060.
碳市场为处理好经济发展与碳减排关系提供了有效途径。全国碳排放权交易市场(以下简称全国碳市场)是利用市场机制控制和减少温室气体排放、推动绿色低碳发展的重大制度创新,也是落实中国二氧化碳排放达峰目标与碳中和愿景的重要政策工具。
Carrying out pilot programs on carbon emissions trading. The carbon market institutions motivate companies to commit to curbing their emissions and use market-based instruments to price carbon reasonably, thus better allocating carbon emission resources. Starting from October 2011, seven provinces and municipalities – Beijing, Chongqing, Guangdong, Hubei, Shanghai, Shenzhen, and Tianjin – were selected to pilot projects for carbon emissions trading. Since 2013, seven local-level pilot carbon markets have been launched, covering nearly 3,000 key emissions companies in more than 20 industries, including power, steel, and cement. As of September 30, 2021, the total trading volume of the seven pilot carbon markets had reached 495 million tonnes of carbon dioxide equivalent, representing a value of approximately RMB12 billion. Major emitters in the pilot carbon markets have maintained a relatively high level of compliance rate, with both volume and intensity of carbon emissions within the market coverage maintaining a downward trend. This has given a significant boost to enterprises' contribution to emissions reduction, and raised the awareness of low-carbon development in all sectors of society. The local-level pilot projects have accumulated valuable experience for the launch of the national carbon market in terms of providing institutional references and training personnel.
开展碳排放权交易试点工作。碳市场可将温室气体控排责任压实到企业,利用市场机制发现合理碳价,引导碳排放资源的优化配置。2011年10月,碳排放权交易地方试点工作在北京、天津、上海、重庆、广东、湖北、深圳7个省、市启动。2013年起,7个试点碳市场陆续开始上线交易,覆盖了电力、钢铁、水泥20多个行业近3000家重点排放单位。截至2021年9月30日,7个试点碳市场累计配额成交量4.95亿吨二氧化碳当量,成交额约119.78亿元。试点碳市场重点排放单位履约率保持较高水平,市场覆盖范围内碳排放总量和强度保持双降趋势,有效促进了企业温室气体减排,强化了社会各界低碳发展的意识。碳市场地方试点为全国碳市场建设摸索了制度,锻炼了人才,积累了经验,奠定了基础,为全国碳市场建设积累了宝贵经验。
Building a national carbon market system. Systems are key in advancing carbon market development. To better regulate the carbon market, the Chinese government promulgated the National Carbon Emissions Trading Market Construction Plan (Power Generation Industry), Measures for the Administration of Carbon Emissions Trading (for Trial Implementation), and a quota allocation plan for the national carbon market in the first compliance period. In 2021, with the release of guidelines for accounting and reporting corporate greenhouse gas emissions and three sets of management rules for carbon emission rights regarding registration, trading, and settlement, a basic national carbon market system was established. The legislative process has moved forward on the Interim Rules on the Administration of Carbon Emissions Trading, which consolidated the legal basis for carbon emissions trading, and ensured standardized operation and management in the key links of the national carbon market.
持续推进全国碳市场制度体系建设。制度体系是推进碳市场建设的重要保障,为更好地推进完善碳交易市场,先后印发《全国碳排放权交易市场建设方案(发电行业)》,出台《碳排放权交易管理办法(试行)》,印发全国碳市场第一个履约周期配额分配方案。2021年以来,陆续发布了企业温室气体排放报告、核查技术规范和碳排放权登记、交易、结算三项管理规则,初步构建起全国碳市场制度体系。积极推动《碳排放权交易管理暂行条例》立法进程,夯实碳排放权交易的法律基础,规范全国碳市场运行和管理的各重点环节。
Launching the national carbon market. On July 16, 2021, the national carbon market started online trading. A total of 2,162 power generation companies were involved, representing 4.5 billion tonnes of carbon dioxide emissions, making this the world's largest emissions trading system. The launch attracted great attention and positive comments in China and elsewhere. As of September 30, 2021, the total trading volume in the market had reached 17.65 million tonnes, with turnover of RMB801 million. In general, the operation of the market has been stable and orderly.
启动全国碳市场上线交易。2021年7月16日,全国碳市场上线交易正式启动。纳入发电行业重点排放单位2162家,覆盖约45亿吨二氧化碳排放量,是全球规模最大的碳市场。全国碳市场上线交易得到国内国际高度关注和积极评价。截至2021年9月30日,全国碳市场碳排放配额累计成交量约1765万吨,累计成交金额约8.01亿元,市场运行总体平稳有序。
Establishing a greenhouse gas voluntary emission reduction program. The China Greenhouse Gas Voluntary Emission Reduction Program was established in 2012. Its goals are to encourage the whole of society to participate in emissions reduction activities, ensure that the transaction entities fulfill their social responsibilities, pursue a low-carbon development path, and promote a low-carbon industrial structure and low-carbon energy consumption. As of September 30, 2021, the total trading volume of greenhouse gas voluntary emission reduction had exceeded 334 million tonnes of carbon dioxide equivalent, with turnover approaching RMB3 billion. China Certified Emission Reduction (CCER) has been introduced to pilot markets in offsetting carbon emissions, or writing off emissions occurred for public welfare purposes, effectively optimizing China's national energy mix and its compensation mechanism for eco-environmental conservation.
建立温室气体自愿减排交易机制。为调动全社会自觉参与碳减排活动的积极性,体现交易主体的社会责任和低碳发展需求,促进能源消费和产业结构低碳化,2012年,中国建立温室气体自愿减排交易机制。截至2021年9月30日,自愿减排交易累计成交量超过3.34亿吨二氧化碳当量,成交额逾29.51亿元,国家核证自愿减排量(CCER)已被用于碳排放权交易试点市场配额清缴抵销或公益性注销,有效促进了能源结构优化和生态保护补偿。