The National Carbon Emissions Trading Market (hereinafter referred to as the “National Carbon Market”) has been on the line for trading on July 16 and it has been nearly “full moon”. On the whole, transaction prices have been steadily rising, and the market has been operating smoothly. As of August 12, the closing price of carbon emission allowances in the national carbon market was 55.43 yuan/ton, a cumulative increase of 15.47% from the opening price of 48 yuan/ton when the carbon market was launched.
The national carbon market takes the power generation industry as a breakthrough point. More than 2,000 key emission units have been included in the first compliance cycle, covering approximately 4.5 billion tons of carbon dioxide emissions per year. According to data from the Shanghai Environment and Energy Exchange, the average transaction price on the first day of operation of the national carbon market was 51.23 yuan/ton. The cumulative transaction on that day was 4.104 million tons, with a turnover of more than 210 million yuan.
However, from the perspective of trading volume, since the national carbon market was launched, the trading volume of listing agreement trading has gradually declined, and the single-day trading volume of some trading days is only 20,000 tons. As of the 12th, the market had a cumulative trading volume of 6,467,800 tons and a cumulative trading volume of 326 million yuan.
Industry insiders pointed out that the current carbon market trading situation as a whole is in line with expectations. “After opening an account, a company does not need to trade immediately. It is too early to the deadline for performance. The company needs transaction data to make judgments on subsequent market price trends. This also takes time.” The reporter explained.
Meng Bingzhan, director of the consulting division of Beijing Zhongchuang Carbon Investment Technology Co., Ltd., also said that based on previous experience of pilot operations in various places, transaction peaks often occur before the arrival of the contract period. It is expected that with the arrival of the end-of-year compliance period, the national carbon market may usher in a wave of trading peaks and prices will also rise.
In addition to the performance period factor, industry insiders stated that the current carbon market participants and the single trading variety are also important factors affecting activity. Dong Zhanfeng, deputy director of the Institute of Management and Policy of the Environmental Planning Institute of the Ministry of Ecology and Environment, pointed out that the current national carbon market participants are limited to companies that control emissions, and professional carbon asset companies, financial institutions, and individual investors have not received admission tickets to the carbon trading market. , This limits the expansion of capital scale and the increase of market activity to a certain extent.
The inclusion of more industries is already on the agenda. According to Liu Youbin, a spokesperson for the Ministry of Ecology and Environment, on the basis of the good operation of the carbon market in the power generation industry, the national carbon market will expand the coverage of the industry and gradually incorporate more high-emission industries; gradually enrich the trading varieties, trading methods and trading entities , Enhance market activity.
“The Ministry of Ecology and Environment has carried out data accounting, reporting and verification of high-emission industries such as steel and cement, aviation, petrochemical, chemical, non-ferrous, papermaking and other high-emission industries for many years. The above-mentioned industries have a very solid data foundation and have entrusted relevant industries. The association studies and proposes industry standards and technical specifications that meet the requirements of the national carbon market. The Ministry of Ecology and Environment will further expand the carbon market coverage in accordance with the principle of one mature and one approved and released.” Liu Youbin said.
Talking about how to further enhance the vitality of the carbon market, Dong Zhanfeng suggested that the carbon market policy measures can be used to accelerate the promotion of carbon financial development policy innovations such as the carbon futures market, such as encouraging the active development of financial products and services related to carbon emission rights, and exploring and operating carbon Futures, carbon options and other carbon financial tools will guide financial institutions to explore the establishment of market-oriented carbon funds.
In terms of the carbon market operating mechanism, Dong Zhanfeng believes that the pressure transmission mechanism of the carbon market should be fully utilized to reasonably determine the corporate emission cost and internalize the carbon emission cost, including the gradual shift from a free-based distribution method to an auction-based distribution method. , Transition from carbon intensity emission reduction to total carbon emission reduction, and the market players have shifted from controlling emission companies to controlling emission companies, non-emission controlling companies, financial institutions, intermediaries, individuals and other diversified entities.
In addition, local pilot carbon markets can also serve as a useful supplement to the national carbon market. Liu Xiangdong, deputy director of the Economic Research Department of the China International Economic Exchange Center, said that the local pilot carbon market still needs to further connect with the national carbon market to form a unified pricing standard. On this basis, explore new trading models and methods around the local carbon reduction constraint pilot. , And gradually form a benign interaction and coordinated development with the national carbon trading market.