The world's largest carbon emissions trading market will unveil the first batch of 2225 power companies to open accounts

The National Carbon Emissions Trading Market (referred to as the "National Carbon Market"), which will be launched at the end of June, is gradually lifting the veil of mystery.

"At present, the basic construction of the national carbon market system has been completed.

From the "Twelfth Five-Year Plan" pilot project to the "Thirteenth Five-Year Plan" preparation for the national market, the construction of the national carbon market has been steadily steadily progressing.

Market structure emerges 

As an important starting point for advancing the carbon peak and achieving the goal of carbon neutrality, the construction of the national carbon market has entered the fast lane this year.

Since December last year, the Ministry of Ecology and Environment has intensively issued a series of documents including carbon emission trading management measures, quota schemes, key emission unit lists, accounting, and verification.

On March 18, Lu Xinming, deputy director of the Department of Climate Change Response of the Ministry of Ecology and Environment, revealed that it will speed up the construction of the national carbon market, promote the progress of the legislative review of the "Interim Regulations on the Management of National Carbon Emissions Trading Management," and strive to be issued this year.

According to the deployment of the Ministry of Ecology and Environment, the overall structure of the national carbon market that is about to open is gradually becoming clear.

“The construction of the national carbon market adopts the'two-city' model, that is, Shanghai is responsible for the construction of the trading system, and Wuhan, Hubei is responsible for the construction of the registration and settlement system.

Regarding the overall design of the trading system, Liu Jie said that the system combines experience in the pilot market and the construction of the domestic financial market trading system, and carried out the program design in accordance with the national-level trading system.
At present, the basic construction of the system has been completed, and the docking and joint debugging test between the systems and the simulated transaction are being carried out to prepare the system for the start of the transaction.

At the same time, the registration system is also ready to go.
“At present, 2225 key emission power companies have basically completed the account opening work.
” The relevant person in charge of the Hubei Carbon Emissions Trading Center said that the registration system is responsible for carbon emission rights confirmation and registration, transaction settlement, distribution and performance, etc.
, and is in the country's carbon emissions.
The core position of the trading support system plays a pivotal role in ensuring the smooth operation of national carbon emission trading.
"The establishment of the national registration system in Hubei will gather a large amount of financial capital and industrial capital, drive the rapid development of Hubei's green finance industry and low-carbon industry, and help Hubei to build a national carbon trading center and carbon financial center.
" The person said.

In terms of coverage, as a major carbon emitter, the power industry has become the market leader.
"According to the overall arrangement of the country, the first batch of national carbon market started with the power generation industry.
During the '14th Five-Year Plan' period, it is expected that the eight key energy-consuming industries such as petroleum, chemical industry, and building materials will be included in the carbon market.
" Liu Jie said, when quotas The release of large amounts will make my country's carbon market the world's largest carbon emissions trading market.

　　In order to enhance the activity of the national carbon market, product and service innovation has also become the focus of the next stage.

　　"We will gradually introduce carbon financial derivatives, such as carbon forwards, carbon futures and other financial products trading, to promote the formation of a multi-level carbon market.
" Liu Jie revealed that the next step will be to explore the introduction of financial institutions into the market for trading, and the next eight industries will control emissions.
About 8,000 to 10,000, plus the introduction of investors, will greatly help improve market liquidity.

　　Guorong Securities analyzed that according to the current design scale forecast, the market value of the national carbon market may reach about 150 billion yuan.
If the transaction volume of derivatives such as carbon futures is taken into account, the scale may reach about 600 billion yuan.

　　Local pilots coexist with the national market 

　　As early as 2011, the National Development and Reform Commission selected 7 provinces and cities in Beijing, Tianjin, Shanghai, Chongqing, Hubei, Guangdong, and Shenzhen to carry out carbon emission trading pilots.
In 2016, the Fujian carbon market was launched.
Currently, a total of 8 regions across the country are carrying out pilot carbon emissions trading.

　　Data shows that as of November 2020, the cumulative trading volume of the pilot carbon markets is about 430 million tons of carbon dioxide equivalent, and the cumulative trading volume is nearly 10 billion yuan.

　　Due to factors such as inconsistent carbon market rules in various pilot projects, varying degrees of government intervention, and large differences in carbon allowance prices, the establishment of a unified national carbon trading market is imminent.

　　The "Measures for the Administration of Carbon Emissions Trading (Trial)" issued by the Ministry of Ecology and Environment stipulates that the key emission units included in the national carbon emission trading market will no longer participate in the local carbon emission trading pilot market.

　　As the national carbon market is about to set sail, where will the local pilot market go?

　　"The existing power generation companies in the Shanghai regional market will be directly included in the national carbon market, and the national market and the existing local pilot market will coexist.
" Liu Jie said that after the launch of the national carbon market, there will indeed be a certain diversion to the regional carbon market.
However, the current regional carbon market industry scope and subject threshold are broader than the national carbon market.
Enterprises that are not included in the national carbon market can continue to participate in the regional carbon market and conduct carbon management through a market-based approach.

　　"After the launch of the first batch of power industry transactions, companies in the eight key industries will gradually move from the pilot market to the national carbon market.
" The relevant person in charge of the Hubei Carbon Emissions Trading Center said that after the national carbon market was launched, they have not yet been included in the national market industry.
Of companies will continue to trade in the pilot market.
At present, more than a dozen companies in the Hubei carbon market continue to operate in the regional market.

　　In fact, the pilot markets in various regions are actively seeking reform, innovation, and transformational development while doing a good job of connecting with the national market.

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