Just now, the State Council has made a big news! Carbon neutralization is on fire again

2021-07-14 15:00:00

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The launch of the national carbon trading market is imminent

At the regular policy briefing of the State Council held on July 14, Zhao Yingmin, Vice Minister of the Ministry of Ecology and Environment, introduced that the executive meeting of the State Council decided to launch the online trading of the national carbon emission trading market in July this year, and all work has been ready. In the next step, it will steadily expand the coverage of the national carbon market industry and enrich the trading varieties and trading methods.

Stimulated by news, A-share on July 14 Carbon neutralization The plate was pulled up. Changyuan Power once completed two connected boards. Longyuan Technology went up and down, while Bank of China Power was approaching the limit. Xuedilong, Shenzhen Energy, Mindong Power, etc. kept up. The wind carbon neutrality index opened higher and went lower, and it had turned green by noon.

The carbon emission market is about to start

Carbon emission trading, as the name implies, in order to reduce carbon dioxide emissions and promote greenhouse gas emissions reduction, "carbon dioxide emission rights" are traded as commodities, that is, carbon dioxide emission rights are traded as commodities. Before trading, the government first determines the total amount of local emission reduction, and then grants emission rights to enterprises and other market entities in the form of quotas.

According to China's construction goals, carbon dioxide emissions will strive to reach the peak by 2030, and strive to achieve carbon neutrality by 2060.

On the morning of July 14, the Information Office of the State Council held a briefing. Zhao Yingmin, Vice Minister of the Ministry of Ecology and Environment, said that the executive meeting of the State Council decided to launch the online trading of the national carbon emission trading market in July this year, and all work has been ready. At present, according to the verification of the Ministry of Ecology and Environment, the data quality of the national carbon market meets the requirements in general.

Previously, China's carbon emission trading was piloted in several cities. Since 2011, pilot carbon emission trading has been carried out in 7 provinces and cities, including Beijing, Tianjin, Shanghai, Chongqing, Hubei, Guangdong and Shenzhen, and positive progress has been made.

Since February 1 this year, the Measures for the Administration of Carbon Emission Trading (for Trial Implementation) has been officially implemented, which marks that the construction and development of the national carbon market has entered a new stage.

Li Gao, Director of the Climate Department of the Ministry of Ecology and Environment, said that after the opening of the national carbon trading rights trading market, new pilot projects would no longer be supported, and the existing pilot projects must be well prepared for the transition to the national carbon market. At the same time, Zhao Yingmin said that in the future, the temporary regulations on carbon emission trading will be introduced as soon as possible.

It is understood that in terms of system construction, on May 19 this year, the Ministry of Ecology and Environment issued three documents on the Management Rules for Carbon Emission Right Registration (Trial), the Management Rules for Carbon Emission Right Trading (Trial) and the Management Rules for Carbon Emission Right Settlement (Trial). The trading rules point out that carbon emission trading should be carried out through the national carbon emission trading system, which can take the form of agreement transfer, one-way bidding or other methods that meet the requirements. Carbon emission quota trading takes the "price of carbon dioxide equivalent per ton" as the pricing unit. The minimum change measurement of the declared volume of trading is 1 ton of carbon dioxide equivalent, and the minimum change measurement of the declared price is 0.01 yuan.

At the same time, trading institutions shall set the rise/fall ratio of different trading methods, and may adjust the rise/fall ratio according to market risk conditions. The Ministry of Ecology and Environment can establish a market regulation and protection mechanism based on the need to maintain the healthy development of the national carbon emission trading market.

The agency believes that these three documents further standardize the national carbon emission rights registration, trading and settlement activities. The contents of the documents fully take on the good practices of the previous pilot projects and provide institutional guarantee for the upcoming national market.

The core of the transaction is to form carbon pricing

Although the national carbon emission trading market is on the way, the construction of the carbon trading market still faces many challenges.

At the briefing, Zhao Yingmin said that in the future, the carbon emission market will improve the quota allocation scheme by industry. After the improvement of the carbon market in the power generation industry, it will further expand the coverage of the carbon market and enrich the trading varieties and trading methods.

It is understood that in the first year of the establishment of the national carbon market, only the power generation industry participated, but with reference to the local pilot and EU experience, it is expected that in the next 1-3 years, eight high energy consuming industries, including steel, nonferrous metals, petrochemical, chemical, building materials, paper making, power and aviation, will be included. It is expected that the quota allocation method will be based on the baseline method, that is, according to the unit output, the energy efficiency rather than the total output may become the key factor. Quotas between different industries can be traded to form a unified national carbon market.

It is understood that the development of China's carbon financial market is still at an early stage, carbon trading is still dominated by spot trading, and carbon bonds, carbon options, carbon pledge and other products are still in the regional pilot stage.

Sichuan Finance Securities pointed out that at present, there are differences in carbon trading mechanisms among pilot regions, and there are large regional differences in domestic carbon exchanges. Seven provinces and cities in China have launched the pilot work of local carbon trading. However, the overall carbon trading volume is insufficient and the industry involved is not wide. At the same time, due to different regions, the price of carbon quotas varies greatly. According to the data of six major carbon exchanges, the average price of carbon emissions in Beijing will be more than 80 yuan per ton in 2020, 40 yuan per ton in Shanghai, and 20-50 yuan per ton in other places.

How is the carbon price of the national carbon market formed? Zhao Yingmin said that at present, the national carbon market has not yet started, and it is hard to say what the carbon price is. But from the operation of the past few years, the weighted average carbon price of the seven pilot provinces should be between 40-50 yuan. At present, in the relevant system design of the national carbon market, we consider improving the quota allocation method, introducing offset mechanism and other policy measures to guide market expectations, so as to form a reasonable carbon price.

CITIC Securities estimates that the carbon price hub will be about 30 yuan/ton in the year, and the corresponding total market value of the carbon market will be about 168 billion yuan. In the next few years, it is expected that the price of the national carbon market will rise moderately, and the industry expansion, carbon futures, introduction of institutional and individual investors, implementation of quota auction and other system reforms deserve attention. After the launch of the carbon market, the leading enterprises with low energy consumption have relatively benefited, especially cement and synthetic ammonia.