2025年中国碳排放交易体系：过去、现在和未来

CHINA'S CARBONEMISSIONTRADINGSYSTEM: PAST,PRESENT, ANDFUTURE 2025.07 Contents ABSTRACTi1.OVERVIEW OF CHINA'S CARBON EMISSION TRADING SYSTEM11.1. Background11.2.Development of China's Carbon Emission Trading System22.FEATURES OF CHINA'S NATIONAL CARBON EMISSION TRADING SYSTEM92.1.Institutional Framework for the National Carbon Emission Trading System112.2.Key Policy Design for the National Carbon Emission Trading System122.2.1. Coverage122.2.2. Cap Setting142.2.3. Allowance Allocation162.2.4. Monitoring, Reporting, and Verification (MRV)192.2.5. Offsetting212.2.6. Trading232.2.7. Compliance and Oversight252.3.Key Infrastructure for the National Carbon Emission Trading System262.3.1.National Carbon Trading Market Management Platform262.3.2.National Carbon Emissions Registration System272.3.3. National Carbon Emissions Trading System273.OVERVIEW OF REGIONAL CARBON EMISSION TRADING SYSTEMS293.1.Development of Regional Carbon Emission Trading Systems293.2.Experience of Regional Carbon Emission Trading Systems293.2.1. Establish and Improve a Robust MRV System303.2.2. Choose Appropriate Coverage303.2.3.Intensity-Based Allocation Approach and Allowance Management Policies314.PROSPECTS FOR THE DEVELOPMENT OF THE NATIONAL CARBON EMISSIONTRADING SYSTEM335. APPENDIX355.1.Major Policy Documents of China's National Carbon Emission Trading System(2020–present)355.2.China's GHG Voluntary Emission Reduction Program (CCER Program) Fact Sheet366. REFERENCES38 Abstract China's carbon emission trading system is a key market-basedinstrument for actively tackling climate change and accelerating thelow-carbon transition across society. Since 2010, China has exploredthe emission trading system by establishing pilots and officiallylaunched the National Carbon Emission Trading System (National ETS)in 2021. After four years of operation, the National ETS now coversapproximately 3,600 enterprises in four sectors: power generation,iron and steel, cement, and aluminum smelter. The total volume ofgreenhouse gas emissions covered is about 8 billion tonnes, makingit the worlds largest carbon market in terms of emissions coverage. Asone of the earliest emerging economies to explore emission tradingsystem, China's experience provides valuable lessons for otherdeveloping countries. This report provides a comprehensive review of the historical evolution,current policy design, performance evaluation, and outlook of China'scarbon emission trading system. The first section of the report reviewsthe policy context of China's climate actions and systematicallyintroduces the development process of China's carbon emission tradingsystem, including pilot explorations, the launch of the National ETS, andsectoral expansion. The second section elaborates in details on theinstitutional and policy design of the National ETS, including the intensity-based cap setting, allowance allocation, monitoring, reporting andverification (MRV) system, trading rules, compliance management, andoffset mechanisms. The third section reviews the construction of regionalcarbon markets and summarizes the main lessons learned. The fourthsection provides medium- and long-term recommendations for furtherimprovement of the National ETS, drawing on international experienceand domestic low-carbon policy directions. The report offers systematicanalysis and decision-making references for policymakers, industryparticipants, and the academic community. Authors:Hongming Liu, Zhibin Chen(ICAP), Xin ZhangSteering Committee:Suzi Kerr, Xiaolu ZhaoContributors:Zheng Zhang, Hansen Xu, Xian Hu Media Contact:Limeng Zhu, zhulimeng@cet.net.cn Chapter 1 Overview of China's CarbonEmission Trading System As a market-based instrument that encourages thedriving down of greenhouse gas (GHG) emissions,the Emission Trading System (ETS) is widely adoptedby governments worldwide to achieve their NDCsgoals. As of April 2025, there are 38 operationalETSs globally, with an additional 20 underconsideration or development. These existing ETSsregulate 23% of global GHG emissions. Jurisdictionswith ETSs represent 58% of the global GDP andapproximately one-third of the world's population.6International experience demonstrates that theETS can support achieving climate targets with costeffectiveness by providing economic incentives forreduction in fossil fuel usage and emissions cutsacross covered sectors. Unlike the command-and-control method, where the effectiveness of themeasure relies mainly on regulators' judgment andcapacities, ETS incentivizes diverse stakeholders andparticipants to utilize their expertise in applying low-cost emission reduction solutions, thereby reducingoverall mitigation costs. ETS also drives greentechnology innovation and industrial investment,offering an effective tool for balancing economicdevelopment and emission reduction.7 1.1. Background Recent climate data underscores the critical urgencyof addressing climate change. The year 2024 wasthe hottest year on record as the glo