碳积分转让获亿元收入， 电动车出口能否加速产业脱碳？

Revenue fromCarbon Credit TransfersTops Hundreds of Million RMB: Can EV Exports AccelerateIndustryDecarbonization? Institute of Public & Environmental Affairs China’s automobile exports reached another record high at 7.098 million vehiclesin 20251,withnew energy vehiclessurging103.7% year on year, becoming the core driver of exports.Moreover, the dividends from going overseas are extending to “carbon assets”—auto brandssuch as Leapmotor have earned substantial revenue of over RMB 100 million by transferringcarbon credits generated bysellingbattery electric and range-extended electric vehicles inthe EU and UK markets2.Meanwhile,Cheryhas begunto seeitsoverseas-market revenuesurpassthat of China’sdomesticmarket3. Earninga tangible “carbon dividend” is encouraging, but a more far-reaching questionliesbehind: as automobile exports advance at full speed, and in the face of stringentinternational green trade rules, can Chinese automakers use this opportunity to accelerateproduct carbon footprintdisclosure, compel decarbonization across the entire industrychain, and strengthen their low-carbon appeal to consumers in China and abroad? Carbon FootprintMutual Recognition Becomesthe“Passport” for Global Trade For a long time,themutual recognition of carbon footprint has been one of the coreobstacles to Chinese automakers’ overseas expansion.As standards differ markedly incalculation methods and emission factorsselection,automakers are often requiredtorepeatedlyconductcalculations and verification,substantiallyincreasing costs. TheGuidelines for Sino-European Automotive Carbon Footprint Accounting, Verification, andMutual Recognition v1.0developed by the Sino-European Automotive Carbon EmissionMutual Recognition Research Working Group (SEA LCA) havemade a breakthrough4.Cheryhas since released the product carbon footprint report(PCF)of its flagship model exportedto Europe, the JAECOO 7 SHS,in May 2026, becoming the industry’s first case of China-EUmutuallyrecognized modelforPCF5.Its carbon footprint per unit of driving distance isapproximately 40% lower than the average of comparable plug-in hybrid SUVs in China67. A breakdown of its PCF based on the report shows thatthe usestageandthematerialacquisition and processingstageaccount for the bulk of carbon emissions, representing63.6% and 33.9% of lifecycle emissions, respectively. In thematerial acquisition and processing stage, steel and aluminum components and lithium iron phosphate(LFP)batteriescontribute the vast majority of carbon emissions8. However, there remains room for improvement in the quality of information disclosure.Although Chery Group’s official Weiboaccount prominently mentioned intheposter that100% green electricity and approximately 75% low-carbon aluminum were used(Figure 1)9,thePCFreport did not discloseany of thesedetails.It only notes thatincreasing the share ofrecycled steelandaluminumcanlower embodied carbon. The discrepancies indicatethatautomakersneed to strengthen public disclosure of emissions-reduction measures andperformance to better inform consumersandinvestors and consolidate theirbrands’greencredibility. From “Calculating theFootprint” to Exploring Carbon-Reduction Potential China’s leading automakersareimproving the level of carbon footprint disclosure, driven byboth international rules andChina’sdomestic policies.Thirteenof them, including XPeng,Xiaomi, and Li Auto, haverecentlydisclosed thePCFsof more than 60 models. In addition to Chery, Leapmotor and BYD have alsoissued PCF reports for their exportmodels(Figure 2),butthese reportshaveexposed a common pain point across theautomotive industry chain: the insufficient use of low-carbon-emission materials. Inthe case of Leapmotor,the all-electric Leapmotor C10 sold to Belgium and Italy obtainedinternational EPD certificationin September 2025, quantifying lifecycle environmentalimpacts based on on-site data from the automaker and its direct suppliers. However, thereport explicitly stated that no recycled materials(pre-consumeror post-consumer)wereused, and it did not disclose measures to reduce the vehicle’s carbon footprint10. In November of the same year, BYD released thePCFreport for the Yuan UPATTO 2model,which showcasesthe carbon footprints of different sales regionswithvariedtransportdistances (road, rail, and sea) and the cleanliness of theirpower grids11. The report alsoestimates the emissions-reduction potential through 2030 and 2035withimprovements insteelmaking processes, the use of recycled aluminum, and the use of clean energy.However,the report likewise does not disclose the model’s currentuseof low-carbon-emission steeland aluminum. Thesecasesshow thatautomakers’disclosure remains largely at the stage of “calculating thestatus quo” and “looking ahead to the future”.Procuring and applying low-carbon materialswithgenuine monetarycommitment remains deep water that automakers must cross. Policy andDigital InfrastructureWork in Tandem to Drive the Green Transfor