龙口中科氟塑料制品

　　The carbon market is an important policy tool that leverages market mechanisms to proactively address climate change and accelerate the comprehensive green transformation of economic and social development. At present, China has established a national carbon emissions trading market to ensure that key emitting entities fulfill their mandatory emission reduction obligations, as well as a national voluntary greenhouse gas emissions reduction trading market to incentivize autonomous emission reductions by society. To promote the development of a national carbon market that is more effective, more dynamic, and more internationally influential, and with the approval of the CPC Central Committee and the State Council, the following opinions are hereby put forward.

　　I. General Requirements

　　We will remain guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th CPC Central Committee, and fully apply Xi Jinping’s Thought on Economic Development and Xi Jinping’s Thought on Ecological Civilization. We will uphold the overarching principle of seeking progress while ensuring stability, balancing the needs of green and low‑carbon transformation with economic development, and adhering to the principles of an efficient market and a proactive government. We will reaffirm the fundamental role of the carbon market as a policy tool for controlling greenhouse gas emissions, accelerate the development of a unified national carbon market, systematically and step by step expand its scope and broaden participation, foster a fairer, more open, and transparent market environment, and strive to optimize the efficiency of carbon‑emission resource allocation and maximize benefits. In doing so, we will promote the deep transformation of traditional industries, cultivate new drivers of high‑quality growth, and unleash endogenous momentum for green and low‑carbon development across society, thereby providing crucial support for advancing carbon peaking and carbon neutrality in a proactive yet prudent manner and for building a Beautiful China.

　　The primary objectives are: by 2027, the national carbon emissions trading market will broadly cover the major emitting sectors in the industrial domain, and the national voluntary greenhouse gas emission reduction trading market will achieve full coverage of key areas. By 2030, a national carbon emissions trading market will be essentially established, based on overall quota caps and combining free and paid allocation; a national voluntary greenhouse gas emission reduction trading market will also be in place, characterized by integrity and transparency, unified methodologies, broad participation, and alignment with international standards; and a carbon pricing mechanism will be put in place, delivering significant emission reductions, underpinned by a sound regulatory framework and supported by appropriately calibrated price levels.

　　II. Accelerating the Development of the National Carbon Emissions Trading Market

　　(1) Expand the coverage of the national carbon emissions trading market. Based on industry development trends, contributions to decarbonization and pollution reduction, data quality, and carbon emission characteristics, systematically broaden the scope of covered sectors and greenhouse gas categories.

　　(II) Enhance the carbon‑emission‑allowance management system. Establish a clear‑expectation, open, and transparent system for managing carbon‑emission allowances, ensuring policy stability and continuity. Taking into account economic and social development, sectoral characteristics, and the costs of low‑carbon transformation, set medium- and long‑term targets for controlling carbon‑emission allowances in the market. In line with national greenhouse‑gas emission control objectives and the dual‑control requirements for carbon emissions, strike an appropriate balance among energy security, the security of industrial and supply chains, and public welfare; scientifically determine the overall allowance cap, and gradually shift from intensity‑based to total‑quantity‑based controls. By 2027, prioritize the implementation of total‑quantity caps in sectors where overall emissions are relatively stable. Steadily adopt a mixed approach to allocating carbon‑emission allowances—combining free allocation with auction‑based allocation—and progressively increase the share of allowances allocated through auctions. Establish mechanisms for reserve holdings and market adjustments to balance supply and demand, thereby enhancing market stability and liquidity. Reasonably determine the proportion of certified voluntary emission reductions that may be used to offset compliance obligations under the carbon‑emission‑allowance system.

　　(3) Strengthen guidance and oversight of pilot carbon‑emissions‑rights trading markets. Coordinate the national carbon‑emissions‑rights trading market with the carbon markets operated under relevant local pilot programs. Existing pilot markets shall be established and operated in accordance with applicable requirements, thereby supporting regional green and low‑carbon transformation. Pilot markets are encouraged to take the lead in expanding coverage, refining market‑adjustment mechanisms, innovating regulatory approaches, and fostering the sound and orderly development of carbon finance, thus accumulating experience for the establishment of a nationwide carbon‑emissions‑rights trading market. A regular evaluation and exit mechanism shall be put in place, and no new local or regional carbon‑emissions‑rights trading markets shall be established.

　　III. Actively develop the national voluntary greenhouse gas emission reduction trading market.

　　(4) Accelerate the development of the voluntary emissions‑reduction trading market. Establish a scientific and comprehensive methodology framework, and expedite the development of methodologies for priority sectors that deliver significant sustainable development benefits, meet high public expectations, and generate both social and ecological co‑benefits, thereby effectively supporting society’s self‑driven emissions reductions and the realization of the value of ecological products. Strengthen end-to-end management across the entire value chain, including the development, validation, implementation, and verification of emissions‑reduction projects. Project developers, validation bodies, and verification entities must uphold the principle of integrity, rigorously fulfill their commitments, and proactively accept public oversight. Enhance unified national management of carbon‑reduction resources and standardize all types of voluntary emissions‑reduction trading activities.

　　(5) Actively promote the application of certified voluntary emission reductions. Encourage and facilitate Party and government organs, enterprises, social organizations, and other entities to proactively use certified voluntary emission reductions to offset their carbon emissions in areas such as green supply chain management, the organization of large-scale events, the fulfillment of social responsibilities, and the adoption of green, low-carbon lifestyles. Party and government organs at all levels, as well as state-owned enterprises, should set an example. Further refine the rules governing the offsetting of certified voluntary emission reductions, enhance their international recognition, and actively support relevant industries and enterprises in meeting their international compliance obligations and achieving product carbon neutrality.

　　IV. Striving to Enhance the Dynamism of the Carbon Market

　　(6) Diversify trading products. Steadily and prudently advance financial institutions’ efforts to develop green financial products and services linked to carbon emission rights and certified voluntary emission reductions, thereby strengthening support for greenhouse gas mitigation. Establish and refine policy frameworks for carbon pledging, carbon repurchase, and other mechanisms, standardize financial activities related to carbon emission rights, and expand channels for corporate carbon asset management. On the basis of the national carbon market, establish and improve a comprehensive carbon pricing mechanism, fully leveraging the price‑discovery function of the national carbon market to provide effective price signals that underpin financial support for green and low‑carbon development.

　　(7) Expanding the range of market participants. Support banks and other financial institutions in conducting carbon‑pledge financing in a standardized manner; steadily facilitate the participation of eligible financial institutions in national carbon‑market trading, provided that such participation is lawful, compliant, and subject to controllable risks; and, at an appropriate time, introduce additional non‑compliance‑related entities. Meanwhile, the national voluntary greenhouse gas emission reduction trading market will gradually allow qualified individuals to participate in trading.

　　(8) Strengthen oversight of market transactions. Standardize the release of information on major policies, improve risk prevention, early warning, and response mechanisms for market transactions, conduct nationwide monitoring and assessment of carbon pricing, and promote the emergence of reasonable transaction prices. Enhance regulation of trading activities and rigorously crack down on behaviors that disrupt market order or manipulate the market. Establish a system for assessing, issuing early warnings, and managing compliance risks among key emitting entities to mitigate such risks. Strengthen supervision and management of carbon‑finance activities, guide financial institutions to provide sound financial services in accordance with market‑based and rule‑of‑law principles, and ensure that systemic financial risks are kept under control.

　　V. Comprehensively Strengthen Capacity Building for the Carbon Market

　　(9) Improve the management system and supporting framework. Establish and refine a management system that is aligned with the development stage of the national carbon market, strengthens unified oversight and regulation, clarifies responsibilities and authorities, and ensures efficient operations. Enhance capacity-building for managing the national carbon market. Promote the development of a comprehensive, digitalized, and intelligent national carbon market management system, along with corresponding registration and trading systems, while bolstering service capabilities and ensuring data security.

　　(10) Strengthen carbon emissions accounting and reporting management. Improve the corporate greenhouse gas emissions reporting system. In conjunction with the development of the national carbon market, expedite the revision of guidelines for greenhouse gas accounting and reporting by key‑sector enterprises, and, once conditions are ripe, elevate these guidelines to national standards. Implement categorized management of carbon emissions accounting, refine the accounting framework based on the emission factor method, and explore the adoption of automated monitoring‑based carbon emissions accounting. Enhance the procurement, use, and management of critical metrological instruments for carbon emissions, conduct verification or calibration in accordance with the law, formulate metrological technical specifications, and carry out carbon emissions metrology reviews. Require key emitting entities to maintain monthly records of critical parameters.

　　(11) Strictly standardize carbon‑emission verification. Refine technical specifications for verification in key sectors, clearly define verification priorities and requirements, and standardize the verification process. Encourage validation and verification bodies to adhere rigorously to the principles of objectivity and independence, honesty and integrity, fairness and impartiality, and professional rigor, conducting comprehensive verification of carbon emissions to ensure the accuracy and credibility of validation and verification outcomes. For key emitting entities that consistently maintain high‑quality carbon‑emission reporting, verification procedures may be streamlined in accordance with actual circumstances.

　　(12) Strengthen full‑process oversight of carbon‑emission data quality. Hold key emitting entities firmly accountable for fulfilling their primary responsibilities in carbon‑emission accounting and reporting, and encourage enterprises to establish and improve internal management systems for ensuring the accuracy and reliability of carbon‑emission data. Local ecological and environmental authorities, market regulation agencies, and relevant departments shall work together to enhance routine supervision and management of carbon‑emission data, leveraging big data, blockchain, the Internet of Things, and other technologies to elevate regulatory standards. Intensify efforts to investigate and prosecute violations, and impose severe penalties on any acts of falsification or deception.

　　(13) Strengthen oversight of technical service providers. Implement a certification‑based qualification management system for verification bodies in the national carbon emissions trading market, clearly defining entry requirements, codes of conduct, and exit mechanisms. Enhance the regulation of inspection and testing institutions related to carbon emissions, and establish a mechanism for removing non‑compliant entities from the market. Actively foster technical service sectors such as consulting, inspection and testing, and validation and verification; conduct regular assessments to promote the sound development of the third‑party technical services market and cultivate more internationally recognized professional service providers. Encourage technical service providers to reinforce self‑regulation within the industry.

　　(14) Improve the information disclosure system. Key emitting entities, registry operators, trading platforms, technical service providers, financial institutions, and other relevant parties shall, in accordance with applicable requirements, promptly disclose information related to emissions, compliance, trading, collateralization, and other matters, and accept public oversight. Establish a mechanism for sharing data among carbon‑market‑related departments. Strengthen, in accordance with the law, credit‑based supervision and management of key emitting entities, technical service providers, and financial institutions.

　　VI. Strengthening Organizational Implementation and Assurance

　　(15) Strengthen organizational leadership. Under the centralized and unified leadership of the CPC Central Committee, all regions and relevant departments shall, in light of their specific circumstances, ensure the effective implementation of these Opinions. Local Party committees and governments at all levels must reinforce organizational leadership, vigorously advance the green and low‑carbon transition, strengthen policy support for the development and operation of the carbon market, and enhance oversight and management of key emitting entities. They should also ensure the sound execution of tasks such as the allocation of emission allowances, compliance with allowance obligations, and data quality management within their respective jurisdictions. The Ministry of Ecology and Environment shall coordinate and integrate efforts to build the carbon market, oversee its implementation, and conduct ongoing monitoring and evaluation, systematically advancing the realization of all related objectives. Relevant departments, in accordance with their respective responsibilities, are expected to strengthen coordination, collaboration, and regulatory guidance, thereby pooling their efforts. Any major issues shall be promptly reported to and submitted for instructions from the CPC Central Committee and the State Council in accordance with established procedures.

　　(16) Strengthen policy and legal support. Conduct research to refine relevant laws and regulations, providing a solid legal foundation for the development of the carbon market. Initiate legislative studies on the management of voluntary greenhouse gas emission reduction trading. Establish a long-term mechanism for seamless coordination between administrative law enforcement and criminal justice, carry out public-interest litigation in related fields in accordance with the law, and intensify joint efforts to crack down on illegal and criminal activities in the carbon market. Improve the system of adjudicative rules to legally support administrative agencies in fulfilling their administrative oversight responsibilities in the carbon market. Enhance policy coordination and institutional alignment between the national carbon market and market‑based mechanisms such as green electricity and green certificates. Formulate fee‑charging rules for registration, record‑keeping, and trading within the national carbon market. Refine the national carbon market’s fund‑clearing mechanism to boost clearing efficiency and reduce institutional transaction costs.

　　(17) Deepen international exchanges and cooperation. Actively participate in the formulation of rules governing carbon‑market mechanisms under the Paris Agreement on climate change, and promote a global transition toward green, low‑carbon, and equitable development. Strengthen international consultations and dialogue. Enhance cooperation and exchange in the carbon‑market sector, and advance the mutual recognition of technologies, methodologies, standards, and data across borders. Publicize, through multiple channels, China’s approaches and experiences in building its carbon market.

　　(Source: China Government Website)