https://www.gov.cn/zhengce/202508/content_7037717.htm

Translated by Sinocism.com

General Office of the CPC Central Committee and General Office of the State Council Opinions on Advancing the Green and Low-Carbon Transition and Strengthening the Building of the National Carbon Market 中共中央办公厅 国务院办公厅关于推进绿色低碳转型加强全国碳市场建设的意见

(May 24, 2025)

The carbon market is an important policy instrument that leverages market mechanisms to actively respond to climate change and accelerate a comprehensive green transformation of economic and social development. At present, China has established a national carbon emissions trading market (for key emitting entities bearing mandatory emissions-reduction obligations) and a national greenhouse-gas voluntary emissions-reduction trading market (to incentivize autonomous reductions across society). To advance the development of a more effective, more vibrant, and more internationally influential national carbon market, and with the approval of the CPC Central Committee and the State Council, the following opinions are hereby put forward. 碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型的重要政策工具。目前，我国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排的全国温室气体自愿减排交易市场。为推动建设更加有效、更有活力、更具国际影响力的全国碳市场，经党中央、国务院同意，现提出如下意见。

I. Overall Requirements 一、总体要求

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the guiding principles of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee, fully implement Xi Jinping’s economic thought and Xi Jinping’s thought on ecological civilization, adhere to the general principle of pursuing progress while ensuring stability, balance the needs of green and low-carbon transition with economic development, uphold the roles of both an effective market and a proactive government, and maintain the fundamental positioning of the carbon market as a policy tool to control greenhouse-gas emissions. Accelerate the building of a unified national carbon market, expand the scope of implementation and participating entities in a planned and phased manner, foster a fairer, more open, and more transparent market environment, strive to optimize the efficiency and maximize the benefits of allocating carbon-emissions resources, drive deep transformation of traditional industries, cultivate and develop new-quality productive forces, and stimulate endogenous momentum for green and low-carbon development across society, thereby providing important support for actively and prudently advancing carbon peaking and carbon neutrality and building a Beautiful China. 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精神，全面贯彻习近平经济思想、习近平生态文明思想，坚持稳中求进工作总基调，兼顾绿色低碳转型和经济发展需要，坚持有效市场、有为政府，坚持碳市场作为控制温室气体排放政策工具的基本定位，加快建设全国统一的碳市场，有计划分步骤扩大实施范围、扩展参与主体，营造更加公平公开透明的市场环境，努力实现碳排放资源配置效率最优化和效益最大化，推动传统产业深度转型，培育发展新质生产力，激发全社会绿色低碳发展内生动力，为积极稳妥推进碳达峰碳中和、建设美丽中国提供重要支撑。

Main objectives: By 2027, the national carbon emissions trading market will basically cover the major emitting industries in the industrial sector, and the national greenhouse-gas voluntary emissions-reduction trading market will achieve full coverage of key areas. By 2030, a national carbon emissions trading market will be basically established, founded on total-quota control and combining free with paid allocation; and a national greenhouse-gas voluntary emissions-reduction trading market that is honest and transparent, methodologically unified, broadly participatory, and aligned with international practices will be established. A carbon-pricing mechanism with notable reduction effects, a well-developed rule system, and reasonable price levels will take shape. 主要目标是：到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则体系健全、价格水平合理的碳定价机制。

II. Accelerate the Building of the National Carbon Emissions Trading Market 二、加快建设全国碳排放权交易市场

(1) Expand the coverage of the national carbon emissions trading market. Expand, in an orderly manner, the range of covered industries and greenhouse-gas types based on factors such as industry development status, contributions to carbon reduction and pollution abatement, data-quality foundations, and emissions characteristics. （一）扩大全国碳排放权交易市场覆盖范围。根据行业发展状况、降碳减污贡献、数据质量基础、碳排放特征等，有序扩大覆盖行业范围和温室气体种类。

(2) Improve the quota-management system for carbon emissions. Establish a clear-expectation, open and transparent quota-management system for carbon emissions and maintain policy stability and continuity. Taking into full consideration economic and social development, industry characteristics, and the costs of low-carbon transition, clarify medium- to long-term control targets for carbon-emissions quotas in the market. In line with national greenhouse-gas emissions control targets and dual-control requirements for carbon emissions, appropriately balance relationships with energy security, industrial- and supply-chain security, and people’s livelihood security, and scientifically set total quotas, gradually shifting from intensity control to total-quantity control. By 2027, prioritize implementing total-quantity control for sectors with relatively stable emissions totals. Prudently implement a mix of free and paid allocation methods and steadily increase the proportion of paid allocation. Establish an allowance reserve and market-adjustment mechanisms to balance supply and demand and enhance market stability and liquidity. Reasonably determine the proportion for using certified voluntary emission reductions (CVERs) to offset the surrender of emissions-allowance obligations. （二）完善碳排放配额管理制度。建立预期明确、公开透明的碳排放配额管理制度，保持政策稳定性和连续性。综合考虑经济社会发展、行业特点、低碳转型成本等，明确市场中长期碳排放配额控制目标。根据国家温室气体排放控制目标及碳排放双控要求，处理好与能源安全、产业链供应链安全、民生保障的关系，科学设定配额总量，逐步由强度控制转向总量控制。到2027年，对碳排放总量相对稳定的行业优先实施配额总量控制。稳妥推行免费和有偿相结合的碳排放配额分配方式，有序提高有偿分配比例。建立配额储备和市场调节机制，平衡市场供需，增强市场稳定性和流动性。合理确定用核证自愿减排量抵销碳排放配额清缴的比例。

(3) Strengthen guidance and supervision over pilot carbon-emissions trading markets. Coordinate the national carbon emissions trading market with local pilots. Existing pilot markets should be built and operated in a standardized manner in accordance with relevant requirements to support regional green and low-carbon transition. Encourage pilots to take the lead in expanding coverage, improving market-adjustment mechanisms, innovating regulatory approaches, and developing carbon finance in a healthy and orderly fashion, thereby exploring experience for the national market. Establish regular evaluation and exit mechanisms, and refrain from establishing new local or regional carbon-emissions trading markets. （三）加强对碳排放权交易试点市场的指导和监督管理。统筹好全国碳排放权交易市场和有关地方试点开展的碳市场。现有碳排放权交易试点市场要按照有关要求规范建设运行，助力区域绿色低碳转型。鼓励碳排放权交易试点市场在扩大覆盖范围、完善市场调节机制、创新监管手段、健康有序发展碳金融等方面先行先试，为全国碳排放权交易市场建设探索经验。建立定期评估和退出机制，不再新建地方或区域碳排放权交易市场。

III. Vigorously Develop the National Greenhouse-Gas Voluntary Emissions-Reduction Trading Market 三、积极发展全国温室气体自愿减排交易市场

(4) Accelerate the building of the voluntary-reduction trading market. Establish a sound and complete methodology system and accelerate methodology development for key areas that deliver significant sustainable-development benefits, enjoy high public expectations, and generate both social and ecological benefits—to effectively serve autonomous emissions reductions and the realization of ecological-products value. Strengthen end-to-end management of voluntary-reduction project development, validation, implementation, and verification of emission-reduction volumes. Project owners and validation/verification bodies must abide by the principle of integrity, strictly fulfill their commitments, and proactively accept public oversight. Strengthen national-level coordination and management of carbon-reduction resources and standardize various voluntary-reduction trading activities. （四）加快自愿减排交易市场建设。建立科学完备的方法学体系，针对可持续发展效益显著、社会期待高、社会和生态效益兼具的重点领域加快方法学开发，有效服务社会自主减排和生态产品价值实现。强化自愿减排项目开发、审定、实施及减排量核查等全链条管理。项目业主、审定与核查机构要恪守诚信原则，严格落实承诺事项，主动接受社会监督。加强全国碳减排资源统筹管理，规范各类自愿减排交易活动。

(5) Actively promote the use of certified voluntary emission reductions. Encourage Party and government organs, enterprises, and social organizations to actively use certified voluntary emission reductions to offset carbon emissions in green supply-chain management, major events, social-responsibility fulfillment, and green and low-carbon lifestyles, with Party and government organs and state-owned enterprises playing an exemplary role. Improve offset rules for certified voluntary emission reductions, raise international recognition, and actively serve enterprises in relevant industries in meeting international compliance and achieving product carbon neutrality. （五）积极推动核证自愿减排量应用。倡导推动党政机关、企业、社会团体等在绿色供应链管理、开展大型活动、履行社会责任、绿色低碳生活等方面，积极使用核证自愿减排量抵销碳排放，各级党政机关和国有企业要发挥表率作用。完善核证自愿减排量抵销规则，提高国际认可度，积极服务有关行业企业国际履约和产品碳中和。

IV. Work to Enhance Market Vitality 四、着力提升碳市场活力

(6) Enrich tradable products. Steadily and prudently support financial institutions in exploring and developing green financial products and services related to carbon-emissions allowances and certified voluntary emission reductions, and increase support for greenhouse-gas emissions reductions. Establish and improve policies and systems for carbon pledges and carbon repurchases, standardize financial activities related to carbon-emissions allowances, and broaden channels for corporate carbon-asset management. Using the national carbon market as the main body, establish and improve the carbon-pricing mechanism, fully leverage the price-discovery function of the national market, and provide effective price signals for financial support to green and low-carbon development. （六）丰富交易产品。稳慎推进金融机构探索开发与碳排放权和核证自愿减排量相关的绿色金融产品和服务，加大对温室气体减排的支持力度。建立完善碳质押、碳回购等政策制度，规范开展与碳排放权相关的金融活动，拓展企业碳资产管理渠道。以全国碳市场为主体建立完善碳定价机制，充分利用全国碳市场的价格发现功能，为金融支持绿色低碳发展提供有效的价格信号。

(7) Broaden the set of market participants. Support banks and other financial institutions in carrying out carbon-pledge financing in a standardized manner; steadily and prudently allow qualified financial institutions to participate in national carbon-market trading under the premise of lawfulness, compliance, and controllable risks; and, when appropriate, introduce other non-compliance entities. Gradually allow qualified natural persons to participate in trading in the national greenhouse-gas voluntary emissions-reduction market. （七）扩展交易主体。支持银行等金融机构规范开展碳质押融资业务，稳妥推进符合要求的金融机构在依法合规、风险可控前提下参与全国碳市场交易，适时引入其他非履约主体。全国温室气体自愿减排交易市场逐步引入符合条件的自然人参与交易。

(8) Strengthen oversight of market trading. Standardize the release of major policy information, improve procedures for preventing, early-warning, and handling market-trading risks, conduct tracking and evaluation of national carbon-market prices, and promote the formation of reasonable trading prices. Strengthen supervision of trading behavior and crack down resolutely on market-disrupting and market-manipulation activities. Establish risk-assessment, early-warning, and management systems for the compliance of key emitting entities to guard against compliance risks. Strengthen supervision and administration of carbon-finance activities, guide financial institutions to provide quality financial services in accordance with market-oriented and law-based principles, and firmly hold the bottom line of preventing systemic financial risks. （八）加强市场交易监管。规范重大政策信息发布，完善市场交易风险预防预警及处置程序，开展全国碳市场价格跟踪评估，推动形成合理交易价格。加强交易行为监管，严厉打击扰乱市场秩序、操纵市场等行为。建立重点排放单位履约风险评估预警和管理制度，防范履约风险。加强对碳金融活动的监督管理，引导金融机构按照市场化、法治化原则做好金融服务，守住不发生系统性金融风险的底线。