A multi-level and relatively complete carbon market regulatory system has initially formed in China. The cumulative trading volume of mandatory carbon market quotas has reached 680 million tons, and the trading volume has reached 47.41 billion yuan. Recently, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Promoting Green and Low Carbon Transformation and Strengthening the Construction of the National Carbon Market" (hereinafter referred to as the "Opinions"). The release of this document has once again made the construction of China's carbon market a topic of public concern. The reporter recently learned from the Ministry of Ecology and Environment that as of August 22, 2025, the cumulative trading volume of China's mandatory carbon market quota reached 680 million tons, with a trading volume of 47.41 billion yuan. The voluntary carbon market has accumulated 2.49 million tons of verified voluntary emission reductions, with a transaction volume of 210 million yuan. The carbon market is an important policy tool that utilizes market mechanisms to actively address climate change and accelerate the comprehensive green transformation of economic development. ”Pei Xiaofei, spokesperson for the Ministry of Ecology and Environment, said. In 2021 and 2024, China successively established and launched the National Carbon Emission Trading Market (mandatory carbon market) and the National Greenhouse Gas Voluntary Emission Reduction Trading Market (voluntary carbon market). These two markets have their own focuses and are interconnected, together forming the national carbon market system. According to Pei Xiaofei, after more than 4 years of development, the construction of the national carbon market has achieved a stable start and stable operation, and has achieved significant results. The Ministry of Ecology and Environment has established regulations and systems, and together with relevant departments, has formulated more than 30 systems and technical specifications, forming a multi-level and relatively complete carbon market regulatory system. At the same time, we will strengthen data quality management, increase supervision and law enforcement efforts, use information technology to intelligently warn of data quality risks, and severely crack down on the falsification of carbon emission data. In 2024, more than 3 million pieces of enterprise data were reviewed, and the incidence of abnormal data was significantly reduced. The standardization, accuracy, and timeliness of carbon emission data statistics and accounting were greatly improved. In addition, the Ministry of Ecology and Environment has continuously expanded the coverage of key industries. Based on the power generation industry, this year the steel, cement, and aluminum smelting industries have been included in the mandatory carbon market, effectively controlling over 60% of the country's carbon emissions. The release of the "Opinions" is of great significance. As Pei Xiaofei said, "This is the first central document in China's carbon market field, which clarifies the timetable, roadmap, and task book for the medium and long-term development of the national carbon market." Next, how it will be implemented and effective is obviously an important task of the Ministry of Ecology and Environment. It is understood that the Ministry of Ecology and Environment will focus on implementing the "Opinions" from the following aspects: deepening the construction of the national carbon market. The Ministry of Ecology and Environment will expand the coverage of mandatory carbon markets in an orderly manner based on industry development status, carbon reduction and pollution reduction contributions, data quality foundation, carbon emission characteristics, etc. Establish a carbon emission quota management system with clear expectations and transparency, clarify the long-term carbon emission quota control targets in the market, and gradually shift from intensity control to total quantity control. The quota allocation method has shifted from free to a combination of free and paid, with an orderly increase in the proportion of paid allocation. Strengthen the guidance and supervision of carbon emission trading pilot markets (Beijing, Tianjin, Shanghai, Chongqing, Hubei Province, Guangdong Province, and Shenzhen), establish regular evaluation and exit mechanisms, and no longer build local or regional carbon emission trading markets. At the same time, we will actively develop voluntary carbon markets, establish a scientifically sound methodological system, and accelerate the methodological development in key areas such as ecosystem carbon sinks, renewable energy, and methane emissions reduction. Efforts will be made to enhance the vitality of the carbon market. The Ministry of Ecology and Environment will collaborate with financial institutions to explore the development of green financial products and services related to carbon emission rights and voluntary emission reduction certification, and establish policies and systems such as carbon pledge and carbon repurchase. Carbon pledge refers to enterprises using carbon assets such as government allocated carbon quotas or verified voluntary emission reductions as collateral to apply for loans from financial institutions. Carbon repurchase refers to quota holders selling carbon assets to third-party institutions and agreeing to repurchase them at a predetermined price in the future, in order to obtain short-term funding. Both of these systems are conducive to expanding the financing channels for key emission units, activating carbon assets, reducing financing costs, and enhancing the enthusiasm and initiative for energy conservation and carbon reduction. At the same time, the Ministry of Ecology and Environment will prudently promote the participation of qualified financial institutions in the national carbon market trading under the premise of legal compliance and controllable risks, and timely introduce other non compliant entities to participate in mandatory carbon market trading and eligible natural persons to participate in voluntary carbon market trading. Improve management level. The Ministry of Ecology and Environment will strictly regulate carbon emission verification and improve the technical specifications for key industry verification. Consolidate the main responsibility of key emission units to fulfill carbon emission accounting and reporting. Strengthen the supervision of the entire process of carbon emission data quality and crack down severely on various fraudulent behaviors. In addition, the Ministry of Ecology and Environment will also study and improve relevant laws and regulations, continuously consolidate the institutional foundation of carbon market construction, and provide strong guarantees for accelerating the construction of a more effective, dynamic, and internationally influential national carbon market. (New Society)