Carbon market, carbon finance
Market Overview: As of the end of March 2024, the EU ETS carbon price was 60.20 euros/tonne, an increase of 10.93% from the end of the previous month. In terms of China's national carbon market, the total trading volume of CEA in March was 3,192,987 tons, and the total turnover was 272,784,917 yuan, up 32.71% and 50.33% month-on-month, respectively. The comprehensive closing price on the last trading day of March was 90.66 yuan / ton, up 11.05% from the previous month. In terms of China's local carbon market, the overall trading volume of the local carbon market in March totaled 4,285,475 tons, with a total turnover of 144.83 million yuan. In terms of trading volume, the Fujian carbon market was the largest in March, with a turnover of 2,657,235 tons, and the Shanghai carbon market was the second most traded with 434,122 tons. The smallest volume was in the Beijing carbon market, with 14,569 tons. In terms of transaction prices, the highest average transaction price in March was 88.68 yuan/mt in the Beijing carbon market, followed by the Shanghai carbon market with a carbon price of 72.28 yuan/mt, and the third was the Guangdong carbon market with a carbon price of 63.88 yuan/mt. Compared with February, the largest increase in carbon prices was in the Chongqing carbon market, with an increase of 5.38%, while the largest decline in carbon prices was in the Fujian carbon market, with a decrease of 25.59%.
Policy Tracker: In terms of international developments, the U.S. Securities and Exchange Commission issued new regulations emphasizing carbon credit disclosure, South Korea will sell carbon allowances through securities firms, and Vietnam has received US$51.5 million in carbon emission reduction funds from the World Bank. In terms of national policies, the government tasks in 2024 are: expanding the industry coverage of the national carbon market and promoting the use of green electricity and international mutual recognition, the National Development and Reform Commission and the Beijing Municipal People's Government jointly issued the Implementation Plan for the Construction of a National Green Development Demonstration Zone in Beijing Urban Sub-center to promote the construction and upgrading of the Beijing Green Exchange, and the Ministry of Ecology and Environment issued the Guidelines for Accounting and Reporting of Greenhouse Gas Emissions for Enterprises in the Aluminum Smelting Industry (Draft for Comments) and the Technical Guidelines for the Verification of Greenhouse Gas Emissions of Enterprises Eighteen departments, including the State Administration for Market Regulation, jointly issued the Action Plan for Implementing the National Standardization Development Outline (2024-2025) to continue to improve the standard system for carbon peak and carbon neutrality. In terms of local policies, Beijing issued the Administrative Measures for Carbon Emission Trading in Beijing, Shanghai issued the Action Plan for Accelerating the Establishment of a Product Carbon Footprint Management System and Building a Green and Low-Carbon Supply Chain in Shanghai to accelerate the construction of a product carbon footprint management system, the Shanghai Municipal Bureau of Ecology and Environment issued the Key Points for Responding to Climate Change in Shanghai in 2024 to continue to deepen and improve the institutional mechanism of the carbon emission trading market, and the Jiangsu Provincial Development and Reform Commission and other six departments jointly issued the Jiangsu Province Product Carbon Footprint Management System Construction Implementation Opinions", and actively promote the construction of product carbon footprint management system.
Carbon Finance Practice: The country's first full-cycle carbon finance comprehensive service business was launched in Sichuan, the first green loan in Hubei Province was launched by Industrial Bank Wuhan Branch, the first green loan in Hubei Province was double-linked to product carbon footprint and corporate carbon emission intensity, the country's first urban public transport greenhouse gas emission reduction project was completed, the country's first cross-provincial blue carbon ecological carbon account was released, Guangdong Zhaoqing built a series of "cloud carbon" financial product matrix based on carbon accounts, the first tripartite carbon quota repurchase transaction in Hubei carbon market was launched, and Hubei launched the country's first "three-in-one" Low-carbon green card, the first carbon ticket in Jiangsu Province was successfully traded in Gaochun, Nanjing, the first shellfish marine blue carbon loan in Yancheng, Jiangsu Province, the first "carbon emission reduction-linked loan" for agricultural products in Sichuan Province was launched in Chengdu, and Microsoft signed a six-year biochar credit supply agreement.
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