Jun 27, 2024 07:22 PM
RESEARCH & ANALYSIS
China Carbon Watch: Prices Hit Record High
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From March through May, trading in China’s national carbon emission allowance (CEA) market registered 12.6 million tons, the highest-ever three-month tally outside compliance-trading months, namely November 2021 to January 2022 and August to December 2023. April’s 6.5 million tons was also the highest monthly volume outside those compliance-trading months.
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- CEA trading in China saw a record 12.6 million tons from March to May, with April reaching 6.5 million tons.
- Increased activity and price surges were driven by compliance obligations and new regulations starting May 1.
- Upcoming policies, including draft methodologies for cement and aluminum emissions, and plans for reducing and retiring allowances, influenced trader behavior.
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Who’s Who
- MetaVerse Green Exchange
- MetaVerse Green Exchange, based in Singapore, is led by Executive Chairman Bai Bo. Although the article doesn't elaborate further on the exchange's operations, it mentions Bai Bo in relation to the analysis of trading activities in China's national carbon emission allowance market.
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What Happened When
- Mid-February 2024：
- End of Lunar New Year holiday, beginning of strong upswing in CEA prices.
- Three weeks before early April 2024：
- Release of MEE’s draft methodology for quantifying carbon emissions from aluminum smelting.
- Early April 2024：
- Release of MEE’s draft methodology for the quantification of carbon emissions from cement clinker production.
- Mid-April 2024：
- Bloomberg reported MEE’s draft plan to reduce freely allocated allowances and retire surplus allowances after 2025.
- April 24, 2024：
- Daily closing prices for open transactions exceeded the 100-yuan mark for the first time.
- April 25, 2024：
- Volume-weighted average block trade prices peaked at 104.1 yuan per ton.
- May 1, 2024：
- Interim Regulation for the Management of Carbon Emissions became effective.
- May 6, 2024：
- CEA prices peaked at 105 yuan per ton.
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