As the deadline of the first performance cycle of the national carbon emission trading market (hereinafter referred to as the "national carbon market") is approaching, the trading willingness of key emission enterprises has increased significantly since November. According to the data of Shanghai environment and energy exchange (hereinafter referred to as "Shanghai Environmental Energy Exchange"), the number of key emission units traded in the national carbon market has increased by 65% over the previous month, and the average daily trading volume of listing agreement has increased by 163% over the previous month. As of December 2, the cumulative trading volume of the national carbon market carbon emission quota (CEA) was 48.47 million tons, with a cumulative turnover of more than 2 billion yuan. The reporter of the economic information daily learned that the follow-up construction of the market-oriented mechanism of the national carbon market will be accelerated and improved, and it is expected to add 2 to 3 industries next year. At present, the specific scheme for key industries such as petrochemical and steel to be included in the national carbon market is being promoted. In addition, financial institutions are also expected to participate in the construction of the national carbon market. According to the notice on clearing and paying carbon emission quotas in the first performance cycle of the national carbon emission trading market issued by the Ministry of ecological environment, all localities shall ensure that 95% of the key emission units in their administrative regions complete the performance before 17:00 on December 15, 2021 and all the key emission units of the Ministry complete the performance before 17:00 on December 31. "According to the experience of the pilot carbon market, the trading activity will increase significantly near the performance period, and the fourth quarter will become the trading activity period," Liu Jie, general manager of Shanghai Environmental Exchange, said earlier. Transaction data also confirmed this judgment. Since the national carbon market was officially launched on July 16 this year, as of October, the trading volume of carbon emission quotas in the national carbon market was 5.9519 million tons, 2.4885 million tons, 9.2086 million tons and 2.553 million tons respectively, with transaction amounts of 300 million yuan, 117 million yuan, 385 million yuan and 107 million yuan respectively. Since November, the trading volume of carbon emission quota in the national carbon market has been gradually enlarged. In November, the trading volume in a single month has reached 23.0297 million tons, with a turnover of about 939 million yuan. At the same time, the national carbon market price presents a dynamic equilibrium state. As of December 2, the closing price of the national carbon market was 42.88 yuan / ton, lower than the opening price of 48 yuan / ton on the first day. "Since the first transaction, the overall operation of the national carbon emission trading market has been stable and orderly, and the quota price fluctuates within a reasonable range. Near the first performance period, the trading willingness of key emission enterprises has increased, the trading activity has gradually increased, and the liquidity and trading scale have changed greatly compared with the previous period." said Sun Chuanwang, Professor of China energy economy research center of Xiamen University. Compared with the carbon emission quota, the "countdown" pressure during the performance period has a more obvious impact on the market transaction of CCER (national certified voluntary emission reduction). Shanghai carbon market data show that since the end of October this year, the daily trading volume of CCER has been more than 100000 tons. On November 12, the official wechat of Shanghai Environmental Exchange published a CCER inquiry information, saying that due to business needs, a company plans to sell the issued CCER of gas power plant project, with a quantity of more than 1 million tons, which is planned to be carried out through agreement transaction. "Since there are no more new funds in the market, the stock CCER is now included in the scope of performance, and the future price trend depends on whether a market driven price mechanism can be formed." the person in charge of an environmental protection technology company said that because the price is cheaper than the carbon quota, the trading enthusiasm in the CCER market is higher at present. According to the analysis report of Guangzhou futures, the national carbon market and CCER market are expected to remain active until the end of the first performance period. As the supply of carbon quota is still loose, the price is expected to remain in the range of 41-43 yuan / ton in the short term. According to Zhu Yaming, managing partner of Ernst & Young Greater China energy and infrastructure consulting, the performance of the national carbon market in the past 100 days is not enough to reflect its potential. He said that at present, more than 2000 key emission enterprises included in the national carbon market are concentrated in the power generation industry, and more high-carbon industries are expected to be included in the national carbon market by the end of next year. The national carbon market has broad development space. With the promotion of carbon peak and carbon neutralization, the national carbon market will move towards a mature and complete financial market in the future. Lai Xiaoming, chairman of Shanghai Environmental Exchange, recently revealed that according to the overall deployment of the competent authorities, the national carbon market will actively promote the expansion of industry coverage in the next step. "Now it is the power industry, and two to three industries may be added next year, striving to bring all eight emission control industries into the national carbon market during the 14th Five Year Plan period." Previously, the opinions on completely, accurately and comprehensively implementing the new development concept and doing a good job in carbon peak and carbon neutralization issued by the CPC Central Committee and the State Council stressed the need to promote the construction of market-oriented mechanism, accelerate the construction and improvement of the national carbon emission trading market, gradually expand the market coverage, enrich the trading varieties and trading methods, and improve the quota allocation management. According to the reporter of economic information daily, at present, China Petroleum and Chemical Industry Federation is responsible for the preliminary work such as the carbon accounting system of the petrochemical industry and the establishment of relevant standards for carbon neutralization. Oil companies are also taking positive action. For example, CNOOC proposes to further study and improve the decision-making mechanism of the leading group for carbon peak carbon neutralization, build a trinity management system covering functional departments, key emission control units and research units, and build five management and control systems, including carbon emission and performance management system, company management internal control system suitable for the development of new industries and green finance system, Effectively integrate carbon peak and carbon neutralization into the whole process of production and operation of the group company. According to the target, the enterprise strives to reach the peak of domestic carbon dioxide emission by 2028 and achieve carbon neutralization by 2050. The implementation plan of carbon peaking in the iron and steel industry and the formulation of carbon neutralization technology roadmap have been basically completed, and the iron and steel industry strives to reach the peak of carbon emission in 2025; By 2030, carbon emissions will be 30% lower than the peak. "At present, the specific plan for the industry to be included in the national carbon market is being promoted, and research is being carried out to explore when to include, how to distribute and verify." an iron and steel industry analyst told the economic information daily. In addition, in order to further enhance the activity of the national carbon market, relevant departments are actively promoting the market entry transactions of non controlled emission enterprises. This also means that subsequent financial institutions will also participate in the construction of the national carbon market. Wang Yifeng, chief financial analyst of Everbright Securities, pointed out that financial institutions can participate in the carbon market in multiple dimensions, help improve the liquidity of the carbon market and promote its price issuance function. In addition to providing basic financial services such as bank account opening, on-site transaction settlement and relevant fund supervision, it can also widely participate in the pledge financing business of carbon emission rights, the creation of financial derivatives such as carbon futures and the provision of carbon asset management financial business for enterprises. Zhu Yaming suggested that while paying attention to carbon financial products and promoting the development of carbon trading market, it is more necessary to control financial risks. "The formation of any market mechanism needs time. Only through the gradual improvement of market rules can we ensure that the market is effective and avoid 'market failure'. On the basis of clear and perfect market rules, we can expand the scale of carbon financial products and give full play to the role of financial industry support," he said. Looking forward to the next step in the construction of the national carbon market, sun Chuanwang said that in the short term, enterprises should improve their market participation, promote the diversification of market subjects and expand the industry coverage; From the perspective of medium-term development, it will promote carbon product innovation and carbon derivatives trading; In the long run, we should actively promote the coordination between the national unified power market and the carbon market, and accelerate the vigorous development of non fossil energy power generation. (outlook new era)