China Carbon Market Weekly Update – 13 March 2023

Weeks at a glance (March 6 – March 10, 2023)

  • Activity on China’s national Carbon Emissions Allowance (CEA) market further decreased from its 2023 high set two weeks before, ending the week with a total volume of 203,020 tons. The vast majority of the week’s volume came on Tuesday when 200,000 tons of blocks were traded. Open market transaction prices remained stable, closing the week at 56.00 yuan ($8.04) per ton, unchanged from the previous week. The volume-weighted price for all of the week’s trades was 56.69 yuan ($8.14) per ton, slightly higher than the previous week.
  • Activity across the nine China Certified Emission Reductions (CCER) markets increased markedly from the low levels of the previous three weeks, ending this week with a total volume of 123,914 tons. Policy recommendations and speeches made by several representatives at the annual sessions of the National People’s Congress and the Chinese People’s Political Consultative Conference—held simultaneously in Beijing this week—may have spurred some excitement in the markets on the re-opening of the CCER crediting process. Tianjin led the markets for the sixth week in a row, accounting for 77% of the markets’ combined total volume. Available CCER credit price information from the Shanghai, Sichuan, and Shenzhen markets showed that all three markets maintained a sizeable CCER price premium over the CEA.
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