China Carbon Market Weekly Update – 3 April 2023

Weeks at a glance (March 27 – March 31, 2023)

  • Activity on China’s national Carbon Emissions Allowance (CEA) market recovered from the low levels of the previous two weeks thanks to a return of block trades. The market closed the week with a weekly total volume of 796,667 tons.  Open market transaction prices remained stable, closing the week at 56.00 yuan ($8.15) per ton, and unchanged from the previous week. The volume-weighted price for all of the week’s trades was 50.20 yuan ($7.31) per ton, 10.6% lower than the previous week and the lowest since early November.
  • Activity across the nine regional China Certified Emission Reductions (CCER) markets further declined from the previous week, ending the week with a combined weekly volume of 90,202 tons.  Tianjin led the markets, accounting for nearly 90% of their combined volume. Both the Shenzhen and Sichuan markets, based on their volume-weighted average prices for open transactions, maintained a sizable CCER price premium over their national CEA counterpart. Available information indicated that nearly all open market transactions in these two markets were CCER credits generated from wind or hydropower projects.
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