China Carbon Weekly Market Update – Nov 8, 2021

Week at a glance

  • The total trading volume on China’s national Carbon Emissions Allowance (CEA) market continued picking up strongly, increasing by 80.7% to 1,972,181 tons for the week. Open market transaction prices ended this week at 42.69 yuan ($6.67) per ton, up slightly from the previous week. Block trades accounted for 89.1% of the total volume. Including block trades, the total volume-weighted average for the week was down slightly to 41.61 yuan per ton ($6.50/ton), near its lowest since the launch of the national market in July.
  • The total weekly volume of the China certified emission reductions (CCER) markets hit its highest in 2021 at 11,302,240 tons, a 40.7% increase from the previous week. The Sichuan regional market led the markets with a 26.4% share of the total volume, followed by Tianjin and Shanghai. The volume was more evenly distributed among the nine regional markets than usual. Shanghai saw a strong price increase of 18.7% to 28.63 yuan per ton, continuing an upward trend that began from the last week of September. Beijing saw a 53.9% jump in CCER prices, accompanied by its highest weekly volume in 2021.
  • In his written statement to the World Leaders Summit at COP26, President Xi singled out coal, electricity, iron, steel, and cement as the sectors for which specific implementation plans for achieving carbon peaking by 2030 will be rolled out.
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