# China's National Carbon Market

The world's largest national carbon market by covered emissions, spanning mandatory allowance
trading (ETS) and the voluntary CCER offset market.

## Headline numbers (2025 full year)

| Metric | Value |
| --- | --- |
| **ETS volume 2025** | **235 Mt (235 million tonnes)** traded · +24% y/y |
| ETS turnover 2025 | ¥14.63 billion |
| ETS cumulative (end-2025) | **865 Mt · ¥57.66 billion** |
| 2024 compliance | 8,194 Mt (8.194 Gt) due · **~99.99% completion** |
| **CCER avg price 2025** | **¥70.76 / t** |
| CCER cumulative traded | 9.2194 Mt · ¥0.65 billion |

2024 reference: 189 Mt of ETS allowances · ¥18.11 billion (+44% volume, +110% turnover vs 2023).

## Voluntary offset market (CCER)

- Average 2025 clearing price: **¥70.76 / t**.
- Cumulative traded: **9.2194 Mt**, ¥0.65 billion.
- Registered volumes (via the national voluntary emission-reduction registry): 2024 = 6,370,018 t; 2025 = 884,651 t.

Coverage: the mandatory ETS opens with the power sector; cement, aluminum, and steel are being
phased into the national market and can also use CCER offsets.

## Why it matters

China's carbon price is the policy-age side of the energy transition the buildout covers
physically. Watching the mandatory ETS scale (235 Mt/yr now, +24% y/y) against a voluntary
offset market clearing at ¥70.76/t shows how fast the world's biggest carbon market is
maturing — and it is almost entirely a Chinese-primary data story, with no maintained English
price/volume series.

## Sources

- Ministry of Ecology and Environment (MEE), "2025 National Carbon Market Operations" (2026-01-01): cumulative 865 Mt
  allowances / ¥57.66 billion; 2025 volume 235 Mt (+24%), ¥14.63 billion; CCER cumulative
  9.2194 Mt / ¥0.65 billion, avg ¥70.76/t; 2024 compliance ~99.99%.
- National Carbon Market Information Network (ccn.ac.cn), registered CCER volumes.
- Shanghai Environment & Energy Exchange — daily trading.