{
  "title": "National Carbon Market",
  "as_of": "2025-12-31 (full-year 2025)",
  "source": "Ministry of Ecology and Environment (MEE) + Shanghai Environment and Energy Exchange",
  "sources": [
    "MEE 2025 annual summary (mee.gov.cn t20260101)",
    "National Carbon Market Information Network (ccn.ac.cn)",
    "Shanghai Environment and Energy Exchange daily trading data"
  ],
  "ets": {
    "note": "National ETS, carbon emission allowances (CEAs). Power sector only in phases 1-2; expanding to cement/aluminum/steel. Trading via the Shanghai Environment and Energy Exchange.",
    "quotas": {
      "as_of": "2025-12-31",
      "cumulative_tonnes_mt": 865,
      "cumulative_yuan_billion": 57.66,
      "cumulative_note": "865 million tonnes traded and ¥57.663 billion turnover since the 2021 launch"
    },
    "annual_2025": {
      "tonnes_mt": 235,
      "yoy": "+24%",
      "turnover_yuan_billion": 14.63,
      "note": "235 million tonnes traded in 2025 (+24% y/y), ¥14.63 billion"
    },
    "compliance_2024": {
      "due_tonnes_mt": 8194,
      "completion_pct": 99.99,
      "note": "2024 vintage compliance: 8,194 million tonnes (8.194 Gt) due, ~99.99% completed"
    },
    "annual_2024": {
      "tonnes_mt": 189,
      "turnover_yuan_billion": 18.11,
      "note": "2024: 189 million tonnes traded, ¥18.11 billion, +44% volume / +110% turnover vs 2023"
    }
  },
  "ccer": {
    "note": "China Certified Emission Reductions (CCERs) — voluntary offsets trading alongside the mandatory ETS. Market restructured in 2024.",
    "cumulative_tonnes_kt": 9219.4,
    "cumulative_yuan_billion": 0.65,
    "annual_2025_avg_price_yuan_per_t": 70.76,
    "registered_volumes": {
      "note": "Voluntary reduction programs registered, tCO2e",
      "2024_tonnes": 6370018,
      "2025_tonnes": 884651
    }
  },
  "caveats": [
    "Mandatory ETS price trajectories are volatile; the voluntary CCER market cleared at ¥70.76/t on average in 2025.",
    "Coverage: power sector mandatory; cement/aluminum/steel phased into the national ETS can also use CCER offsets.",
    "China is the largest national carbon market by covered emissions globally."
  ],
  "generated_at": "2026-10-14T10:17:16"
}