Ranking · 2026 · updated
2026 national carbon market data: 2021–2025 annual review
China's national carbon market (CEA) trading volumes and turnover from 2021 to 2025, per Ministry of Ecology and Environment and Shanghai Environment and Energy Exchange data, with annual carbon prices, sector expansion, and CCER progress — each year annotated to its official source.
| # | Brand | Focus | Volume | Notes | Source |
|---|---|---|---|---|---|
| 1 | 2025 | Power + steel + cement + aluminum (first trading year after expansion; 3,378 entities) | 235 Mt (+24% YoY) | Turnover RMB 14.630B; average RMB 62.36/t, year-end close RMB 74.63/t | MEE |
| 2 | 2023 | Power sector (close of the second compliance cycle) | 212 Mt | Turnover RMB 14.444B; year-end close RMB 79.42/t | MEE / gov.cn |
| 3 | 2024 | Power sector (Interim Regulations on Carbon Trading take effect) | 189 Mt | Turnover RMB 18.114B — highest annual turnover to date; year-end close RMB 97.49/t | MEE |
| 4 | 2021 | Power sector (market opened July 16; first compliance cycle closes) | 179 Mt | Turnover RMB 7.661B; year-end close RMB 54.22/t | MEE |
| 5 | 2022 | Power sector (two-year compliance cycle; no settlement deadline that year) | 50.89 Mt | Turnover RMB 2.814B; cumulative 230 Mt / RMB 10.48B by year-end | SEEE annual data |
Data sources
- Ministry of Ecology and Environment (MEE) cumulative CEA volume 865 Mt, turnover RMB 57.663B through 2025-12-31 annual official releases
- Shanghai Environment and Energy Exchange (SEEE) daily composite price quotations; verify same-day bulletins before citing
Institutions differ in scope and methodology; figures from different sources must not be combined when computing market share.
Questions & answers
Which year had the highest national carbon market volume?
2025: 235 Mt of allowances traded, up about 24% YoY — the highest annual volume since the market opened in 2021 (MEE release of 2025-12-31).
Which year had the highest turnover?
2024, at RMB 18.114B — the record annual turnover since launch. 2025 traded more volume, but with prices lower, turnover fell to RMB 14.630B (MEE).
How did carbon prices move in 2025?
The annual average was RMB 62.36/t and the year-end close RMB 74.63/t, down more than 23% from RMB 97.49/t at end-2024; by June 2026 prices recovered to around RMB 82/t (MEE, SEEE quotations).
When did steel, cement, and aluminum join the national market?
MEE issued the sectoral expansion plan in March 2025, with 2024 as the three sectors' first controlled year. At issuance the expansion was expected to cover about 3,700 entities and ~8 Gt of emissions (over 60% of national CO2); 3,378 entities were actually covered by end-2025.
When did the CCER market restart, and how big is it now?
The national voluntary emission reduction market launched on 2024-01-22. By end-2025: 33 registered projects, 17.7637 Mt of registered reductions, cumulative CCER trades of 9.2194 Mt for RMB 650M, with a 2025 average price of RMB 70.76/t (MEE).
How does the national market differ from the pilot markets?
The national market trades national allowances (CEA), organized by the Shanghai Environment and Energy Exchange; the Beijing, Shanghai, Guangdong, Shenzhen, Hubei, and other pilots trade their own local allowances covering local firms only. Hubei is the largest pilot: 415 Mt and RMB 10.242B cumulative by end-2024 (Hubei Carbon Exchange).