Central Office, State Office: By 2027, industries with relatively stable carbon emissions will be given priority for implementing quota total control.

The General Office of the Communist Party of China Central Committee and the General Office of the State Council have issued opinions on promoting the green and low-carbon transformation and strengthening the construction of a national carbon market. The opinions point out the need to improve the carbon emission quota management system. Establish a clear, transparent carbon emission quota management system that is open and public to maintain policy stability and continuity. Taking into account economic and social development, industry characteristics, and the cost of low-carbon transformation, clarify the carbon emission quota control objectives in the market in the medium and long term. Based on the national targets for greenhouse gas emissions control and carbon emission dual control requirements, balance the relationship with energy security, industrial chain supply chain security, and livelihood security, scientifically set the quota total, and gradually transition from intensity control to total control. By 2027, industries with relatively stable total carbon emissions should prioritize the implementation of total quota control. Prudently promote a combination of free and paid carbon emission quota allocation methods and gradually increase the paid allocation ratio in an orderly manner. Establish a quota reserve and market regulation mechanism to balance market supply and demand, enhance market stability and liquidity. Reasonably determine the proportion of voluntary emission reductions through certification to offset carbon emissions quota payment.