Key investment points
Carbon market: this week (may 9-may 15), the activity of the national overall carbon quota trading market decreased, mainly due to the significant reduction of the trading volume of the national unified carbon market. This week, the trading volume of carbon quota secondary market totaled 1149200 tons. The trading volume of national carbon market decreased by 85.61% year-on-year, and the trading volume of carbon pilot decreased by 0.58% year-on-year. The turnover of carbon quota secondary market this week totaled 39.54 million yuan, of which the turnover of national carbon market decreased by 85.08% year-on-year, and the turnover of carbon pilot increased by 16.76% year-on-year. From the online weekly average price, the average price of the national carbon market was the same as last week, and the average carbon price of the carbon pilot increased by 17.44% year-on-year. This week (may 9-may 15), the activity of the national overall carbon credit (CCER) secondary trading market increased significantly, and the price increased. This week, the trading volume of CCER secondary market increased by 123218% year-on-year. According to the traceable listing and trading price of carbon pilot CCER, the price shows an upward trend. This week (from May 9 to May 15), the trading volume of foreign carbon quota secondary trading market has increased, and the carbon price has fluctuated. In the EU market this week, the spot trading volume of EUA increased by 942.86%, the futures trading volume increased by 1.23%, the average spot transaction price increased by 0.89%, and the average futures transaction price decreased by 0.90%. As the environment, public health and Food Safety Committee (envi) of the European Parliament will vote on “fitfor55”, the uncertainty is strengthened, and the EU carbon price shows a volatile trend this week, but it is basically maintained at more than 85 euros / ton. The spot trading volume of kau21 in the Korean market this week increased by 48.91%, and the average carbon price increased, but the carbon price showed a downward trend during the week.
Small topic research: in 2013, Beijing’s carbon emission trading was officially launched. The next year, Beijing introduced its own emission reduction products, including forestry carbon sequestration, energy-saving project emission reduction, and new travel emission reduction in 2017. Comparing the carbon emission reduction products that can be used by emission control enterprises unique to the carbon pilot in Beijing, there are differences in emission reduction subjects, offset proportion, offset requirements, application process, methodology, distribution proportion and annual carbon emission reduction that can be issued for a single project. On most trading days, the trading price of pilot emission reduction in Beijing was lower than the carbon quota price, the trading price of pcer was higher than forestry carbon sink and CCER, and the carbon emission reduction with the largest trading volume was still CCER.
Related news: 1) on the 15th, China’s Ministry of ecology and environment released the joint statement of the BRICs high level meeting on climate change. 2) At the press conference on the theme of “China’s decade” series on May 12, Chen Yulu said that she would develop carbon finance and realize carbon control and emission reduction in a market-oriented way.
Investment suggestion: the carbon trading market will gradually transition from the regional pilot stage to the national trading stage. On the one hand, the establishment of carbon trading market system is conducive to high emission enterprises to reduce carbon emissions through energy-saving and emission reduction technologies, and the market-oriented trading means of emission quotas will provide them with arrangement power and economic support. On the other hand, renewable energy enterprises will also benefit from the promotion of voluntary certification mechanism and realize enterprise value revaluation through CCER trading. At the same time, there is a great demand for the construction of relevant systems in the early stage of the construction of national carbon trading market. Focus on relevant investment opportunities in renewable energy, high emission leaders and third-party services.
Risk tip: the promotion of carbon neutralization policy is less than expected, the construction progress of carbon trading market is less than expected, and the activity of carbon trading market is less than expected.
