【Ferro-alloys.com】The daily traded volume of China Emission Allowances or CEAs in China's national compliance carbon market hit a record high of 14.88 million tons CO2e Dec. 14 as companies rushed to buy carbon credits before a year-end deadline to meet emission targets.

The national environment ministry had asked provincial authorities to ensure that 95% of eligible companies meet their emissions compliance obligations by Dec. 15 and all companies by Dec. 31. CEA trading volumes are expected to increase in coming days as the due dates for the first compliance cycle get closer.

China's national carbon market saw a large CEA trade volume on the opening day July 16 at 4.10 million mtCO2e, mainly supported by state-owned enterprises. After that, trade volumes fell sharply to as low as 10 mtCO2e on Sept. 6.

The turning point was in late September, when most companies were notified about their total emission quotas, enabling them to calculate the number of CEAs they could buy or sell. Starting from October, CEA trade volumes saw steady growth every week, and recent trading volumes have exceeded 3 million mtCO2e daily as the due dates approach.

The majority of participants in China's national carbon market are subsidiaries of state-owned power companies. Among them, Datang Group announced that all its 96 subsidiaries have fulfilled their compliance obligations, which means that emissions beyond assigned quotas have been offset with CEAs and China Certified Emission Reductions or CCERs.

In addition, China Resources Power announced that its 10 subsidiaries in east China have fulfilled their compliance obligations and their total emissions are within assigned quotas, with over 7 million mtCO2e of CEA surplus.

• [Editor:zhaozihao]