China Carbon Market Monthly Snapshot – February 2026

A concise review of trading activity in China's carbon markets for the month, presented by Climate Bridge.

1. Carbon Emission Allowance (CEA) Market

Monthly Activity & Trend: Trading activity slowed notably in February, with only 14 trading days due to the Chinese New Year holiday. The total monthly volume reached 3.49 million tonnes, generating a turnover of RMB 267.27 million. Compared to January 2026, this represents a 68.11% decrease in volume and a 66.37% decrease in turnover.

Price Performance: The daily average price ranged between a high of RMB 81.00/tonne and a low of RMB 64.74/tonne. The market closed the month at RMB 78.83/tonne, marking a 1.95% decrease from January closing price of RMB 80.40/tonne.

Trading Breakdown:

● Listed Agreements: 0.49 million tonnes (RMB 38.73 million).

● Bulk Agreement: 3.00 million tonnes (RMB 228.54 million).

● One-way Bidding: No transactions.

2. China Certified Emission Reduction (CCER) Market

Monthly Activity & Trend: Mirroring the trend in the compliance market, CCER trading activity also contracted sharply in February amid the holiday-shortened trading schedule, with a volume of 0.35 million tonnes in February (Turnover: RMB 29.70 million). Compared to January 2026, this is a 67.15% decrease in volume and a 62.76% decrease in turnover.

Price Performance: CCER prices showed continued resilience. The daily average price floor gradually edged up to RMB 77.00/tonne during the month, while the daily high ticked up to RMB 89.00/tonne. The month-end average price settled at RMB 87.22/tonne, representing a 3.83% increase from the previous month-end average price of RMB 84.00/tonne.

3. Regional Pilot Carbon Markets

Collective Performance: Combined listed agreements trading of emission allowances across China's eight pilot markets totalled 0.29 million tonnes in February (Turnover: RMB 15.01 million). This reflects an 36.81% decrease in volume and a 29.48% decrease in value compared to January 2026.

Data compiled by Climate Bridge based on publicly available information. Data source: Shanghai Environment and Energy Exchange, China Beijing Green Exchange, Tianjin Climate Exchange, Guangzhou Emissions Exchange, Shenzhen Green Exchange, Hubei Carbon Emission Exchange, Chongqing Emission Exchange, Fujian Haixia Resources and Environment Exchange.

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