China Carbon Market Monthly Snapshot – January 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 declined significantly in January. The total monthly volume reached 10.94 million tonnes, generating a turnover of RMB 794.73 million. Compared to December 2025, this represents a 76.82% decrease in volume and a 74.26% decrease in turnover.

Price Performance: The daily average price ranged between a high of RMB 81.79/tonne and a low of RMB 62.74/tonne. The market closed the month at RMB 80.40/tonne, marking a 5.98% increase from December closing price of RMB 75.86/tonne.

Trading Breakdown:

● Listed Agreements: 1.21 million tonnes (RMB 93.92 million).

● Bulk Agreement: 9.73 million tonnes (RMB 700.81 million).

● One-way Bidding: No transactions.

2. China Certified Emission Reduction (CCER) Market

Monthly Activity & Trend: Trading activity in the national CCER market retreated sharply in the first month of the new year, with a volume of 1.06 million tonnes in January (Turnover: RMB 79.75 million). Compared to December 2025, this is a 63.29% decrease in volume and a 58.56% decrease in turnover.

Price Performance: CCER prices showed relative resilience. The month-end average price settled at RMB 84.00/tonne, representing a 1.18% decrease from the previous month-end average price of RMB 85.00/tonne.

3. Regional Pilot Carbon Markets

Collective Performance: Combined trading of emission allowances across China's eight pilot markets totalled 0.74 million tonnes in January (Turnover: RMB 34.95 million). This reflects an 84.83% decrease in volume and a 78.04% decrease in value compared to December 2025.

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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