China Carbon Market Monthly Snapshot – March 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 rebounded notably in March following the holiday-impacted February, though volumes remained below January levels. The total monthly volume reached 5.50 million tonnes, generating a turnover of RMB 428.59 million. Compared to February 2026, this represents a 57.88% increase in volume and a 60.36% increase in turnover.

Price Performance: The daily average price ranged between a high of RMB 82.80/tonne and a low of RMB 60.02/tonne. The market closed the month at RMB 79.54/tonne, marking a 0.90% increase from February closing average price of RMB 78.83/tonne.

Trading Breakdown:

● Listed Agreements: 1.52 million tonnes (RMB 122.05 million).

● Bulk Agreement: 3.99 million tonnes (RMB 306.54 million).

● One-way Bidding: No transactions.

2. China Certified Emission Reduction (CCER) Market

Monthly Activity & Trend: CCER trading also saw a strong rebound in March, with volumes more than doubling month-on-month, with a volume of 0.76 million tonnes in March (Turnover: RMB 66.17 million). Compared to February 2026, this is a 118.32% increase in volume and a 122.81% increase in turnover.

Price Performance: CCER prices showed notable upward momentum during the month. The daily average price floor climbed to RMB 84.00/tonne, while the daily high rose to RMB 95.80/tonne. The month-end average price settled at RMB 84.60/tonne, representing a 3.00% decrease from the previous month-end average price of RMB 87.22/tonne.

3. Regional Pilot Carbon Markets

Collective Performance: Combined listed agreements trading of emission allowances across China's eight pilot markets totalled 0.64 million tonnes in March (Turnover: RMB 31.13 million). This reflects an 125.88% increase in volume and a 107.37% increase in value compared to February 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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