国际能源署-加强中国碳中和排放交易系统：引入拍卖（英）-2024.5-60页_1010kb

Enhancing China’s ETS for Carbon Neutrality: Introducing Auctioning

1. Key International Insights:

   • Auctioning gradually replaces free allocation in mature ETS systems, offering enhanced environmental effectiveness, revenue generation, and market transparency.
   • Major concerns include carbon leakage, competitiveness risks, and price volatility, addressed through auction revenue recycling, targeted free allocations, and border carbon adjustments.
   • Revenue use prioritizes clean energy investment, competitiveness support, and social equity, with transparent governance via cross-ministerial funds.

2. Policy Recommendations for China:

   • Phased Introduction: Start with a 5–10% auction share in the power sector (aligned with power market reforms), gradually increasing to 25% by 2035, using consignment auctions initially for smoother political acceptance.
   • Sectoral Coverage: Define EITE (emissions-intensive and trade-exposed) criteria to prioritize auctioning in less vulnerable sectors, phasing free allocations in high-risk industries.
   • Revenue Governance: Establish a dedicated fund (cross-ministerial collaboration) to earmark revenues for clean energy, R&D, and support for fossil-dependent regions.

3. Potential Benefits:

   • By 2035, auctioning could double electricity-related emissions reductions, reduce total system costs by ∼1.4%, and generate USD 39 billion annually.
   • Enhances carbon price signals, market liquidity, and aligns with China’s “dual carbon” goals.