Energy Insider: China Releases Top-Level Plan for National Carbon Market
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China Unveils Top-Level Design for National Carbon Market
On Aug. 25, the General Office of the Communist Party Central Committee and the General Office of the State Council jointly issued new guidelines for China’s national carbon market, providing the first comprehensive top-level plan for its development. The core goals are to basically cover all major industrial emitting sectors by 2027 and largely establish a carbon allowance system combining total emissions caps with both free and paid allocation by 2030.
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- China unveiled guidelines for its national carbon market aiming to cover major emitting sectors by 2027 and establish a carbon allowance system by 2030.
- BYD will build a 600,000 sqm EV assembly plant in Malaysia, operational by H2 2026; Sungrow Power reported H1 revenue of 43.5 billion yuan and net profit up 56%.
- CMOC Group’s H1 net profit rose 60% to 8.7 billion yuan, MMG’s Las Bambas copper mine output increased 67%, and Northern Rare Earth’s net profit surged 1,952%.
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Who’s Who
- BYD Co. Ltd.
- BYD Co. Ltd. (比亚迪股份有限公司) plans to build a new 600,000-square-meter electric-vehicle (EV) assembly plant in Tanjung Malim, Malaysia, projected to open in the second half of 2026. This move capitalizes on their significant success in the Southeast Asian country, where BYD models accounted for the largest share of newly registered EVs in the first seven months of this year. The facility aligns with Malaysia's shift from import tax exemptions to incentives for locally manufactured vehicles.
- Sungrow Power Supply Co. Ltd.
- Sungrow Power Supply Co. Ltd. plans a secondary listing on the Hong Kong Stock Exchange. This move supports its global growth strategy. For the first half of the year, the company reported a 40.3% increase in revenue, reaching 43.5 billion yuan ($6 billion), and a 56% rise in net profit to 7.7 billion yuan.
- CMOC Group
- CMOC Group's shares have soared 90% this year. The company focuses on a portfolio combining its top-10 global copper assets with a growing gold business. Its first-half net profit reached a record high of 8.7 billion yuan, a 60% increase year-on-year, driven by rising volumes and prices for copper and cobalt, despite a 7.8% drop in revenue to 94.8 billion yuan.
- MMG Ltd.
- MMG Ltd., a Chinese miner, reported a dramatic surge in profit due to higher output at its Las Bambas copper mine in Peru. The mine's copper production increased by 67% year-on-year to 210,000 tons in the first half of the year, contributing $2 billion to revenue. This helped MMG's total first-half revenue rise by 47% to $2.8 billion.
- China Northern Rare Earth (Group) High-Tech Co. Ltd.
- China Northern Rare Earth (Group) High-Tech Co. Ltd. reported a significant increase in its financial performance for the first half of 2025. Its net profit surged by 1,951.5% year-on-year to 931 million yuan, and revenue grew by 45.2% to 18.9 billion yuan. This growth was driven by increased sales volumes and rising prices, especially for praseodymium-neodymium products.
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What Happened When
- First half of 2025：
- MMG's Las Bambas copper mine in Peru produced about 210,000 tons of copper; revenue for MMG Ltd. from Las Bambas jumped 60% to $2 billion.
- Early August 2025：
- Armenia and Azerbaijan signed a U.S.-brokered peace deal establishing the 'Trump Route for International Peace and Prosperity' corridor.
- Aug. 25, 2025：
- The General Office of the Communist Party Central Committee and the General Office of the State Council jointly issued new guidelines for China’s national carbon market.
- Aug. 25, 2025：
- A BYD executive said the company would build a 600,000-square-meter assembly plant in Tanjung Malim, Malaysia.
- Aug. 25, 2025：
- CMOC Group Chairman Liu Jianfeng spoke at an earnings call, reporting a record high first-half net profit.
- Aug. 26, 2025：
- Sungrow Power Supply Co. Ltd. announced its intention to apply for a secondary listing on the Hong Kong Stock Exchange.
- Aug. 26, 2025：
- China Northern Rare Earth announced its net profit for H1 2025 jumped 1,951.5% year-on-year to 931 million yuan.
- Aug. 26, 2025：
- The Baltic Dry Index rose 5% to 2,041 points.
- As of the close on Aug. 26, 2025：
- WTI crude futures closed at $63.25 per barrel, Brent crude futures closed at $67.22 per barrel.
AI generated, for reference only
- CX Weekly Magazine
Aug. 29, 2025, Issue 33
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