According to the Carbon Constraint Report of China's Listed Companies released on the 27th, electricity, steel, and chemicals have become China's top three high-energy-consuming industries. The average annual emissions of listed companies in the thermal power industry in China's seven carbon trading pilot regions from 2010 to 2012 is 339 million tons, and it will reach 370 million tons in 2013 to 2015; the annual emissions from the steel industry pilot regions from 2010 to 2012 will be With 132 million tons, it is estimated that the total amount of carbon dioxide emissions from 2013 to 2015 will be about 480 million tons, and the average annual emissions will be 160 million tons.

Under the background that multi-industry carbon emissions will continue to increase, the reporter learned that in addition to the official launch of the Shenzhen carbon trading pilot market, the preparation of carbon trading pilot projects for other pilot provinces and cities has entered the final stage. In the process of the intensive introduction of policies and regulations, preparations for the local trading markets are also being vigorously carried out.

The fastest growth of carbon emissions in the aviation industry

The Carbon Constraint Report of China's Listed Companies was issued jointly by the Low Carbon Special Committee of the China Enterprise Management Research Association and the Low Carbon Development International Cooperation Alliance. The report selected 10 carbons based on the analysis of the key industries covered by the carbon trading pilot policies. 138 listed companies in key industries were selected as the analysis targets.

In terms of sub-industries, the carbon dioxide emissions of the power industry are close to 50% of the total emissions in the country, mainly due to coal-fired power generation. From a national point of view, in 2012, the coal-fired power industry averaged 324 grams of standard coal consumption per kilowatt-hour, which translates into a carbon emission equivalent to 8.4 tons of carbon dioxide per million kwh. There are a total of 58 listed companies in the power generation industry in the country, including 38% of the 7 pilot provinces and cities, with a total of 22 companies. The installed capacity in 2012 was 181.78 million kilowatts, and the annual power generation amounted to 102.7 billion kwh. The average annual emissions of listed companies in the thermal power industry in the pilot regions from 2010 to 2012 is about 349 million tons. According to the correlation between GDP growth and power generation in the pilot regions, combined with coal-fired power supply targets for the power generation industry, the pilot regions from 2013 to 2015 are expected. The average annual emissions of listed companies in the thermal power industry is 370 million tons. The electricity industry's carbon emission quota gap is about 21 million tons.

Steel, chemical, non-ferrous metals, cement, and other industries are also large consumers of energy. Taking steel as an example, the annual emission of pilot regions from 2010 to 2012 is about 132 million tons. It is estimated that the total carbon dioxide emissions from 2013 to 2015 will be about 480 million tons. The average annual emission is 160 million tons. In the seven carbon trading pilot regions, the cooperation gap of listed companies in the steel industry from 2013 to 2015 was approximately 888 million tons of carbon dioxide, and the annual average gap was 30 million tons.

The absolute emissions of the aviation industry are small, but the growth rate is the first in all industries. The aviation fuel consumption in the aviation industry in China has soared from 11.95 million tons in 2008 to 15 million tons in 2011. The average annual growth rate of aviation fuel consumption has reached 8%. Currently, only the Shanghai region has included the aviation industry in the scope of mandatory transactions. Only one company involved in listed companies, and its emissions in 2013 was 13.36 million tons of carbon dioxide equivalent.

Carbon constraints will affect corporate profitability

In recent years, the Chinese government has intensively issued a series of policies related to energy-saving and emission reduction, including energy intensity emission reduction policies, energy total limit policies, voluntary emission reduction project emission reduction trading policies, and pilot carbon allowance trading policies. Although there are overlaps and overlaps between these policies, overall, the requirements for domestic energy-saving and emission reduction work have become increasingly stringent and specific.

With the steady progress of marketization of carbon trading, pilot cities have also accelerated the formulation and preparation of relevant policies. The China Securities Journal reporter was informed that since the official launch of the Shenzhen carbon trading pilot market on June 18, 2013, the preparation of carbon trading pilot schemes in several other pilot provinces and cities such as Shanghai and Tianjin has entered the final stage. In the process of the intensive introduction of various policies and systems, preparations for the local trading markets are also in full swing.

With the intensification of carbon trading preparatory work, it will further promote the active carbon trading market. According to relevant persons from the Low Carbon Development International Cooperation Coalition, carbon emissions and carbon trading are becoming new issues facing Chinese listed companies.

As of the end of 2012, the total number of listed companies in Shanghai and Shenzhen reached 2,494, with a total market value of RMB 230,357.62 billion, accounting for 48.70% of the country's GDP. As listed companies are mostly large-scale enterprises in related industries, a significant portion of them have greenhouses. Gas emissions are huge. If the annual emissions of 10,000 tons of carbon dioxide prescribed by Beijing Municipality are used as standards, after the national carbon trading market is unified, most listed companies will be directly or indirectly included in the compulsory trading system.

The impact of the establishment of a carbon trading market on related companies cannot be ignored. The industry expects that during the pilot period of 7 provinces and cities from 2013 to 2015, for the purpose of accumulating experience, quotas will be issued free of charge, and the proportion of quota gaps will not be too high, and carbon constraints will be relatively relaxed. According to the analysis of stakeholders, the carbon price is RMB 50. For example, if the industrial enterprises with emissions of one million tons, the quota gap is 10%, it only means the carbon constraint cost of RMB 5 million. However, if companies with 10 million tons of emissions, companies with higher gaps, or quotas are converted from free-to-paid enterprises after paid auctions, such carbon constraints may have a greater impact on corporate costs, which may affect the performance of listed companies. Profitability and valuation of secondary market stocks.

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