With the intensifying global climate crisis

carbon emissions trading has emerged as a crucial market-based instrument for emissions reduction

attracting significant attention from government agencies and academia worldwide.As of January 2024

28 carbon trading markets have been established globally

encompassing approximately 17%of global greenhouse gas emissions and serving approximately 1/3 of the global population.With various nations setting carbon neutrality targets and delineating carbon reduction pathways

the construction

operation

and regulatory frameworks of carbon markets are becoming increasingly refined and comprehensive.This study elucidates the importance and necessity of establishing carbon markets from the perspective of energy system transformation and sustainable economic development.Second

it provides a comparative analysis of the operational mechanisms

trading scales

and emission reduction outcomes of major carbon markets in the European Union

United States

and New Zealand

systematically summarizing their development processes and recent advancements.Finally

this study addresses issues and challenges in the construction of China’s carbon market.Drawing on the successful experiences of leading global carbon markets in institutional design and market operations

we propose development strategies and recommendations for a carbon market with Chinese characteristics.These strategies are intended to align with international standards while meeting China’s national conditions

thereby contributing insights into the global carbon market trading system.