Research on the Coupling Mechanism of Green Electricity Certificate Market and Carbon Market under the "Dual Carbon" Targets

Against the backdrop of accelerating "Dual Carbon" targets, the electricity market, the Green Electricity Certificate market, and the carbon emission trading market constitute pivotal market-based mechanisms driving the clean energy transition. Although recent policy advancements—such as the full coverage of GEC issuance and the reboot of the China Certified Emission Reduction scheme—have refined the top-level design of the environmental equity market, practical operations remain constrained by deep-seated challenges, including insufficient cross-market coordination, obstructed price signal transmission, ambiguous boundaries of environmental rights, and data fragmentation. Grounded in the latest policy context, this study first dissects the interaction mechanisms and synergistic development pathways between the GEC and carbon markets, systematically reviewing their functional positioning and development status to identify core coupling obstacles under the current mechanism. Subsequently, drawing on the economic logic of carbon cost internalization, electricity price pass-through, and green premium formation, the paper constructs an analytical framework for the "Carbon-Electricity-GEC" nexus, focusing on full-chain price linkage and supply-side exclusive asset allocation. Finally, specific optimization pathways are proposed to provide a theoretical foundation and decision-making support for establishing a logically coherent and efficient synergistic governance system, thereby propelling China’s environmental equity market toward a new stage of high-quality development.