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- Title
碳排放权市场的规范性构建.
- Authors
詹诗渊
- Abstract
Although the Interim Regulations on the Management of Carbon Emissions Trading have been included in the annual legislative plan of China' s State Council for two years, they are still pending. The reason is that the existing carbon emissions trading system has not been standardized within the existing legal system. Therefore, as the logical starting point for the construction of the carbon emissions trading system, carbon emissions should be clarified as a usufructuary right at first, which is beneficial to the distribution and transfer of carbon emission rights in the primary market and to the circulation of carbon emission rights in the secondary market. This also conforms to the legislative purpose of the Interim Regulations on the Management of Carbon Emissions Trading and the logic of the legal economics theory. Secondly, the carbon emissions trading market should be constructed at three levels: ① The allocation and trading of carbon emission rights in the primary market can be conducted in two ways: for free or in the form of a paid auction. For projects involving major public interests, carbon emission rights can be allocated for free; for other carbon emission subjects, carbon emission rights should be allocated in the form of a paid auction. ② In the secondary market, it should be clarified that the transaction of security by carbon emission rights is in the form of a mortgage, not a pledge. At the same time, carbon emission right guarantee transactions should be registered in the registration system of the People' s Bank of China. ③ In the tertiary market, asset-backed securitization and factoring financing of carbon emission rights should be developed. Finally, in order to resist the price fluctuation and transaction risk caused by the failure of the market, it is necessary to establish an administrative supervision system. It is also vital to establish a repurchase and release mechanism and a storage and lending mechanism related to the stabilization of the carbon emission right transaction price so that the carbon emissions trading market can develop in a stable way.
- Subjects
CARBON offsetting; CARBON emissions; EMISSIONS trading; CHINA. Guo wu yuan; PEOPLE'S Bank of China; FACTORING (Finance); PRICE fluctuations; SECONDARY markets
- Publication
China Population Resources & Environment, 2023, Vol 33, Issue 8, p62
- Publication type
Article
- DOI
10.12062/cpre.20230317