In China, more and more enterprises actively participate in carbon trading. On June 5438- 10, 2005, Dongyue Chemical Group, the largest freon manufacturing enterprise in China, cooperated with Nippon Steel and Mitsubishi Corporation, the largest Japanese steel enterprises, and started the trading business of greenhouse gas emission rights. It is estimated that by the end of 20 12, the two companies will receive 55 million tons of carbon dioxide equivalent emissions, and the scale of greenhouse gas emission rights involved in this project will reach100000 tons per year, which is the largest greenhouse gas emission project in the world at present.
On June 5438+February 65438+February 9, 2005, Jiangsu Meilan Chemical Co., Ltd. and Changshu Sanaifu Zhonghao Chemical New Materials Co., Ltd. signed a carbon emission reduction purchase agreement with the Umbrella Carbon Fund of the World Bank with a total amount of 775 million euros (equivalent to 930 million US dollars). This record greenhouse gas emission transaction will help the two China enterprises to reduce their emissions by190,000 tons of carbon dioxide equivalent every year in the next seven years.
Since June 65438+1October 65438+September 2006, a "carbon storm" has blown up in Beijing, Chengdu, Chongqing and other places. The initiator of this "carbon storm" is the largest climate and economic delegation in the history of Britain to purchase carbon dioxide emission rights, which is composed of l5 British carbon fund companies and service organizations. These international buyers holding billions of dollars to buy carbon dioxide emission reduction rights have attracted the attention of many domestic industrial enterprises.
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Triangular pattern of carbon trading market and industrial competition The global carbon market (carbon market under Kyoto Protocol) is the foundation of the whole international carbon market, and the United States is the most uncertain factor. But Americans' ambition on climate change is obvious, and they regard climate change as an important means to reshape American hegemony. The global carbon market with CDM mechanism as the core will evolve and improve in the post-Kyoto era, mainly in two aspects: first, it will develop into more efficient mechanisms such as industry emission reduction and planned emission reduction; Second, adjustments and changes have been made in applicable industries and fields to better meet market demand. The greatest significance of the existence of the global carbon market lies in establishing the credit base of the carbon market.
Regional carbon market is another important role of international carbon market. In the future, a regional trade system with Europe and North America as the core will be formed. The trading volume of the two markets will account for most of the carbon market, and fierce competition will also be launched in other parts of the world. The core of competition will be the competition of carbon pricing power, which is embodied in the planning and layout of carbon exchanges, standard competition and the innovation of carbon derivatives. In fact, theoretically speaking, the regional trading system is more stable and mature, and it should undertake the heavy responsibility of developing the whole carbon market.
Another important area will be the voluntary emission reduction market. The voluntary emission reduction market has developed rapidly in recent years, but the transaction volume is still small, and it is currently in the stage of standardized competition. Once a certain standard clearly wins in the market, the performance of the voluntary emission reduction market may surprise many people. Will be more creative than the mandatory emission reduction market. The operating mechanism of voluntary emission reduction market is completely different from that of compulsory market, which will bring completely different opportunities and business models from the current CDM.
Although China, as a developing country, has not been included in the mandatory emission reduction plan by the Protocol, China has been participating in the carbon trading market through the clean development mechanism. In the past two years, China has been leading the world in clean development mechanism projects and certified emission reduction supply. In 2007, the certified emission reduction generated by clean development mechanism projects in China accounted for 73% of the global total, and in 2008 it accounted for an astonishing 84%. Obviously, China's real economy enterprises have created a lot of emission reductions for the carbon market, but an extremely important issue is that China is at the bottom of the whole carbon trading industry chain. As a result, CERs created by China was bought by developed countries at low prices, and then packaged and developed by their financial institutions into higher-priced financial products, derivative products and guarantee products for trading. Moreover, they are trying their best to attract financial institutions in China to participate in the carbon financial market they have established, so as to earn profits from China's capital. It's like China provides many raw materials and primary products to developed countries, and developed countries sell them to high-end products in China, earning "scissors difference" profits.
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The relationship between compulsory emission reduction market and voluntary emission reduction market. The main obstacle of compulsory emission reduction market lies in the balance of interests of all parties, and the main obstacle of voluntary market lies in the full exploration of the relationship between supply and demand in the market. The driving forces of the two are completely different, and the cost of building a compulsory emission reduction market is much higher than that of a voluntary emission reduction market. This feature determines that the positioning and development models of the two markets are fundamentally different.
From the market point of view, due to the high operating cost, the compulsory market is more suitable for projects with low risk, strong additionality and large emission reduction, while the voluntary market is more suitable for projects with high risk, low additionality and small emission reduction. This is somewhat similar to the relationship between the main board and the growth enterprise market. At present, the two departments are completely isolated from each other in mechanism, but the voluntary emission reduction market is developing rapidly and its own risk management system has been established. Project risk control is the weakness of the voluntary market, but this market is based on CDM method. If an effective risk assessment and control system can be established in the future, it is reasonable to believe that higher-quality emission reductions in the voluntary emission reduction market can enter the mandatory market, and this breakthrough may begin with the regional trading system. Relationship between carbon trading and low-carbon economy
Low-carbon economy is an economic model based on low energy consumption, low pollution and low emission, and it is another great progress of human society after agricultural civilization and industrial civilization. Its essence is to improve energy utilization efficiency, develop clean energy technology, optimize industrial structure, and fundamentally change the concept of human survival and development.
The "low-carbon economy" first appeared in government documents, and it was the British energy white paper "Our Energy Future: Creating a Low-carbon Economy" in 2003, which was strongly supported by the United Nations. In July, 2007, the United States Senate proposed the Low-carbon Economy Act, which indicated that the development path of low-carbon economy would become an important strategic choice for the United States in the future. After Obama took office, he listed the clean energy economy as an important means to revitalize the American economy and enhance American leadership. In June 2009, the US House of Representatives passed the Clean Energy and Security Act of 2009, which has two cores: one is to vigorously develop clean energy technologies and reduce dependence on fossil fuels; The second is to establish a greenhouse gas emission trading system and develop a new carbon financial market, the scale of which is equivalent to that of the oil futures market.
Carbon trading is the only way to lead the development of low-carbon economy by using market mechanism. The low-carbon economy will ultimately reduce its dependence on fossil fuels and reduce the level of greenhouse gas emissions through technological innovation and the optimization and transformation of the real economy. However, historical experience shows that it is impossible to achieve emission reduction targets only through voluntary or compulsory behavior of enterprises and individuals without introducing market mechanism. Starting from the capital level, the carbon market defines greenhouse gas emission rights by dividing environmental capacity, and expands carbon assets into a new type of capital. Carbon trading has brought climate change factors that have been outside the balance sheet into the balance sheet of enterprises, changing the income and expenditure structure of enterprises. The existence of carbon trading market creates conditions for the pricing and circulation of carbon assets. In essence, carbon trading is a financial activity, but compared with general financial activities, it links financial capital with the real economy based on green technology more closely: on the one hand, financial capital directly or indirectly invests in projects and enterprises that create carbon assets; On the other hand, emission reductions of different projects and enterprises are traded in the carbon financial market and developed into standard financial instruments. Carbon trading connects financial capital with the real economy and guides the development of the real economy through the power of financial capital. This is an organic combination of virtual economy and real economy, which represents the development direction of the future world economy.