1, global carbon finance status. In recent years, with the framework of Kyoto Protocol (1997) forcing developed countries to limit carbon emissions. The quota market and project market of carbon trading have gradually formed in the world and developed rapidly in all countries of the world. The market value of global carbon trading rose from 377 million euros in 2004 to 9.4 billion euros in 2005. In 2007, the global carbon trading market value reached 40 billion euros, 865,438+0.8% higher than the 22 billion euros in the same period last year. In 2008, even though the American subprime mortgage crisis led to the slowdown of umbrella economy, the carbon trading volume maintained a rapid growth. In 2008, the annual carbon trading volume of the umbrella reached about 965,438+00 euros. The World Bank predicts that the global carbon trading volume will reach $654.38+050 billion in 2065.438+02. It is expected to surpass the oil market and become the largest market in the world.
In umbrella trading, the EU emissions trading system has always occupied a dominant position. In 2008, the trading volume of EU emissions trading system was 9 1.9 1 billion USD, and the trading volume was 3.09 billion tons of carbon dioxide equivalent, which were 87.3% and 50 1% higher than that of 2007, accounting for 72.7% and 64.2% of the world respectively. With the G-8 meeting, developed countries are willing to cooperate with other poor countries to reduce global greenhouse gas emissions by at least half by 2050, when the total greenhouse gas emissions of developed countries should be reduced by 80%. According to the statistics of the World Bank, the global carbon dioxide emissions will reach 30.6 billion tons in 20 10. In order to realize the emission reduction commitment at that time, it is expected that the next few years will be the beginning of the truly vigorous development of the umbrella carbon trading market.
Throughout the world, the joint emission reduction agreement of other types of plows has come to an end. Kyoto Protocol can survive and play a role because it has established a "cooperative mechanism" to control the gas emissions of temperature monitoring by market means. Because the emission of greenhouse gases is a global problem, the impact of greenhouse gases on the umbrella climate will not vary greatly because of the different emission locations. Therefore, according to the principle of general economics, the optimal emission reduction scheme of human beings should be to reduce emissions at the lowest cost and achieve the maximum greenhouse gas emission reduction at the lowest cost.
According to this principle, Kyoto Protocol introduced three market-oriented mechanisms, namely, International Emissions Trading Mechanism (et), Joint Implementation Mechanism (JI) and Clean Development Mechanism (CDM). The International Emissions Trading Mechanism (ET) allows developed countries with emission reduction obligations to transfer the remaining emission quotas to each other. Joint Implementation Mechanism (JI) allows poor developed countries to obtain emission reduction credits from energy-saving and emission reduction projects they invest in other developed countries with emission reduction obligations to offset their emission reduction obligations; Clean Development Mechanism (CDM) allows investors from developed countries to obtain CERs from emission reduction projects implemented by developing countries that are conducive to the sustainable development of developing cities and towns, so as to offset their emission reduction obligations. Thus, only the Clean Development Mechanism (CDM) is relevant to developing countries, while the International Emissions Trading Mechanism (ET) and the Joint Implementation Mechanism (JI) are transactions between developed countries.
2. Development status of carbon finance market in China. China's temperature channeling gas emissions are second only to the United States, and the carbon financial market has great potential for development. According to the estimation of emissions and greenhouse gas reduction policies, China will occupy 40%-60% of the CDM market in the future. By participating in this mechanism, China can introduce foreign capital and energy-saving and emission-reduction technologies, promote the development of environmental protection in China and promote the sustainable development of our surrounding society; At the same time, the project owner can make up for the increased cost of implementing carbon emission reduction by selling CERs in the carbon trading market.
For domestic enterprises engaged in clean energy projects, the clean development mechanism has an additional way of financing and technological transformation. On June 30, 2004, the Interim Measures for the Operation and Management of Clean Development Mechanism Projects jointly issued by the National Development and Reform Commission, the Ministry of Science and Technology and the Ministry of Foreign Affairs came into effect in China, and the Measures for the Operation and Management of Clean Development Mechanism Projects were issued on June 10 and June 12, 2005, which indicates that there are clear and relatively standardized policies and mechanisms for the development of carbon finance based on CMD projects in China. Local government departments in various provinces and cities have also participated in the establishment and trading of carbon financial markets.
Second, the establishment and practice of carbon financial market in China;
China is the largest developing country in the world and a responsible big country. China has been paying close attention to global warming and carbon dioxide emissions. At present, China's carbon finance has just started, and there are not as rich trading products and huge trading volume as foreign carbon trading markets. However, there are preliminary attempts in various regions and fields in China. In June, 2005, Heihe Hydropower signed a 65,438+00-year emission reduction compensation purchase agreement with the World Bank. Xiaogushan reduces carbon dioxide emissions by 300,000 tons every year, with a total income of13.5 million USD.
The World Bank has provided a template for the development of CDM in China. June 5438, 2005+10 month. Shandong Dongyue Group, the largest manufacturer of freon around us, cooperated with Nippon Steel and Japan's largest steel company, Lingshang Corporation, and started the trading business of greenhouse gas emission rights. In August, 2007, Shenzhen Development Bank launched RMB and USD financial products linked to carbon dioxide. The underlying asset is the futures contract price of carbon dioxide emission rights in the second commitment period of the European Union. Both products will expire on September 2, 2008. 7.3% and 14. I%, similar crystal production started again. 2008 -27- In the middle of August, the first batch of tons of carbon indicators of Liaoyang Petrochemical Company of China Petroleum was approved for trading.
This is the first CDM project of PetroChina. In July 2009, Shanghai Pudong Development Bank introduced CDM development and trading institutions for two hydropower projects with a total installed capacity of nearly 70,000 kilowatts in Shaanxi, which won competitive trading prices for the project owners. On June 5438+065438+ 10, 2009, Beijing Environment Exchange and Beijing International Trust and Investment Co., Ltd. launched the trust plan of "Low Carbon Wealth Carbon Resources 1" to participate in the development of CDM unilateral projects. At present, the main carbon financial markets in China are:
1, Beijing Environment Exchange.
Beijing Environment Exchange is a franchise entity established with the approval of Beijing Municipal People's Government. Beijing Environment Exchange is a corporate centralized trading institution for environmental rights initiated by the Foreign Cooperation Center of the Ministry of Environmental Protection and Beijing Property Rights Exchange. At the beginning of its establishment, Beijing Environment Exchange announced that it would develop energy-saving and emission-reduction technology trading and carbon trading index trading, and establish an information service platform for greenhouse gas emission reduction, hoping to solve the environmental problems of energy-saving and emission reduction through market-oriented means. On June 18, 2009, Beijing Environment Exchange also signed a strategic cooperation agreement with BlueNext Exchange in Europe. At that time, CDM projects listed on Beijing Environment Exchange will be released on BlueNext at the same time, which is the first time that China sellers of carbon trading are directly open to the world.
2. Tianjin Emissions Exchange.
Tianjin Emissions Exchange is the first comprehensive environmental rights trading institution in China, and it is an international trading platform that uses market-oriented means and financial innovation to promote energy conservation and emission reduction. The voluntary cap-and-trade model of Tianjin Emissions Exchange draws lessons from Chicago Climate Exchange. In September 2009, Tianjin Emissions Exchange launched the "Joint Action of Voluntary Emission Reduction of Enterprises" to pilot the measurement, reporting and verification system, emission reduction and trading system of greenhouse gases such as carbon dioxide, which is in line with China's national conditions and the actual situation of enterprises.
Its purpose is to implement the national requirements of developing low-carbon economy and conducting carbon trading pilot as soon as possible, explore the rich carbon financial market mechanism in China, and assist enterprises in carbon asset management. The "Joint Action of Voluntary Emission Reduction of Enterprises" advocated by Tianjin Emissions Exchange will recruit 20 large-scale emission enterprises with industry representativeness according to the principles of "voluntary design rules, voluntary target setting and voluntary participation in trading", and jointly study and design documents including governance, certification, market purpose, emissions, benchmarks, deduction and emission reduction arrangements with Tianjin Emissions Exchange to form a voluntary carbon emission reduction agreement. After that, companies willing to participate will sign a legally binding voluntary carbon reduction agreement. Commit to carbon emission reduction targets and participate in emission trading according to the agreement. In addition, according to the design, the transaction needs to be limited by the incremental slowdown, not the reduced stock of wealth.
3. Other emissions trading.
Since July 2008, Lvliang Energy Conservation and Emission Reduction Project Trading Center, Buhai Environmental Energy Exchange, Chongqing Emissions Exchange and Kunming Environmental Energy Exchange have been established one after another. The exchanges built in these provinces and cities are mainly based on carbon trading. Among them, Kunming Environmental Energy Exchange, with Beijing Environmental Exchange as the second largest shareholder, is the first step of the overall strategy of Beijing Environmental Exchange, and the layout of Kunming Environmental Exchange radiates the ASEAN regional market.
In addition, it was built in the northeast in the second half of 2009, and it was listed on the East Asia, Japan, South Korea and Russia Stock Exchange in September. In addition, Beijing Environmental Exchange will also set up an environmental exchange in the northwest, thus completing the national layout strategy and extending it to neighboring countries.