Basic introduction Chinese name: carbon trading market mbth: carbon trading market positioning: artificial market basis: The United Nations Framework Convention on Climate Change aims at: introduction of low-cost emission reduction subjects, operation mechanism, trading introduction, main markets, two types, quota types, project types, three mechanisms, origin and background, legal basis, development status, development suggestions and disadvantages brought by expert suggestions. Suppliers of the carbon market include project developers, low-cost emitters, international financial organizations, carbon funds, major banks and other financial institutions, consulting institutions and technology development and transfer companies. Demand side has performance buyers, including emission subjects with high emission reduction costs; Voluntary buyers, including enterprises, * *, non * * organizations and individuals who conduct carbon trading or prepare to perform contracts out of corporate social responsibility. After entering the carbon market, financial institutions also play an intermediary role, including brokers, exchanges and trading platforms, banks, insurance companies, hedge funds and other financial institutions. The carbon market is a carbon trading market. Now the international community advocates reducing carbon emissions, and each country has its own carbon emissions, that is, the amount of carbon allowed to be emitted is equivalent to the quota. In some countries (such as China), the actual carbon emissions may be lower than the allocated quota, or because the actual carbon emissions of countries with good environmental protection are lower than the quota, then these countries can sell their inexhaustible carbon emissions to countries with actual carbon emissions greater than the allocated quota. From the legal basis of carbon market, carbon trading market can be divided into compulsory trading market and voluntary trading market. If the total amount of greenhouse gas emissions is clearly defined in the laws of a country or region, and the specific emissions of enterprises included in the emission reduction plan are determined accordingly, then in order to avoid economic punishment for exceeding the standard, those enterprises with insufficient emission quotas need to buy emission rights from those enterprises with excessive quotas. This market created to meet the mandatory emission reduction requirements of laws is called compulsory trading market. Based on social responsibility, brand building, future environmental protection policy changes and other considerations, some enterprises mutually agree on greenhouse gas emissions through internal agreements, and adjust the surplus and deficiency through quota trading to meet the requirements of the agreement. The carbon market based on this transaction is the voluntary carbon trading market. Operating mechanism At present, the operating mechanism of the carbon market has the following two forms. Quota trading is controlled and restricted by relevant institutions, and countries, enterprises or organizations with emission reduction targets are included in the market. Under the system of total control and quota trading, managers set and allocate emission quotas to participants, and combine environmental performance and flexibility through market-oriented trading means, so that participants can meet compliance requirements at the lowest possible cost. Project-based transaction is through project cooperation, the buyer provides financial support to the seller and obtains greenhouse gas emission reduction quota. Because the cost of emission reduction in developed countries is high, the average cost of emission reduction in developing countries is low. Therefore, developed countries provide capital, technology and equipment to help enterprises in China countries or countries with economies in transition reduce emissions. The generated emission reduction credits must be sold to helpers, and these credits can be further traded in the market. The European Union Emissions Trading System (EUETS) introduced carbon emissions futures and options trading in April 2005, and carbon trading was interpreted as financial derivatives. In February 2008, BLUENEXT, the world's first carbon emission trading platform, was put into operation, and then the futures market was launched. Other major carbon trading markets, including the UK Emissions Trading System (UKETS) in the UK, the Australian National Trust (NSW) in Australia and the Chicago Climate Exchange (CCX) in the US, have also achieved relatively rapid expansion. Canada, Singapore and Tokyo have also established trading mechanisms for carbon dioxide emission rights. Carbon trading is a greenhouse gas emission reduction transaction based on public international law in order to promote global greenhouse gas emission reduction under the Kyoto Protocol. Among the six greenhouse gases that require emission reduction, the emission of carbon dioxide (CO2) is the largest, so this transaction is based on the equivalent of carbon dioxide per ton (tCO2e), so it is generally called "carbon trading". Its trading market is called carbon market. Carbon Trading After the Kyoto Protocol came into effect in 2005, the global carbon trading market experienced explosive growth. In 2007, the carbon trading volume jumped from 65.438+0.6 billion tons in 2006 to 2.7 billion tons, an increase of 68.75%. The growth of turnover is faster. In 2007, the global carbon trading market value reached 40 billion euros, an increase of 865,438+0.8% compared with 22 billion euros in 2006. In the first half of 2008, the total value of the global carbon trading market was even the same as that of the whole year of 2007. After years of development, the carbon trading market has gradually matured, the geographical scope of participating countries has been expanding, the market structure has deepened to multiple levels, and the financial complexity is not the same. According to the prediction of the United Nations and the World Bank, the global carbon trading market will reach $60 billion annually in 2008-20 12, and the global carbon trading market will reach $150 billion in 20 12, which is expected to surpass the oil market and become the largest market in the world. If we look further, the international carbon trading system after 20 12 is also worth looking forward to. Carbon trading has become the largest commodity in the world. The binding force of the marked currency of carbon trading target and the monetary function derived from it will have an impact on breaking the unilateral dollar hegemony and promoting the diversification of the international monetary pattern. At first, carbon trading was only a way to reduce greenhouse gas emissions, but since 2000, its rapid development has made people realize its potential again. There are four carbon exchanges in the world: the European Union's European Greenhouse Gas Emissions Trading Scheme (EU ETS) and the UK Emissions Trading Group. ETG) Chicago Climate Exchange (CCX) in the United States and Australian National Trust Company in Australia. As neither the United States nor Australia is a member of the Kyoto Protocol, only the EU emissions trading system and the UK emissions trading system are international exchanges, and the two exchanges in the United States and Australia are only symbolic. As of the third quarter of 2006, the transaction amount of EU emissions trading system in 2006 reached $654.38+088 billion. Two types According to the above three mechanisms, carbon trading can be divided into two types: quota-based trading refers to the trading of emission reduction units generated under total control, such as the EU's EU emission trading system "EUAs" trading, which is mainly the excessive emission reduction trading between countries that have reduced their emissions under the Kyoto Protocol, usually spot trading. Project-based transaction: refers to the transaction of emission reduction units generated by emission reduction projects, such as "emission reduction warrants" under the clean development mechanism and "emission reduction units" under the joint implementation mechanism, which are mainly emission reduction transactions generated through emission reduction plans of cooperation between countries, and are usually bought and sold in advance in the form of futures. Three mechanisms In order to achieve the ultimate goal of global greenhouse gas emission reduction under the United Nations Framework Convention on Climate Change, the aforementioned legal framework stipulates three emission reduction mechanisms: 1, clean development mechanism (CDM) 2, joint implementation, and JI) 3. Emissions trading (ET) allows the parties to the United Nations Framework Convention on Climate Change to transfer or acquire emission reduction units, but the specific rules and functions are different. The "clean development mechanism" stipulated in Article 12 of the Kyoto Protocol aims at transferring emission reduction units in the CDM register between countries with attached files (developing countries) and countries without attached files. In order for a country without attached files to reduce emissions under the premise of sustainable development and benefit from it; At the same time, assist a country belonging to the archives to obtain an "emission reduction certificate" (dedicated to the clean development mechanism) through clean development mechanism project activities, thus reducing the cost of fulfilling the commitments of the United Nations Framework Convention on Climate Change. Joint implementation as stipulated in Article 6 of the Kyoto Protocol refers to the certification, transfer or acquisition of emission reduction units between countries under the supervision of the Supervisory Committee, and the emission reduction units used are emission reduction units. Detailed provisions on joint implementation are contained in decision 16/Cp.7, "Guidelines for the implementation of Article 6 of the Kyoto Protocol". The trading of emission rights stipulated in Article 17 of Kyoto Protocol refers to the transfer or acquisition of emission reduction units, emission reduction certificates, assigned amount units and removal units between a country's national registries with documents attached. See document 18/CP for details of "emissions trading". It is expected that from 2007, "emissions trading" will be conducted under the mechanism of "International Transaction Log" (an exchange certified by various emission reduction units). The carbon asset that produce that root cause originally does not exist in this world, and it is neither a commodity nor an economic value. However, the signing of 1997 Kyoto Protocol changed all this. On the premise of reasonable environmental capacity, politicians believe that the emission of greenhouse gases, including carbon dioxide, should be limited, which leads to the scarcity of carbon emission rights and credits, and becomes a valuable product called carbon assets. The promoters of carbon assets are 100 members of the United Nations Framework Convention on Climate Change and signatories of the Kyoto Protocol. This gradually scarce asset may flow under the premise that developed countries and developing China countries bear the same but different responsibilities as stipulated in the Kyoto Protocol. Because developed countries have the responsibility to reduce emissions, but developing countries do not, the distribution of carbon assets in different countries in the world is different. On the other hand, the essence of emission reduction is energy. Developed countries have high energy utilization efficiency, optimized energy structure and adopted a large number of new energy technologies, so it is extremely expensive and difficult to further reduce emissions in their own countries. However, developing countries have low energy efficiency, large space for emission reduction and low cost. This leads to different costs of the same emission reduction unit in different countries, resulting in great price differences. The demand of developed countries is great, and the supply capacity of developing countries is also great, resulting in a carbon trading market. Background China is the second largest emitter of greenhouse gases in the world. Although there are no restrictions on emission reduction, China is regarded as the most potential market for emission reduction by many countries. According to the statistics of the United Nations Development Programme, as of 2008, China's carbon dioxide emission reduction has accounted for about 1/3 of the global market. It is estimated that by 2065,438+02, China will account for 465,438+0% of all emission targets issued by the United Nations. 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. 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. As early as 2009, China has set the goal of reducing the carbon dioxide emissions per unit of GDP by 40%-45% compared with 2005. However, according to the provisions of the United Nations Framework Convention on Climate Change, China, as a developing country, will not undertake legally binding absolute total greenhouse gas emission reduction until at least 2020. Moreover, China does not have the conditions to promote quota trading nationwide. Under the general trend of global emission reduction, from the perspective of fulfilling commitments and controlling domestic emission reduction, China can carry out quota carbon trading pilot projects in some provinces (cities) to clarify emission reduction control indicators of related industries or enterprises. However, the establishment and improvement of voluntary carbon trading market in the short term is still the focus of promoting the construction of domestic carbon trading market. It is a long-term task to establish a unified national carbon trading market, especially the quota trading market, which needs to be promoted in stages. The establishment of voluntary carbon trading market is a beneficial attempt to establish a unified domestic carbon trading market. The formulation and implementation of the basic system and management measures of voluntary carbon trading market can provide an important practical basis for studying and formulating the trading mechanism, regulations and policies of the national unified carbon trading market, thus laying a solid foundation for smoothly promoting the construction of China's carbon trading market. The "Twelfth Five-Year Plan" puts forward the goal that the carbon dioxide emissions per unit of GDP will be reduced by 17% by 2065 and 438+05 compared with 2065 and 438+00, and emphasizes that the market mechanism should play more roles in achieving emission reduction targets. By establishing a voluntary carbon trading market and encouraging enterprises to voluntarily participate in carbon emission reduction trading, it can not only cultivate and enhance the social responsibility awareness of enterprises and individuals to reduce emissions, but also encourage enterprises to accelerate technological transformation and promote green and low-carbon transformation, thus contributing to the realization of China's energy conservation and emission reduction goals. Although many environmental energy exchanges have been established in Beijing, Tianjin, Shanghai, Shenzhen and other cities, very few voluntary carbon emission reduction transactions have actually been completed in the exchanges. At present, voluntary emission reduction trading is only the personal behavior of some buyers with strong environmental awareness, and few enterprises from high energy-consuming industries participate. It can be said that most exchanges are in an embarrassing situation of "having a price but no market". Legal basis 1992 United Nations Conference on Environment and Development (also known as "Earth Summit"), 155 countries signed the United Nations Framework Convention on Climate Change, which is the fundamental parent law of the clean development mechanism. 1997 The Third Conference of the Parties to the United Nations Framework Convention on Climate Change adopted the legally binding Kyoto Protocol; Item 12 uses the word 10 to "determine the clean development mechanism". In 20001year, the seventh conference of the parties to the United Nations Framework Convention on Climate Change adopted a series of decision documents, called "Marrakesh documents", including decision 15/Cp.7 "Principles, nature and scope of mechanisms stipulated in Articles 6, 12 and 17 of the Kyoto Protocol"; Decision 16/Cp.7 "Guidelines for the implementation of Article 6 of the Kyoto Protocol"; Decision 17/Cp.7 "Modalities and procedures for the implementation of the clean development mechanism defined in Article 12 of the Kyoto Protocol"; Decision 18/Cp.7 "Modalities, rules and guidelines for emissions trading under Article 17 of the Kyoto Protocol". Carbon trading is mainly based on the above legal documents. Current development status (refer to 2009), CLIMEX, European Climate Exchange, Nordic Power Exchange, new york Green Exchange, Asian Carbon Exchange, etc. Can carry out emission reduction trade (CER). According to the statistics of the World Bank, the global transactions related to CER reached 6 billion euros in 2007. However, affected by the financial crisis, in the first half of 2009, the price per ton of CER in the whole secondary market dropped from the previous 20 euros to about 10 euros. Let's take a look at the European emissions trading system first. Since 2005, the European Commission has implemented greenhouse gas emission quota management for member countries. In the first stage of its entry into force (2005-2007), it stipulated the amount of carbon dioxide that each member country can emit each year. On this basis, a European emissions trading system was established, allowing member countries to trade their respective quotas. The EU's regulations are stricter than the Kyoto Protocol, and its transactions are very active. In 2005, the turnover reached 7.2 billion euros, and in 2006 it was 1, 8 1 billion euros. However, due to the European Union's stipulation that the quota in the first stage cannot be brought into the second stage, the price dropped sharply in 2007 and the trading volume shrank. 2008-20 12 was the second stage, some non-EU member countries joined in, and the EU also accepted the emission reduction projects determined by UNFCCC. Let's take a look at the carbon emissions trading of the Chicago Climate Exchange. Founded in 2003, Chicago Climate Exchange has designed CFI contracts for greenhouse gas emissions trading, with each CFI representing 65,438+000 tons of carbon dioxide and other gas emissions. CCX provides six forms of participation: full member, cooperative member, emission reduction supply, emission reduction package, transaction and buyer to meet different emission requirements. Japan, Europe and America and other developed countries and regions have achieved remarkable environmental and economic benefits through carbon trading. For example, Britain adopts a climate policy of "promoting low-carbon development through incentive mechanism" to improve energy efficiency and reduce greenhouse gas emissions; Germany has achieved a win-win situation of economy and environment through carbon emission trading management; Farmers in Kansas, USA, have obtained new sources of agricultural income through farmland carbon trading; Japan regards carbon emission trading as "the first huge business opportunity in 2 1 century", and has gained huge economic income by buying and selling carbon emission rights on a global scale. In addition, Indian, Thai and other China developing countries and regions have also seen the business opportunities brought by global warming and entered the global gold and carbon trading market in succession. Development suggestion 1. Support qualified regions or industries to explore carbon trading. Countries should speed up the feasibility study of carbon emissions trading mechanism, support mature regions or industries to clarify carbon emission control targets, scientifically and rationally allocate emission rights, and operate trading mechanisms. In the process of pilot exploration, we will gradually establish a sound methodology system, cultivate more third-party certification bodies, and set up a national registration system and clearing institutions. Explore the formation of emission distribution system, price formation system, emission reduction incentive system and other systems. 2. Develop trading varieties and gradually expand from project trading to standardized carbon contract trading. From the experience of European emissions trading system, carbon futures and spot trading can be carried out at the same time. Therefore, in our country, we can also consider developing futures option contract trading at the same time as spot trading in the early stage, and gradually transition from project-based trading to standardized contract-based trading, and launch carbon emission standard contracts and their derivatives trading in due course. 3. Encourage the introduction of various forms of financial innovation related to carbon emission rights. China should guide financial institutions to actively participate in the carbon trading process and develop financial products with emission rights to hedge price risks. Encourage financial institutions to develop financial products linked to carbon emission rights, establish carbon funds, and promote financing guarantees and project investment; Establish a mortgage loan mechanism for emission reduction income rights; Explore the insurance mechanism of carbon trading contracts. 4. Strengthen the construction of laws and regulations on the carbon emission trading market, clarify the legal status of carbon emission rights, and improve the corresponding financial and tax systems. The state can timely introduce regional and industrial carbon emission assessment mechanisms, formulate emission rights allocation principles, build a carbon emission statistical system, form a project audit mechanism, standardize the emission rights trading market, introduce emission rights trading management measures, and build relevant financial supervision systems. Experts suggest that in June 5438+early February, 2009, lawyer Tian of Huicheng Law Firm, which specializes in CDM clean development mechanism, said that China has become one of the largest suppliers of emission rights in the world, but there is no international carbon trading market like Europe and America, which is not conducive to competing for carbon trading pricing rights. Zhu Jiaxian, a professor at the Law School of the Central University of Finance and Economics, said that China is at the lowest end of the whole carbon trading industry chain. Because the carbon trading market and standards are abroad, the huge emission reduction created by China for the global carbon market is bought by developed countries at low prices, packaged and developed into higher-priced financial products to be traded abroad. On the eve of the World Climate Conference in Copenhagen, China promised to reduce carbon emissions per unit GDP by 40% to 45% by 2020 compared with 2005. It is reported that China carbon trading market was officially launched on 20 10. Li Junfeng, director of the National Center for Strategic Research and International Cooperation on Climate Change, said: "Reducing emissions through the market is only a measure, not the only option. Europe reduces emissions through the carbon market, and the United States reduces emissions through technology. Facts have proved that relying on technology in the United States is no less effective than in the European market. China will have to consider these issues when establishing a national carbon market in the future. Technical progress and market measures may be combined, which is the first one. Second, the establishment of a market must be truly like a market. At present, China's carbon market is not strictly like a market. The basic characteristics of the market must be that there are real goods, real demand and real relationship between supply and demand. The market is not necessarily a transaction. If there must be enough liquidity to build an exchange, what is the liquidity? By finance. At the same time, it is not so easy to avoid the risk of excessive financial intervention. It is very troublesome and difficult to establish a special activated carbon market, which is no less than the research and development and promotion of an emerging technology. The experience from Europe is basically the same. The carbon market itself also has a role, but it is not the only role. " Harmful carbon trading can reduce CO2 emissions of some developed countries to some extent and provide financial assistance to some backward countries, but who can say that this is not a kind of resource plunder? This will limit the development of factories in some backward countries, because their emissions will be squeezed out accordingly, which will promote CO2 emissions in developed countries to some extent, making them despise the research on how to reduce CO2 emissions.