Research On The Legal System Of Carbon Emission Rights Futures

Global warming directly poses a challenge to our human existence,so how to deal with global warming has become one of the top concerns of people.Since carbon dioxide is the main cause of global warming,reducing carbon dioxide emissions is one of the important ways to slow down global climate warming.So how to reduce carbon dioxide emissions is the most critical issue in solving global climate warming.The continuous exploration of emission reduction practices by human society has proven that carbon emissions trading is an effective institutional option for reducing carbon dioxide emissions.The so-called carbon emission rights trading essentially means that the government determines the total carbon emission target and then gives the emitting entities a carbon emission quota.The remaining or shortfalls in the carbon emission quotas caused by the adjustment of the actual operating conditions of the emitting entities need to be adjusted in the market.The free purchase and sale of carbon quotas is called carbon emissions trading.With the Kyoto Protocol as a symbol,the global carbon emissions trading market is advancing rapidly.The carbon emissions trading system has formed a certain scale,and environmental financing and derivatives related to the carbon emissions credit system have also been gradually constructed.In the context of global warming,low-carbon emissions trading in a market-based manner has proven to be a very effective means of reducing emissions.And as global environmental issues receive more and more attention,carbon emissions trading is rising rapidly.Enter the commodity trading market.The low-carbon technological revolution is another important technological change after the Internet information technology and bio-information technology revolution.In the future,the economy,society,and economic development activities and trade in various fields will shift to a low-carbon economy.Therefore,academic research agrees that whoever can seize the opportunity to develop the carbon economy in the future,propose an optimized system design for the development of a low-carbon economy,and make reasonable adjustments to the industrial structure will be able to take the initiative in the development of the low-carbon economy.Although carbon emissions trading entered the Chinese market relatively late,my country is still continuing to promote the construction and improvement of the carbon emissions trading system.Carbon emissions futures trading in carbon emissions trading,as the most important derivative instrument of carbon emissions trading,provides a broader range of options for solving climate warming.Therefore,while my country is actively improving the spot trading system of carbon emissions rights,it is also actively constructing a futures trading system for carbon emissions rights,in order to integrate with the international carbon emissions rights market and strive for the right to speak in the international carbon emissions rights market.On July 17,2023,the National Ecological Environmental Protection Conference was held in Beijing.President Xi Jinping attended the meeting and delivered an important speech,emphasizing the need to accelerate the green and low-carbon transformation of development methods and insist on taking green and low-carbon development as the fundamental solution to ecological and environmental problems.Therefore,the practical needs of green,environmentally friendly and low-carbon development of human society require further research and optimization of the carbon emissions trading system,especially the further construction of a carbon emissions futures trading system.I chose this topic for research,hoping to actively build an international carbon emissions trading market that is in line with my country’s national conditions,develop a low-carbon financing industry,further improve the overall development level of the low-carbon economy,and strive to master the global carbon emissions trading as soon as possible.Corresponding right to speak.This paper traces the history of the concept of carbon trading,fully clarifies the relationship between emission rights and carbon emission rights that appeared in the early international market,and distinguishes it from related concepts,including rights,interests,and value.According to different legal structures,the subjects and objects of carbon emission rights futures are obviously different from the subjects and objects of emission rights,so the corresponding rights are also essentially different.At the same time,the three mainstream theories on the nature of carbon emission rights are analyzed,and based on the special attributes of carbon emission rights themselves,the attributes of carbon emission rights as a new type of right are further discussed.Since the participants in carbon trading all belong to the combination of interests and values,the transaction process of the participants is equivalent to the mutual output and input of interests and values.In order to demonstrate the functional embodiment of the legal system for carbon emission futures trading,the practical needs,practical significance and value of establishing a legal system for carbon emission futures trading were discussed respectively.The value of the carbon emission rights futures trading legal system is reflected in the establishment of the carbon emission rights futures trading order,the embodiment of efficiency and the maintenance of safety,which lays the foundation for the establishment and operation of the carbon emission rights futures trading legal system.Further analysis of the elements of the legal system and access system for carbon emission rights futures trading shows that the combination of market supervision and access system enables carbon emission rights futures trading to balance the relationship between the market and policy,and also provides investors with Appropriateness has been set to reduce risks,respond to and prevent risks in the carbon emission rights futures trading market,and improve the allocation mechanism of carbon emission rights so that the trading method can operate effectively in the long term.Carbon product spot trading institutions are the core content of the carbon futures exchange operating mechanism.The types of carbon product futures trading institutions include trading institutions based on quotas and trading institutions based on projects.In the early days of the carbon product spot trading system,there were two systems: the Clean Development Mechanism(CDM)primary trading market and the secondary trading market.Later,through the "JD Agreement",three "flexible mechanisms" were creatively proposed: Clean Development Mechanism(CDM),Joint Implementation Mechanism(JI)and International Emissions Trading(IET).Among them,CDM promotes cooperation between developed and developing countries,JI promotes cooperation within developed countries,and IET allows developed countries to transfer part of their "allowable emissions" to each other.This mechanism gives Parties the opportunity to reduce emissions at low cost and efficiently or to help other countries reduce emissions.Among them,the CDM clearly proposes that developed countries can invest in greenhouse gas emission reduction projects in developing countries to obtain more greenhouse gas emission credits.Therefore,CDM is currently the only trading system in which my country can participate in global carbon emissions trading.Since Certified Emission Reductions(CER)have taken a dominant position in the world’s carbon emissions trading market,in global carbon trade,my country only passively bears the relatively small quotation price set by the buyer.In order to keep up with the rapid development of carbon trade in other developed countries and compete for market pricing power.Some cities in my country have established relatively mature carbon emissions trading systems and introduced corresponding price control policies,thus forming a fair and just trading environment,promoting the decline of greenhouse gas emissions,and producing corresponding environmental benefits.,these have accumulated valuable experience for the construction of a sound and unified carbon trading market legal system.On the basis of drawing on the successful experience of existing carbon emission rights futures trading,this article proposes specific construction ideas for building my country’s carbon emission rights futures trading center,that is,relying on my country’s huge share of the CER primary trading market,through striving for the control of carbon emissions.Unify the pricing power of rights trading commodities,design corresponding carbon emission rights financial derivatives,and form a national unified carbon emissions rights trading platform in order to gain dominance in the bargaining power of Chinese enterprises in the global carbon emissions rights market..Establishing a CER futures trading market that is adapted to the current international financial environment can not only realize and improve the market-based trading system for low-carbon energy conservation and emission reduction,but also realize the risk diversification of CDM plans and improve my country’s negotiating strength in global climate cooperation.and function.Through the operation and protection of the carbon emission rights futures legal system,order,efficiency and fairness in the carbon emission rights trading market can be achieved.