The International Carbon Market Development Mechanism Research

Response to global climate change, reducing carbon dioxide emissions already in the formation of a consensus within the world. China, the world’s largest energy producing and consuming countries, the largest emitter of carbon dioxide, carbon emission reduction obligations effective implementation has been delay. Carbon emissions trading market to achieve the optimal allocation of resources, the Government target by setting the total amount of restraint, and guide all those involved in reduction of the corporate production activities according to their own properties to choose from the market to purchase emissions permits or to obtain emission reduction transformation Credit to the effective operation of the market for the whole society under the conditions of the optimization of the cost of carbon dioxide emissions. This article on carbon emissions trading scheme theory, policy practice, the implementation of a comprehensive overview of the effects, focusing on analysis of the EU carbon emissions trading market, the structure of the trading tools, the main choice, built on this basis, the price formation mechanism of carbon theoretical model and through cointegration, Granger causality test on the various econometric methods such as price factors were analyzed. Finally, with case studies, analysis of China energy potential and development of the carbon market, based on the given targeted emissions trading in China by building market mechanisms to reduce carbon dioxide emissions and reasonable proposal.This article is divided into four parts, a total of six chapters. The first part includes the first chapter introduces the significance of the topic of this article, literature review the main ideas and articles.The second part includes chaptersⅡandⅢ, the second chapter, environmental externalities, public goods perspective of the supply response to global climate change, reducing carbon dioxide emissions were explained the nature of economics, specifically the carbon emissions trading system as a property system, an extension of the theory, give birth to low-carbon markets for the promotion of dynamic change important theoretical significance. In theory, based on ChapterⅢfurther elaborated the source of carbon emissions trading system, by comparing major international to promote energy conservation and emission reduction target of policy design, a clear mechanism for carbon emissions trading practice is mainly applied object. On this basis, the current development of the world carbon market, including market trading, market structure, market composition, market prices, review the key elements of the sort.The third part includes chaptersⅣandⅤ, the EU emissions trading system through a case study on carbon emissions trading system, stimulating the emission quota trading status, key issues such as emission quota auctions design theory and practice perspective has been studied, specifically the impact of price fluctuations in the carbon market related factors. On this basis, the use of the EU emissions trading system, data on emission quotas (EUA) and the emission reduction targets (CER) futures market price discovery function of the empirical analysis, and further study of the EUA and CER market, market efficiency and dynamic linkage relationship.The fourth part includes ChapterⅥ, describes the situation in China energy, China’s carbon trading and the development of carbon financial derivatives industry, pointed out that China’s current carbon market problems. On this basis, drawing on the experience of the international carbon market, carbon market development in China given the appropriate policy recommendations.