Research On The Realization Of Emission Right Guarantee

Emission right transaction that originated in USA,is an environmental economic policy designed under the guidance of Coase's theorem and environmental externality theory,original intention of which was to encourage polluting enterprises to improve their pollution control capabilities by allowing enterprises to trade their remaining emission right on the market to reduce emissions.After the introduction of emission right trading in our country,we have innovatively developed a new credit financing mode named emission secured financing with the development of pilots of the paid use and trading about emission right,which allowed enterprises to set up guarantee with emission right when lending,and local pilots have also introduced management measures for emission secured financing.The emission secured financing has multiple value,which not only enhances the enthusiasm of enterprises to control pollution,but also has the function of solving the financing difficulties of small and medium-sized enterprises,and also enriches our green credit system.The type of pollution right guarantee is a new exercise in practice.At present,our "Guarantee Law" and "Property Law" have not made explicit provisions.Whether the emission right has security value,what guarantee type of emission right guarantee,how establish and realize the emission right guarantee has aroused academia discussions.The core of the guarantee system is to realize the main creditor's right by realizing secured property.The realization of the emission right guarantee can be said to be the key issue of the emission right guarantee system,which will be discussed in four parts in this essay.The first part demonstrates that the emission right guarantee is a right mortgagebased on the legal nature of the emission right,which mainly solves the problem of legal application of the realization of emission right guarantee.It is better to characterize emission right as property right derived from administrative permits after combing the disputes over the legal nature of emission right and combining with the definition of property in the common law system.On the one hand,because the key difference between mortgage and pledge is whether to transfer the possession,and the pollution right cannot be occupied due to their right attributes;on the other hand,because the pollution right originates from administrative licenses which must bears more public law obligations,the emission right guarantee shall be characterized as an emission right mortgageThe second part mainly introduces the regulations on the realization of emission right in the current emission control loan management measures issued by local pilots,including the transfer of emission right and government repurchase.The risk of realizing the emission right guarantee is relatively large.On the one hand,there is a dilemma in the transfer of emission right in our country,and on the other hand,government repurchase has the risk of being recognized as a government guarantee.The third part is mainly discusses the choice of the realization path of the emission right guarantee guided by the realization theory of mortgage,including attaching an agreement and requesting the people's court.Under each path,the application of discounts,auctions,and sell-offs as well as the existing obstacles are analyzed.In the case of requesting the court to realize the mortgage right,special procedures for realizing security rights,general litigation procedures,and other procedures are discussed.The fourth part clarifies that the path choice for the realization of the emission right should be based on the development of the emission right trading system.Combining the discussion on the dilemma of the transfer of emission rights in the second part,it is proposed to promote the market-oriented development of the emission trading by expanding the scope of the emission trading subject,gradually forming a unified trading platform,and clarifying the government's role in the emission trading to create conditions for the realization of the right guarantee.