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On The Pledge Of Carbon Emission Rights:Nature,Establishment And Realization

Posted on:2024-08-23Degree:MasterType:Thesis
Country:ChinaCandidate:J K GuoFull Text:PDF
GTID:2531306917996599Subject:legal
Abstract/Summary:PDF Full Text Request
In order to achieve the goal of "double carbon",China proposes to promote the market-oriented trading of carbon emission rights,and carbon emission rights pledge is an important element of carbon trading.Since the academic community has not yet reached a consensus on the basic issues such as the definition of carbon emission rights and the attributes of rights,accordingly,the research on carbon emission rights pledges has been delayed.The lack of theoretical guidance and legal regulation has,to a certain extent,affected the development of carbon emission pledge financing in reality.First,it is necessary and feasible to create a pledge on carbon emission rights.The property value of carbon emission rights and their policy orientation dictate that they are more appropriately characterized as quasi-real rights.This kind of characterization also makes the carbon emission right conform to the constitutive elements of the object of right pledge.The reason why the type of security is a pledge of rights rather than a mortgage is that the nature of carbon emission rights,which are extinguished upon use,contradicts the property of a usufructive security of rights.In addition,the development of carbon trading practice has created the demand for carbon pledges on the one hand,and laid the institutional foundation for the development of carbon pledges on the other.Secondly,the establishment of carbon emission right pledge should satisfy the general elements of the establishment of right pledge.The object of this pledge is carbon emission rights,which are represented by carbon quotas and certified voluntary emission reductions(CERs).The pledgers should be mainly key emission units,while the pledgees should be extended to commercial banks and other non-bank financial institutions.Since the carbon emission right lacks the right certificate,the pledge should be created by the method of "pledge contract+registration".Finally,the realization of carbon emission right pledge should be based on the traditional right pledge as a reference.Auction and sale are still the main ways to realize this pledge,supplemented by a carbon buy-back system for backing.As far as the current practice is concerned,the obstacles to the realization of carbon emission rights pledges mainly include four aspects:the restricted scope of transfer,the small number of subjects participating in the transaction,the difficulty of valuing carbon emission rights and the lack of mandatory of buy-back system.The problem of limited scope of transfer and fewer trading entities can be solved by expanding the scope of industries covered by carbon trading and relaxing the entry restrictions of financial institutions.To address the problem of difficult valuation of carbon emission rights,on the one hand,we should change the single mode of initial allocation of carbon allowances,on the other hand,we should improve the abnormal price intervention mechanism of carbon emission rights,and we can also try to introduce a market maker system to stabilize the price of carbon and facilitate the disposal of carbon assets.Carbon buy-back system requires direct government participation in carbon trading,and in order to avoid excessive public power involvement in the carbon market,buy-back should be rejected as a means of realization.
Keywords/Search Tags:carbon emission rights, carbon asset pledging, pledge of rights, carbon emission reduction
PDF Full Text Request
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