| China’s national carbon emissions trading market has been officially opened in July 2021,and the total amount of carbon trading has accumulated nearly 1 billion yuan so far,and the trading volume is still gradually increasing.At the same time,some provinces and cities have introduced various measures to encourage the synergistic development of the carbon emission trading market and the financial industry,and promote the innovation of various on and off-site derivatives based on carbon emission rights,such as carbon emission rights pledge,to improve the activity of the carbon trading market.As an innovative model in the green financial system,carbon emission rights pledge financing is still in the early stage of development,and the road ahead is still long.It is both theoretically feasible and practical to recognize carbon pledge and develop it.Although carbon emission rights pledges have already been established in some exchanges,the legal nature of carbon emission rights and whether they can be pledged have not yet been determined due to the lagging legislation,the lack of relevant laws and administrative regulations,and the lack of supporting measures and specific rules,and there are a series of risks and problems in the market practice.This paper introduces the concept definition and financing process of carbon emission rights,discusses the legal problems in carbon emission rights pledge financing in China,analyzes the relevant theories and existing laws and regulations,and finally puts forward reasonable suggestions for optimization.The paper is divided into three parts,including introduction,main text,and conclusion,centering on the central theme of legal issues of carbon emission rights pledge financing.Among them,the main part consists of four chapters.The first section of the first chapter introduces the problem of unclear definition and ambiguous legal attributes of carbon emission rights in the light of the origin of carbon emission rights and the analysis of existing regulations;the second section introduces the operation process and market practice of carbon emission rights secured financing in China;the third section reveals the practical problems induced by the lack of legal support and guidance of the system of carbon emission rights pledge financing,such as Section 3 reveals the real problems induced by the lack of legal support and guidance,such as the risk of pledge validity and the way of pledge publicity in practice.At the same time,due to the imperfect rules of carbon emission rights pledging,the risks of insufficient value of pledges and difficulties in realizing pledges need to be solved.The second chapter aims to investigate the legal properties of carbon emission rights,and to determine the nature of the rights in order to study the legal issues of a new type of rights.This chapter first argues that carbon emission right is a legal right,and then defines carbon emission right as an intangible property right after analyzing the theoretical connotation of carbon emission right with various theories and theories.The third chapter demonstrates the rationality of carbon emission right pledge financing.The first section demonstrates the premise that carbon emission rights have economic value;the second section analyzes the positive and negative aspects of the pledge model for carbon emission rights;the third section explores the two macro-levels of "practical necessity" and "theoretical feasibility" to build a carbon emission rights pledge financing system.The third section explores the support basis for the development of carbon emission rights pledge financing from two macro levels: "practical necessity" and "theoretical feasibility",and the theoretical and institutional feasibility of carbon emission rights pledge financing in terms of its practical basis and positive significance.The fourth chapter focuses on the operational design of carbon emission rights pledging,and explains the basic design of carbon emission rights pledging financing model. |
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