The Improvement Of China’s Carbon Emission Trading System Under The "Dual Carbon" Target

Since the launch of the pilot carbon emissions trading in seven provinces and cities in 2011,China has accumulated valuable experience in terms of trading rules,trading targets,compliance mechanisms,offset mechanisms and liability mechanisms for the construction of a national carbon emissions trading market.in June 2012,the National Development and Reform Commission formulated the Interim Measures for the Administration of Voluntary Greenhouse Gas Emissions Reduction Trading,which provides a basis for regulating and safeguarding voluntary carbon emissions reduction trading.Since then,China has basically formed a carbon emissions trading system with regional pilot trading as the main body and voluntary trading as a supplement.After the carbon peak and carbon neutral targets(referred to as the "dual carbon" target)were proposed,China’s carbon emissions trading ushered in a new opportunity for development,marked by the formulation of the "Measures for the Administration of Carbon Emissions Trading(for Trial Implementation)" by the Ministry of Ecology and Environment and the improvement of the system rules on the setting and allocation of carbon emission trading quotas and carbon emission management,However,major adjustments have also taken place in the development path,transaction targets,trading rules,scope of application,and transaction supervision.Under the "double carbon" target,the carbon emissions trading mechanism is facing the development needs of reconstructing the regulatory concept,adjusting the mechanism and reshaping the rules.There is an urgent need to conduct a systematic study on the legislative system of carbon emissions trading,the quota management system,the scope of included subjects,trading products,offsetting mechanism,compliance guarantee mechanism,etc.,in order to more effectively clarify the relationship between the government and the market in the process of promoting the "double carbon" work,and better play the market mechanism.This paper first explains the relationship between the government and the market in the process of promoting "dual carbon",and gives better play to the role of the market mechanism in reducing pollution,energy conservation and emission reduction,so as to help achieve the goal of "dual carbon".This paper firstly explains the overview,theoretical basis and value attributes of the "dual carbon" target and carbon emissions trading;secondly,it analyses the impact of the "dual carbon" target on the development of the carbon emissions trading system,and clarifies the "dual carbon" target and carbon emissions trading.Secondly,we analyze the impact of the "double carbon" target on the development of carbon emission trading system,and clarify the relationship between the "double carbon" target and carbon emission trading system;secondly,we review the effectiveness and problems of the development of China’s carbon emission trading system under the "dual carbon" target;finally,we propose the improvement of China’s carbon emission Finally,in the light of the mature experience of carbon trading systems in Europe and the United States,we propose specific institutional suggestions to improve China’s carbon emissions trading system under the "double carbon" target,so as to better contribute to the realization of the "dual carbon" target.In addition to the introduction and conclusion,this paper is divided into five parts:The first part is an overview of the "dual carbon" target and the carbon emissions trading system.This part firstly discusses the meaning of the "dual carbon" target and analyses the background of its proposal;secondly,it elaborates the concept of carbon emissions trading system,analyses the special value attributes of carbon emissions trading and the theoretical basis of carbon emissions trading system,and composes the development history of carbon emissions trading in China.The second part is to analyze the impact of the "dual carbon" target on the development of the carbon emissions trading system.In the context of the "dual carbon" target,China’s carbon emission management system has undergone significant adjustments,and the carbon emission reduction mechanism and carbon emissions trading have also faced major changes.As an important institutional tool to promote the achievement of the "dual carbon" target,the carbon emissions trading system carries more policy missions,and the diversified carbon sinks will effectively expand the scope of carbon emissions trading products,and the development of the carbon emissions management system will effectively promote the improvement of the carbon emissions trading rules,and at the same time,through the purchase of certified emission reductions(CCER)in the voluntary emission reduction market,the carbon emissions trading system will be able to provide a more comprehensive solution to the problem of carbon emissions.The development of a carbon emissions management system will also effectively contribute to the improvement of carbon trading rules,while the offsetting system through the purchase of certified emission reductions(CCER)in the voluntary emissions reduction market will be innovative.The third part is about the development of the carbon trading system in China under the "dual carbon" target.This part firstly introduces the development effectiveness of carbon emission trading system in China,mainly in terms of trading scope,types of trading,trading rules and institutional experience,etc.Secondly,it analyses the problems of carbon emission trading in China under the "dual carbon" target,in terms of legal framework,quota management system,coverage of main bodies,trading products,CCER offset mechanism,carbon emission trading system and carbon offset mechanism,Secondly,the problems of carbon emissions trading in China under the "dual carbon" target are analyzed,from the legal framework,quota management system,scope of coverage,trading products,CCER offset mechanism,compliance guarantee mechanism and other specific system improvement aspects.The fourth part is about overseas experience.This part analyses the EU carbon emissions trading system and the US carbon emissions trading system respectively,and summarizes the advanced experience of the two carbon emissions trading systems,so as to provide reference for the improvement of China’s carbon emissions trading system under the "dual carbon" objective.The fifth part is a reflection and suggestions for improving China’s carbon emissions trading system under the "dual carbon" target.This part puts forward suggestions on the problems of China’s carbon emissions trading system under the "dual carbon" target,including strengthening legislation,quota management system,expanding the scope of carbon emissions trading subjects,enriching carbon emissions trading products,improving the CCER offset mechanism,and strengthening the compliance guarantee mechanism.