Research On The Regulatory System Of Carbon Emissions Trading In China

The global climate issue is becoming increasingly prominent,and the carbon emission trading mechanism,as the most efficient means of controlling pollution under the market economy system,has been widely adopted worldwide.As the second largest economy,China ranks among the top in carbon emissions,and conducting national carbon market transactions has a profound impact on both the country and the world.In2011,China launched carbon emission trading pilot projects in seven provinces and cities,and subsequent non pilot carbon emission trading was also carried out in various regions.Against the backdrop of the ‘dual carbon’goal,the national carbon emission trading market was officially launched in July 2017.The carbon emissions trading market established in China has achieved certain results,but the regulatory system for carbon emissions trading in China seriously lags behind the needs of market practice and development.It is urgent to strengthen regulatory measures and provide effective regulatory guarantees to ensure the healthy development of the market.By reviewing relevant laws and regulations,analyzing the current status of national and local legal norms from the perspective of legislative form,analyzing the current provisions of the subject,object,method,and rules of carbon trading supervision in China from the perspective of legislative content,and analyzing the market operation under the supervision system based on data published on the websites of various provincial ecological environment departments,this paper summarizes the current status of China’s carbon emissions trading supervision system.It is found that there are still certain deficiencies in the regulatory system,leading to a series of market chaos.Specifically,the legislative hierarchy is relatively scattered and low;Secondly,the lack of consistency in regulatory rules across regions has led to regulatory arbitrage and market instability;Thirdly,regulatory entities are unable to meet current regulatory needs;Fourthly,the information disclosure system is not sound,with a low level and a lack of relevant systems;Fifth,the reward and punishment mechanism is insufficient,the incentive mechanism is ignored,and the punishment mechanism is not perfect.In response to the above issues,based on practical experience at home and abroad and China’s national conditions,we propose improvement strategies: firstly,establish a regulatory concept that combines administrative regulation with market autonomy,and provide guidance for regulatory practice;Secondly,improve the legislative level of carbon emission trading regulation and establish a complete institutional system;Thirdly,unify the regulatory rules for the three major stages of carbon emissions trading management in different regions;Fourthly,establish a collaborative regulatory system led by the government and involving multiple entities;Fifth,improve the information disclosure system and refine relevant rules;Sixth,optimize reward and punishment mechanisms,clarify applicable situations and procedures.Assist in the healthy development of China’s carbon emission trading market and provide strong support for achieving the ‘dual carbon’goal.