On Pledge Of Carbon Emission Rights

Since China began establishing a carbon trading pilot project in 2011,the development of carbon trading in China has been stable and orderly.Currently,eight local pilot carbon trading markets with carbon quotas as trading targets and one national carbon trading market have been established.In addition,based on the clean development mechanism specified in the Kyoto Protocol,China has also established a domestic voluntary emission reduction carbon credit trading market with Chinese Certified Emission Reduction(CCER)as the trading object.However,due to the particularity of the industry in which carbon emission rights belong and the complex attributes of rights,carbon assets face the problem of insufficient liquidity.In order to revitalize enterprises’ carbon emission rights assets and provide financing for green projects,the state encourages the construction of carbon finance,of which the carbon emission rights pledge financing system is an important content.Although China has gradually established relevant standards in the field of carbon finance and regulatory documents have been issued to guide the financing behavior of carbon emissions pledge,the lack of legislation in this field still hinders the development of the carbon emissions pledge market.Therefore,starting with the legal nature of carbon emission rights and their pledge,this article discusses the publicity methods,transaction models,rights and obligations of participants,classification of pledge objects and implementation methods and improvement paths of carbon emission rights pledge.This civilization defines the concepts of carbon emissions rights and carbon emissions rights trading.By summarizing the historical development path of China’s carbon emissions rights trading mechanism,sorting out the legislative and judicial status of carbon emissions rights pledge trading,it proposes the main legal issues in this field in China,including the lack of high-level legislation resulting in the unclear legal nature of carbon emissions rights and their pledge trading,the imperfect transaction model of carbon emissions pledge trading while the publicity method of carbon emissions pledge is not clear and the realization method of carbon emissions pledge is not perfect.In order to solve these problems,this article summarized and compared different theories on the legal nature of carbon emissions rights and their pledge.Then it proposed the view that the legal nature of carbon emissions rights belongs to intangible property rights,while the legal nature of carbon emissions rights pledge is the pledge of rights of intangible property.By predicting the future development direction of carbon emissions pledge transactions,the improvement plan for its transaction model is proposed.Based on the legal nature of carbon emissions pledge,which is intangible property rights pledge and the nature of carbon emissions license documents,it is proposed that carbon emissions pledge should be registered and effective in the form of publicity.This article also sorted out the participants in carbon emissions pledge transactions,analyzed their rights and obligations one by one,and provided a reference for the competent authorities to formulate more reasonable responsibility allocation policies.Finally,based on the legal risks existing in the current two main ways of realizing carbon emissions pledge-government repurchase and market transfer,this article proposed targeted improvement paths to them.