Legal Issues Of Carbon Emission Trading Regulation

Climate change is a common issue of mankind.For reducing greenhouse gas emissions,curb global warming and the occurrence of various climate disasters,countries have started the exploration of carbon emissions trading.Carbon emission trading originates from emission trading.It is to restrict the carbon emission behavior of emission subjects through the allocation of carbon emission quotas,and allow the trading and circulation of carbon emission quotas in the market,and reduce the cost of emission reduction through market trading,on the premise of controlling the total amount of carbon dioxide emissions.As a special trading commodity,carbon emission rights should not only play the role of the market in resource allocation,but also pay attention to the government’s supervision in order to ensure the operation of the carbon emission rights trading market.However,China’s legal system on the regulation of carbon emissions trading still has deficiencies.In terms of the setting of regulatory bodies,there is no introduction of financial regulatory bodies.In terms of the design of regulatory measures,there are still deficiencies in the means of price control of carbon quotas,the information disclosure of the carbon emissions trading market is not sufficient,and the punishment for violations is also relatively light.With the development of the carbon emission trading market,more and more financial institutions have joined the trading process and launched carbon finance products such as carbon finance,carbon mortgage,carbon bond,etc.The financial risks in the carbon emission trading market are also gradually deepening.The inclusion of the State Administration of Financial Supervision and Administration and the China Securities Regulatory Commission into the scope of regulatory bodies will help prevent and resolve financial risks in the trading market.In the carbon emission trading market,the sharp fluctuation of carbon quota prices is difficult to release stable price signals to the trading subjects,affect the behavior choices of trading subjects,enrich the price control measures,set the upper and lower limits of carbon quota prices,introduce carbon quota storage,and loan systems,which help to adjust the supply and demand relationship and stabilize the carbon quota prices.Information disclosure is an important part of the regulation of carbon emissions trading.As the main trading subject in the trading market,key emission units should be set as the obligatory subject of information disclosure and required to disclose carbon emissions data.As the main body of carbon emission data verification,the third-party verification agency should make the verification plan,verification method and verification results public.As the medium for all parties to conduct transactions,trading institutions should also clarify the specific content of information disclosure.In the carbon emission trading market,emission control units are mostly enterprises with strong financial strength,and low fines and single punishment methods are difficult to play the role of punishment.Therefore,a hierarchical and progressive punishment mechanism can be adopted to gradually increase the penalties by controlling the number of violations by emission control units.At the same time,a combination of multiple punishment measures can be used to improve the effect of punishment.