碳金融市场的风险识别和监管体系设计

Risks Identification and Regulatory System Design for Carbon Market

当前,全球碳交易体系分割且从属于不同的政府或区域管辖之下的发展特征,产生出一系列新的问题,例如分散交易体系如何链接、各市场减排效果如何比较等问题。由于国际碳市场相对发展还不成熟、预期寿命不确定、波动性较强,且由于碳市场发展历史较短,缺乏长期的定量数据记录,市场上为参与者提供的风险管理工具很少。而随着2013年中国七省市的区域碳交易试点陆续启动,结合全国层面的自愿减排交易体系,碳交易将成为中国实现减排目标的重要手段。在发展初期,我国碳金融市场至少存在机制设计风险、市场供给风险及违规操作风险等方面的挑战。因此,无论是从市场的可持续发展、相关经济部门和市场稳健发展还是从公共利益出发,我国相关政府部门均应识别碳金融市场的风险,以保证有效的交易和定价机制、避免欺诈和价格操纵、平衡信息透明度及保密程度为基本原则和目标,尽早从监管法律、监管机构及权限、监管范畴及监管内容等多方面全面设计碳金融监管体系。

Currently,the global carbon trading systems are fragment and belong to different governments or under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed trading systems,and how to compare the emission reduction of various markets and other issues.Since the development of the intemational carbon market is relatively immature,and because of the uncertain life expectancy,much more volatile,the short history of the carbon market,the lack of quantitative data on the long-term record,the market could provide few risk management tools.Meanwhile,China＇s regional carbon trading pilots are launched one after another in seven provinces in 2013.Combining with the national voluntary emission trading system,carbon trading will become an important mechanism for China in achieving its emission reduction target.At the first stage,carbon finance market is at least faced with mechanism design risks,market supply risks,and compliance risks.Therefore,to secure the development of carbon market,and to the public interest,relevant China governments should indentify the risks facing the market and make the basic principles and goals,such as ensuring effective trading and pricing mechanisms to avoid fraud and price manipulation,and balancing transparency and confidentiality of information.Consequently,the governments should develop a comprehensive carbon finance regulatory system covering regulatory legislation,regulatory institutions and their authorities,regulatory scope as well as regulatory objects.