中国7大碳交易试点发育度对比研究

Comparative study on the development degree of China's 7 pilot carbon markets

碳市场的本质是利用市场机制来解决环境问题,环境效益是碳市场建立的根本目的,市场机制是碳市场减排的核心手段,政策法规是碳市场有序运行的重要保障。因此,本研究通过纳入34个细化底层子指标构建了一个包括环境约束力、市场资源配置能力以及配套政策与设施完善程度3个维度在内的评价指标体系,分析了中国7大碳交易试点2013—2016年的运行数据并得到各指标的客观权重,结合对交易平台、核查机构以及碳管理咨询公司等10多家机构调研获得的专家意见,对7大试点2017年的发育状况进行了综合评价。研究发现:(1)以私营中小企业为控排主体的试点环境约束力虽然相对较高,但过多的控排主体导致了市场履约管理难度加大,以高耗能国企为控排主体的试点在保证环境履约率的同时也加剧了"重履约而不重交易"的现象。(2)碳市场资源配置能力均未得到有效发挥,控排主体参与程度不足所导致的市场活跃度低成为重要制约因素。(3)由于国家宏观层面法律缺失,各试点建设的法律效力明显不足,配套政策缺乏先见性。(4)总体而言,中国碳市场建设在环境、市场以及政策发育等方面尚处于相互割裂状态,市场运行尚未能达到"利用市场机制来解决环境问题"的根本目的。据此,本研究针对刚刚建立的全国碳市场提出以下政策建议:(1)缩紧免费配额发放总量,逐步提高拍卖比例。(2)完善碳市场法律体系建设,提高市场运行法律效力。(3)推动碳金融服务产品等基础设施建设,规范市场交易秩序。(4)加强地方政府碳市场能力建设,提高控排主体的交易意愿与能力。

It has been widely accepted that the essence of carbon market is solving environmental problem through market mechanism,and gaining environmental benefit is the fundamental purpose of establishing the carbon market. It is no doubt that market mechanism is the key measure,policies and regulations are the important guarantee for orderly carbon market. Therefore,this paper constructs an evaluation index system composed of 34 detailed sub indexes in three dimensions,such as environmental constraint force,market resource allocation ability and supporting policies and facility completeness. Through analyzing the operation data from 2013 to 2016,the weights of the indexes are obtained. Combined with the experts' opinions from over 10 institutes including exchanges,consultancy firms and research institutions in China,this paper makes a comprehensive evaluation for the current development of 7 pilot carbon markets. Results show that:(1) Although the pilot carbon markets with private SMEs as the main bodies of emissions control have relatively higher environmental constraint force,but too many main bodies increase the difficulty of market performance management,and the pilots with high energy-consuming state-owned companies as the main bodies of emissions control demonstrate a phenomenon of‘high market performance rate with low trading volume'.(2)The resource allocation capability of Chinese carbon market has not been fully effective,and low degree of market participation has become an important constraint factor for market development.(3)Due to the lack of laws and regulations at the national macro-level,the legally bonding force of the pilot markets construction is insufficient obviously,and the supporting policies are also lack of foresights.(4)Generally,the development of Chinese carbon market is still in such a fragmented state in the aspects of environment,market and policy development,and the market operation has not achieved the purpose of solving environmental problems through market mechanisms. Accordingly,it puts forward following policy recommendations:(1) Tightening the allowance of free quota and progressively increasing the auction proportion;(2) improving legal construction,developing the legal effect of market operation;(3)increasing construction of carbon finance services and products and standardizing the order of market transactions;(4) enhancing capacity building of local governments and promoting the participation willingness and capability of emissions control bodies.