论中国碳金融监管体制的构建

Governance Regime of Carbon Finance in China

碳金融是气候变化背景下的金融创新,具有公益性、专业性、国家干预性以及跨部门和跨行业性。健全的碳金融监管体制对于有效发挥市场机制在应对气候变化中的作用以及防范系统性金融风险具有重要的意义。我国碳金融尚处于以碳排放权交易为主的起步阶段,监管存在以下问题:监管主体关系不顺且职能配置不合理,容易造成"过度规制"或者"规制不足"等政府失灵现象;从碳排放权交易试点的情况看,由于静态权力结构配置不合理导致的体制性障碍普遍存在,尤其是信息收集、监管执法、技术标准、第三方核查等问题亟待解决;碳排放权交易的监管没有上升到金融层面,分散型规制难以适应矫正碳金融市场失灵的制度需求。我国碳金融监管体制的设计宜采取专门监管与协同监管相结合的模式,构建融政府、市场和社会于一体的多元共治体系。

Carbon finance is a kind of financial innovation in scenario of climate change with characteristics of public interests,specialty,governmental intervention,trans-departments and multi-industries.A sound regulatory regime of carbon finance is meaningful to effective utilization of market-based mechanism for addressing climate change and prevention of systematic financial risk.Carbon trading is the main form of carbon finance in China.Problems with Chinese carbon finance regulation are as followings:relationship and responsibilities among regulatory departments are not clearly defined which results in governmental failure such as over-regulation;unreasonable settlement of static power structure leads to systematic obstacles to information collection,regulatory compliance,technical standards,verification by independent third party,and so on;scattered regulation of carbon market does not meet the instrumental needs of carbon finance.China should integrate the special and cooperative regulation of carbon finance,which includes governmental,market-based and social governance.