应对气候变化之“金融化”透视及其启示

An In-depth Analysis of“Financialization”in Response to Climate Change and Its Enlightenment

应对气候变化国际制度确立的减排目标、适应目标、国际碳交易机制、资金机制这四大支柱已形成其内在逻辑:两大目标为国际社会应对气候变化行动提供指引,两大配套措施成为应对气候变化的有力抓手。如今两大措施的“金融化”愈发明显。立足“金融化”之意涵,应对气候变化行动的“金融化”体现为国际碳交易机制和资金机制的“金融化”。然而,具有金融系统性风险特性的气候风险会随时冲击金融市场的稳定性,进而影响国际碳交易机制和资金机制的“金融化”。鉴于此,已有主权国对气候风险采取监管措施以确保金融市场的稳定性,力推应对气候变化行动的“金融化”。揆诸我国,在国际层面不仅要积极响应国际碳交易机制的“金融化”,重视碳金融市场的主导权问题,而且还应确保依托“一带一路”倡议资金机制“金融化”的可持续性;同时在国内层面也应借鉴域外经验以防范气候风险对“金融化”的负外部性。

The international system responding to climate change establishes the four pillars of emission reduc⁃tion target,adapting target,the international carbon trading mechanism,and the funding mechanism,which have formed their inherent logic:Two major goals provide guidance for international actions responding to climate change,and two major supporting measures become powerful approaches responding to climate change.Presently the“financialization”of the two major measures is growingly obvious.Based on the meaning of“financializa⁃tion”,the“financialization”of the action responding to climate change is embodied by the“financialization”of the international carbon trading mechanism and the funding mechanism.However,climate risk characterized by financial system risk will impact the stability of the financial market,and thus affect the“financialization”of in⁃ternational carbon trading mechanisms and funding mechanisms.In view of this,there have been sovereign coun⁃tries to take regulatory measures to climate risk to ensure the stability of the financial market,and vigorously imple⁃ment the“financialization”of the action to address climate change.The operations of China’s response to cli⁃mate change fall into those on the international and domestic levels:At the international level,it should not only re⁃spond to the“financialization”of the international carbon trading mechanism actively and pay attention to the leading role on the carbon financial market,but also ensure the sustainability of the“financialization”of the fund⁃ing mechanism relying on the Belt and Road Initiative;at the domestic level,it should draw on the overseas experi⁃ence to prevent the negative externality of climate risk on“financialization”.