碳排放权市场的规范性构建

Normative construction of carbon emissions trading market

《碳排放权交易管理暂行条例》虽已连续两年被纳入国务院年度立法计划,但依然是待审未定状态。究其原因,系现有碳排放权交易制度未能在既有法体系内进行统筹性规范构建。因此,作为碳排放交易制度构建的逻辑起点,首先应明确碳排放权的用益物权属性。将碳排放权赋予用益物权属性,有益于碳排放权在一级市场上由国家分配与出让;有益于碳排放权在二级市场的流通交易与担保融资;有益于与国际碳排放权交易市场接轨;符合《碳排放权交易管理暂行条例》立法目的的同时也符合法经济学学理逻辑。其次,应分三个层级分别构建碳排放权交易市场。①一级市场上碳排放权的分配制度,可参照国有建设用地无偿(划拨)和有偿(出让)的两种分配方式。对于涉及重大公共利益的项目和排放主体,可采用无偿划拨的形式分配碳排放权;而对于其他一般碳排放主体,应以有偿拍卖的形式分配碳排放权。②二级市场上的交易制度,应侧重激发碳排放权的担保融资属性,明确碳排放权担保的法律性质为抵押或让与担保,而非质押;同时将碳排放权担保交易纳入人民银行统一动产与权利担保登记系统,统筹担保权利竞合时的权利优先顺位。③三级市场上以碳排放权为基础资产的金融衍生品制度,应着力发展碳排放权资产证券化和碳排放权保理,构建绿色金融体系。最后,为抵御碳排放权交易市场失灵导致的价格波动和交易风险,应配套建立碳排放权回购投放机制和碳排放权储存借贷机制,由环境行政部门进行市场监管,并通过行政手段调节市场供给,稳定碳排放权市场交易价格,规避短期投机行为引发的金融风险,引导碳排放权交易市场长期健康稳定发展。

Although the Interim Regulations on the Management of Carbon Emissions Trading have been included in the annual legislative plan of China’s State Council for two years,they are still pending.The reason is that the existing carbon emissions trading system has not been standardized within the existing legal system.Therefore,as the logical starting point for the construction of the carbon emissions trading system,carbon emissions should be clarified as a usufructuary right at first,which is beneficial to the distribution and transfer of carbon emission rights in the primary market and to the circulation of carbon emission rights in the secondary market.This also conforms to the legislative purpose of the Interim Regulations on the Management of Carbon Emissions Trading and the logic of the legal economics theory.Secondly,the carbon emissions trading market should be constructed at three levels:①The allocation and trading of carbon emission rights in the primary market can be conducted in two ways:for free or in the form of a paid auction.For projects involving major public interests,carbon emission rights can be allocated for free;for other carbon emission subjects,carbon emission rights should be allocated in the form of a paid auction.②In the secondary market,it should be clarified that the transaction of security by carbon emission rights is in the form of a mortgage,not a pledge.At the same time,carbon emission right guarantee transactions should be registered in the registration system of the People’s Bank of China.③In the tertiary market,asset-backed securitization and factoring financing of carbon emission rights should be developed.Finally,in order to resist the price fluctuation and transaction risk caused by the failure of the market,it is necessary to establish an administrative supervision system.It is also vital to establish a repurchase and release mechanism and a storage and lending mechanism related to the stabilization of the carbon emission right transaction price so that the carbon emissions trading market can develop in a stable way.