碳排放权质押融资:法理阐释与规范构造

Pledge Financing of Carbon Emission Rights:Legal Interpretation and Normative Structure

碳排放权质押融资是一种新型的绿色信贷产品和融资贷款模式,其本质上属于权利质权的范畴。按照权利质押理论,碳排放权衍生于环境权益,能够独立存在并通过权利客体的转移满足交易主体的合理收益期待,具有财产性、可让与性和适质性,符合权利质权的构成要件。从现有法律规定看,碳排放权质押融资存在着作为质押客体的碳排放权在我国权利体系中的法律性质不明、碳排放权质押融资的本体构造不清、碳排放权质押融资的监管机制不畅等问题。体系化视角下,碳排放权质押融资的法律建构,在质押客体上需要明确碳排放权的用益物权属性,在本体构造上需要规范碳排放权质押融资的登记机构、绿色用途、质权实现途径,在监管机制上需要构建“专门+协同”的监管体制,明确监管对象和优化监管方式。

Pledge financing of carbon emission is a new type of green credit product and a model of financing loan,belongs to the category of pledge right in essence.According to the theory of pledge right,though carbon emission right derives from envi-ronmental right,it is an independent right and satisfies the reasonable expected earning of the transactional entity through the transfer of the object of this right.It is an assignable and suitable property,which manifest a pledge right.Based on the con-temporary legal provisions,it has the problems of the unclear legal nature of carbon emission rights,the unclear ontology struc-ture of pledge financing right of carbon emission,and the imperfect supervision system of pledge financing of carbon emission rights.Systematically,it needs to clarify the carbon emission right in the pledge object,standardize the registration institution,economy spending and pledge realization way of carbon emission pledge financing in the ontology structure to perfect the car-bon emission pledge financing structure.A"specialized and collaborative"supervising system need to be built to clarify the su-pervision object and to perfect the supervision mode.