碳市场交易与监管:配额财富流转的有效保障

Transaction and Supervision of Carbon Market: A Safeguard for Allowance Wealth Transferring

在碳排放交易制度的实施中,配额及其衍生品交易与监管是财富流转的有效保障,为完成最低成本减排提供了重要助力。二级市场交易并不会影响政府既定的环境目标,但会通过交易形成排放价格影响碳交易所能发挥的减排激励作用,因此在允许自由交易的同时,还需建立必要的监管机制,最大程度避免各类价格和市场风险。鉴于碳市场交易分为交易所交易与场外交易两种类型,在分析其各自优劣势的基础上,需要统一确立合同交易的头寸限制,完善碳市场清算和担保要求,健全参与资格约束,并确立明确的报告义务。

In the implementation of GHG emission trading system, the allowance and its derivatives trading and supervision are an effective guarantee for transferring wealth, thus facilitating completion of the minimum cost reduction. Two levels of market transactions will not affect the government es-tablished environmental objectives, but by emissions trading prices can play the critical role for emission reduction incentive effect, therefore, when allowing free transaction, the need to establish regulatory mechanism is necessary, in order to avoid all kinds of price and market risk to maximum extend. In view of two types of market transactions including exchange and OTC, based on the anal-ysis of their respective advantages and disadvantages, it is necessary to establish uniform contract trading position limits, improve the carbon market clearing and collateral requirements, improve the participation qualification constraints, and establish the concrete reporting obligations.