Research On Legal Regulation Of Green Finance

In essence,green finance is a financial innovation mode to cope with global climate change.The emergence of green finance model and its legislative innovation not only represent another breakthrough of human civilization and legal consciousness,but also the product of human self-redemption after environmental destruction.The generation and development of green finance is always a transformation within the existing legal framework.Economics view,greenhouse gas emissions is a exogenous variable of The economy,especially after The industrial revolution,human society without limit greenhouse gas emissions,a large number of dye containing carbon burning,lead to greenhouse gases in The atmosphere of impending self-adjusting threshold,scholars Warren Gamaliel Harding,called "The Tragedy of The Commons"(The Tragedy of The Commons).In order to achieve the sustainable development goals,the construction of green finance has become a common topic in the world.In September 2015,the central committee of the Communist Partyof China(CPC)and the state council issued the general plan for system reform of ecological civilization and proposed the establishment of a green financial system.The green financial system was explained in detail in the green financial system guidance released later.It was believed that green finance includes “green credit,green bonds,green stock index and related products,green development fund”,as well as “green insurance,carbon finance and other financial instruments”.Based on the basic framework of green finance,in view of existing research results at home and abroad,and guided by the principles of financial law,this paper explains the system logic and rule design under the four propositions of green securities,green credit,green insurance and carbon emission rights respectively.In addition to the introduction,this paper is divided into five parts:The first part is “theoretical basis of green finance”.This chapter first explains the concept and classification of green finance.The concept of green finance has not been unified,but it has three meanings: guiding resource allocation,relying on extensive industrial chain and realizing comprehensive social effect.The essence of green finance is financial activities,so it is necessary to take financial theory and efficiency value as the guiding ideology of system construction.The realization of financial stability and financial consumer protection is the bottom line that must be adhered to in the process of green financial innovation.At the same time,“legal incentive theory” and “costbenefit analysis” should also be incorporated into the design of specific rules.The second part is “construction of green securities legal system under market dominance”.China's green securities have undergone a transformation from government-led to market-led mode.Before 2014,the environmental protection verification system of listed companies was an important administrative procedure to regulate and promote listed companies' compliance with environmental protection standards in the process of financing and refinancing.However,limited by many inefficient factors such as power rent-seeking and local protection,document 149 opens a new chapter of building a green securities development with information disclosure as the core.After the change of regulatory thinking,the adjustment of relevant rules needs to follow the basic ideas of stock issuance registration system reform,pay attention to the coordination between securities law and environmental law,and strengthen the responsibility of intermediary bodies.The third part is “regulation approach of policy-driven green credit”.At present,there are two regulatory paths of green credit in the world,the voluntary implementation mechanism represented by the equator principle and the mandatory implementation mechanism represented by the comprehensive environmental response,compensation and responsibility act of the United States.The equator principles have inherent flaws in the inescapable logic of "soft law" governance,while the comprehensive environmental response,compensation and accountability act's overly stringent responsibilities can lead to inefficiencies in financial institutions.China's green credit has significant policy-driven development logic,so this path should be followed to regulate the administrative responsibility of Banks and their senior executives by setting notice of criticism,administrative punishment and other negative incentive methods,and encourage Banks to consciously participate in the equator principle.The fourth part is the theoretical dilemma and system construction of green insurance.Green insurance should conceptually establish a concept system of green insurance covering three levels: environmental liability insurance,insurance implementation mechanism and ancillary products,and green development concept.Based on this,the green insurance system is comprehensively constructed from the aspects of the current environmental protection consciousness,the basic conditions for the function of insurance and the characteristics of environmental risks.It relies on legal authorization and improvement to establish legitimacy,and is equipped with the promotion mode of combining compulsory and free insurance.It establishes specific insurance types in the “2+4+4” green insurance list,and is equipped with complete environmental data connection mechanism and insurance insurer payment ability guarantee mechanism.The fifth part “the legal attribute and system inspection of carbon emission right”.A cap-and-market carbon financial market system has been established internationally,aiming to achieve the optimal allocation of environmental resources and the maximum mobilization of social forces through the market.The improvement of the system should be based on a full understanding of carbon emission rights.Carbon emission right is based on the theory of property right,externality theory and environmental right to use.It is normative,price and tradable,and has both public and private rights.To build a carbon financial market based on carbon emission right,it is necessary to define the legal positioning of carbon emission right,integrate with the international system actively and prudently,and improve the risk control and supervision system.