Issuance Research And Operation Risk Prevention Of Carbon T-Bonds

Nowadays,every country of the world must undertake the responsibility of developing economy and protecting the natural environment.As one of countries those who have the fastest speed of growing economies,China should also take the responsibility of protecting the ecological environment.Under the United Nations Framework Convention on Climate Change and the Kyoto Protocol,it is an important way to develop low carbon economy,and it is also an inevitable choice for social development.However,only relying on their own efforts to develop low carbon economy is not enough,because their own capital insufficiency and exogenous financing is not enough.So there need to have some countries to promoting the development of low carbon economy through their actions and provide the funds for the companies to take energy conservation and the reduction of emissions strategy.But depending on the state fiscal payment will make a huge financial burden to governments,so there is a supposition about carbon treasury bonds.As an important part of carbon financial mechanism,the purpose of issuing carbon bonds is to support the development of low carbon economy.More and more governments,companies and organizations realize that it is an effective way to raise the funds and some certain research results of the theory and practice of carbon bonds are made by several countries.By analyzing the theory and practice of carbon bonds of the whole world,I discuss the specific concepts and operating mode of carbon bonds,and then I raise a new conception: carbon treasury bonds,make an analysis of the feasibility and necessity,study the mechanism of risk management of issuing carbon T-bonds.Carbon T-bond is a kind of special T-bond,its essence is debt obligations,issued the previous government and investors agreed conditions,servicing,and promise the date when the bond matures the cash all used to support the development of lowcarbon economy,such as the development of new energy,research and development of new technology,upgrading the old equipment and reducing emissions of pollutants.This paper puts forward the concept of carbon T-bonds,and probes into the reasons of issuing carbon bonds in our country,and the way in which carbon bonds issued.Carbon T-bonds’ creditors is investors,debtors is country,users of funds is the enterprise,the country’s credit played a guaranteed role in this process.Therefore,the enterprise profit ability is not strong or embezzlement once appears,it will impose great pressure on the country’s fiscal.This article analyzes the risk factors for release of the carbon T-bonds process,puts forward the relevant countermeasures and suggestions accordingly.Government raises the fund and enterprises use the fund,so it is a problem that there will be a moral hazard between both sides.At the end of the paper according to the above problems,I put forward the basic idea of perfecting the carbon bonds,proposes ideas about improving carbon bond and prospect on carbon bond issuance in China.