A Study On Market Of Emission Permits Trade Of Carbon

Environmental issue is one of the important ones facing the world today. There are many perspectives to understand the environmental issue and various methods in solving the problem, while seeking the solution to the environmental issue through marketization has drawn great concern of the academic circle and rewarding exploration has been conducted into the issue.Being one of the methods to be market-oriented, emission permits trade of carbon has been one of the economic categories, which frequently appears in discussing environmental issue in recent years, in the meantime, as a basic research of forest carbon sink project, people attach more and more importance to it. And one of its important propositions is how to understand and solve emission permits trade of carbon from the perspective of economics and adopting economics approaches, which essentially is solving or weakening price distortion in resources allocation by means of market mechanism and realizing sound economic growth. The basis for the market mechanism to play its role is the market, and the object is the manufacturer or the product, whose performance has received a common understanding basically and been mostly verified. However we are still probing into the applicability of solving the environmental issue using the market mechanism. Experience acquired by developed countries in the world during the exploration process is of particular significance to China, which is enjoying the"pleasure"of economic growth and tasting"bitterness"of the environmental issue at the same time in its process of industrialization.This study attempts to emphasize on construction of the system for emission permits trade of carbon under the market mechanism and introduce the option mechanism into the emission permits trade of carbon. The major results of the study include:1.This paper conducts a theoretical analysis of the theoretical foundation for construction of the system for emission permits trade of carbon and its practical significance from the property rights theory and emission rights trading theory.2.It summarizes and analyzes vital practice and relevant experience of various countries in emission permits trade of carbon after implementation of Kyoto Protocol, and puts forward such views as"construction the market-oriented system for emission permits trade of carbon is the effective method to solve greenhouse gas emission".3.Analyze major factors influencing emission permits trade of carbon from such perspectives of rules for emission permits trade of carbon, emission reduction policies, funds mechanism, and operation mode and so on, laying the theoretical foundation for construction of the system for emission permits trade of carbon in China.4.Conduct a feasibility study on the construction of the system for emission permits trade of carbon in China. It is believed that China is equipped with the basic conditions to carry out emission permits trade of carbon, and based on summary of the experience of foreign countries in emission permits trade of carbon, it brings forward the suggestions on solution aimed at the existing problems.5.Conceive construction of the system for emission permits trade of carbon. Introduce the option mechanism in the initial distribution of carbon emission rights.6. Conduct pricing and verification of EU quota by adopting B-S model.Major innovative results are:1. Put forward the concept of option of carbon emission rights, and introduce the option into the elements of trade on the carbon market.2. Put forward the concept of Asia-Pacific Cooperation Mechanism, and together with the existing Kyoto mechanism, unite the interest groups of major emission reduction countries worldwide under the framework of protecting the global environment concertedly.3. Conduct a macro-design of the emission permits trade of carbon in China, and introduce the idea of foreign Climate Exchange into the project of emission permits trade of carbon.4. Conduct pricing of EU quota by adopting B-S model and find out the approach to determine the rate of vibration.