| How to deal with global climate change, to develop their own low-carboneconomy, to protect national energy security has become one of the most importantissues for a sovereignty country. Finance can optimize resource allocation, attractcapital and is essential for the international low-carbon development. The UnitedStates and other developed countries use carbon finance as the main policyinstruments for low carbon economy and the way to improve globalcompetitiveness. On the one hand, carbon finance transition can cut carbon emissionefficiently; on the other hand, carbon finance will profoundly affect future worldfinancial system. Carbon finance trading system is an efficient market-based emissionreduction means, and can leverage capital investment in emission reduction andlow-carbon development industry. Carbon finance transaction has become themainstream response to climate change.The United Nations Convention on Climate Change and the Kyoto Protocol arethe basis of international climate change legal system. The two treaties set statesparties’ mandatory reduction obligation and build three flexible carbon finance tradingmechanisms: international emissions trading mechanisms, joint implementation andclean development mechanism to assist states parties to complete their emissionreduction targets. This gives birth to the global carbon finance market. Countries alsoestablished their own carbon finance transaction policy to support the system. EUemissions trading system, as the largest multinational mandatory domestic tradingsystem, played a significant impact to other countries.China is the largest carbon credit suppliers in the international carbon financetrading system. Also china is the largest emitter of greenhouse gases. So a lot ofinternational pressure has been put on china to reduce emissions. At present, China’scarbon finance market has not yet formed, can not conducive to the launching ofChina’s domestic low-cost emission reduction activities, can not conducive to China’sintegration into the international carbon finance market and seek a greater voice tospeak on behalf of the right of the country. From the perspective of internationaleconomic law, this article intended to use economics theory, analytical tool to explorethe establishment of the legal system of China’s carbon finance transaction. This article is divided into six chapters.Chapter1is carbon financial transactions theoretical research basis. This chapteris theoretical preparation and bedding of the whole paper. This chapter defines thescope of the study, the status of the trading system, the significance of the transactionand the trading system. This chapter has laid a theoretical foundation and analyticalframework.Chapter Ⅱ is the legal system of the international carbon financetransactions. This chapter focuses on the United Nations Framework Convention onClimate and the Kyoto Protocol, and the international carbon trading system set up bythem. The undertaken international carbon finance market transactions contentsinternational mandatory quantitative targets, the use of market-oriented means toachieve their goals. The current difficulty lies for the countries is the target ofemission cutting and the capital to support it. The international community can notform a north-south national distribution plan acceptable to all and can not ensureparticipating countries will not violate their commitments, will not withdraw from thetreaty.Chapter Ⅲ is carbon finance transactions in the EU legal system. The EUemissions trading system is the world biggest trading system. The EU trading systemis the successful example for energy conservation, and carbon finance trading. Thischapter focuses on the legislative history of the EU carbon finance trading system, theadvantages and disadvantages of legislation and operation of the market.Chapter Ⅳ is the legal system of national carbon finance transactions. Climatechange has become a national competition for the future development. Related to aspecific emission reduction targets, technology transfer projects and financial support,interest groups tend to fall into endless bargaining. Although negotiations are difficult,no country can slow down the national emission reduction and new energydevelopment. Climate change has become an important part of the national economicstrategy and security strategy. The countries all established a carbon financial tradingsystem and carbon-financial legal system. This chapter begins with the establishmentof national emission reduction targets, the establishment of the quota allocationsystem, the establishment of the four aspects of the market transaction management system and market connection system analysis of a typical legal framework of thelegal system of national carbon finance transactions, as well as our country can learnfrom.Chapter Ⅴis voluntary carbon finance transactions legal system. This chapterdescribes the development of the carbon finance market. The voluntary marketencourage relevant organizations, enterprises and individuals to participate inlow-carbon development; to meet the national, regional mandatory emission targets;the operation of the voluntary market is to provide innovative trading standards andtrading methods.Chapter Ⅵis carbon finance trading system and China. This chapter conducts acomprehensive policy analysis of China’s current national negotiating positions andnational climate change law and the current carbon trading. Build nationalcompetitive advantage, China should establish the carbon finance market to maintainreal economic interests, to cope with the pressure of the international climatenegotiations. Low-carbon economy is the basic direction for the futuredevelopment.Finally, the legal path of the construction of China’s carbon tradingmarket, including: the establishment of the national goals of the carbon-constrained;clear the nature of the carbon assets; build our own carbon finance trading system;integrate existing carbon emission exchanges to set up a unified nationalexchange; establish a sound market regulatory mechanism; establish Chinese carbonreserve and funds. |
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