| With the rapid development of society and economy,the increasing prosperity of artificial capital production has led to a continuous decline in the stock of natural capital and an increasingly scarce supply of environmental resources.As the dominant energy in the world's energy structure,the supply of various types of fossil energy is becoming increasingly tight,and countries around the world have formulated various institutional schemes to promote energy conservation and improve energy efficiency.Due to the shortcomings of traditional command-and-control system schemes in terms of system performance,the emerging economic incentive system schemes have been generally favored by various countries.Energy-consuming right trading system is a representative economic incentive system in the field of energy conservation in China.This system is based on the control of total energy consumption and the basic principle of property rights incentives.The target of total energy consumption is decomposed and distributed to each energy user to form the energy-consuming right,and various trading entities are allowed to freely trade energy-consuming right in the trading market.At the same time,this system also maintains the orderly and stable operation of the trading market through mechanisms such as rights audit management and market supervision.On the whole,energy-consuming right trading system guarantees the realization of energy conservation system goals with total amount control.It relies on the market trading mechanism to encourage trading entities to allocate resources independently,realizes the optimal allocation of resources,and shows its own unique institutional advantages.However,China's current practice of energy-consuming right transaction has only just begun in 2016.The main rules are based on the regulatory documents of the local governments in the pilot regions.Therefore,the energy-consuming right trading system is more a policy scheme than a legal scheme.In addition,because it is still in the early stage of practice,there are still many immature aspects of the energy-consuming right trading system,which are not enough to promote energy conservation and efficiently achieve the goal of “dual control” of the total and intensity of national energy consumption.Therefore,in order to make up for the existing shortcomings of the energy-consuming right trading system,it is necessary to gradually advance the construction and improvement of the energy-consuming right trading system from the perspective of the legal system construction.In terms of specific construction and improvement ideas,as a property right trading system,energy-consuming right is the basis for the construction and improvement of the entire trading system.The related design of the energy-consuming right trading system should also start with the right setting of energy-consuming right.As a property right created by public power,how to clarify the boundary between public interest and private benefit,and serve the efficiency of property rights transaction is the basic basis for the property right setting and right attribute selection of energyconsuming right.And based on the right basis of energy-consuming right,the construction of the energy-consuming right trading system should also aim at building an efficient trading market,ensuring and stabilizing market order.In order to achieve this goal,we should explore the institutional path for the construction and improvement of energy-consuming right transaction in light of China's current practice and extraterritorial experience.The basic principles of the white certificate trading system implemented in the European Union,Australia,the United States and other countries and regions are the same as the energy-consuming right trading system.The carbon emissions trading system is also designed in the same way as the energy-consuming right trading system in terms of the initial allocation and trading market.There are many similarities,and relevant practical experience can be used for reference.The basic path of construction and improvement of the energy-consuming right trading system can be initially outlined by theoretical analysis which comprehensive literature research method,normative analysis method,institutional comparison method and other methods,combining theories of institutional economics,environmental economics,energy economics,and green finance.In a nutshell,the construction and improvement of the energy-consuming right trading system should be included in the track of rule of law,and the energy-consuming right should be positioned as a new type of property right to provide the right holder with the necessary protection of legal property rights.The energy-consuming right trading system should build a system that includes three major sub-systems,including the initial allocation and audit management of energy-consuming right,the operation and supervision of the energy-consuming right trading market,and the regulation and coordination of energy-consuming right transaction.Various mechanisms and rules should be constructed and improved.Based on the above ideas,this article is divided into five chapters:The first chapter is “Analysis of the Institutional Rationality of Energy-consuming Right Transaction”.This chapter interprets the energy-consuming right and energyconsuming right transaction from a theoretical level,clarifies the connotation of the right of energy-consuming right,and points out the system plan of energy-consuming right transaction that best meets the requirements for improving the efficiency of property rights transactions.From the perspective of macro theory,energy-consuming right transaction is the institutional manifestation of energy capital transformation in the context of national energy transformation strategy to improve energy efficiency and energy structure,and change from artificial capital investment to natural capital investment.This system promotes the improvement of unit energy production efficiency through the market trading mechanism under the condition that the total target remains unchanged.It also indirectly promotes emission reduction through the promotion of energy saving,realizes the recovery and growth of natural capital.Therefore,improving energy efficiency and promoting natural capital investment constitute the main institutional orientation of the energy-consuming right trading system.In terms of institutional principles,the energy-consuming right trading system is a typical economic incentive system based on property rights incentives.This system transforms the benefits of energy conservation and energy efficiency into property rights through the establishment of private property rights,which fully mobilizes the subjective initiative of right holders to save energy.The energy-consuming right is based on the national total energy consumption control,and the right that the energy-consuming unit obtains through the initial allocation of the state or the exchange of the trading market,with the energy consumption index as the main content.Because the energy-consuming right comes from administrative concession,and it also has de facto property benefits,its right attribute face two options: property right and regulatory right.From the perspective of promoting transaction efficiency,energy-consuming right should meet the requirements of exclusivity,mandatory and tradability.The property right path has incomparable advantages in guaranteeing the tradability of the energy-consuming right,and it is more conducive to the use of the incentive role of the energy-consuming right.Therefore,the property right path should become a suitable choice for the attribute of energyconsuming right.And because energy-consuming right is less specific and dominant than the carbon emission right,pollution right,and some natural resource rights,energy-consuming right cannot be incorporated into the property rights system based on the quasi-property theory.It can be defined as a new type of property right based on its de facto property attribute.The second chapter is “Deduction of Institutional Structure of Energy-consuming Right Transaction.” This chapter is based on the current situation analysis of the pilot practice of the energy-consuming right trading system in China and the experience summary of the extraterritorial white certificate trading system.The shortcomings of energy-consuming right transaction in various systems in the stage of pilot practice are summarized,the experience and lessons learned outside the region are put forward,and then the overall framework of China's energy-consuming right trading system is deduced.As far as practice is concerned,at present,China's energy-consuming right transaction is mainly based on pilot practice,and the trading rules issued by the pilot provinces such as Henan and Zhejiang are used as the main practical basis,and certain practical results have been initially obtained.However,the current pilot practice has problems such as the low level of effectiveness of the basis for system implementation,the shortcomings of the initial allocation of gratis,the shortcomings of transaction rules,the need to further refine the audit management and market supervision mechanisms.The construction of the energy-consuming right trading system needs to be promoted as a whole.For the improvement of China's energy-consuming right trading system,foreign white certificate trading practice experience can bring lessons and inspirations.According to the successful experience of the European Union and Australia in the field of white certificate transaction,energy-consuming right trading system should strive to build an open and fair,multi-subjected,and well-regulated trading market,so that the efficiency advantages of energy-consuming right transaction can be brought into full play.The unsatisfactory effect of the white certificate trading system in the four states in the United States has provided a lesson for China: the institutional tools to promote energy conservation must not be too complicated,and the coexistence of multiple types of institutional schemes may harm the energy-consuming right trading market.Generally speaking,several key points in the construction of China's energy-consuming right trading system can be summarized from the experiences and lessons of various countries.First,the trading system should be based on the unified national decree.It is regulated by law,and the legislative status of the existing rules mainly based on local regulatory documents should be changed.Second,the establishment of property rights is of great significance for market transactions,and the property rights held by right holders should be fully protected.Third,the energy-consuming right trading market should be fully open,and as far as possible,the entry of qualified voluntary trading entities should be absorbed in order to give full play to the efficiency advantages of the market mechanism,and the verification and determination standards that determine the voluntary trading entities' access to energy-consuming right are conducive to the improvement of the enthusiasm of voluntary trading entities.Fourth,establishing a dual-pillar supervision system,with two types of independent institutions responsible for the review and management of energy rights and the supervision of the trading market,which are conducive to improving supervision efficiency and ensuring the effectiveness of supervision.Finally,it is not appropriate to set up an overly complex combination of institutional schemes in the field of energy conservation.It is necessary to establish a system combination centered on energy-consuming right transaction and consistent with the cost of benefits principle.Based on the current domestic practice and foreign experience,we can derive the institutional structure of the energy-consuming right transaction,including the regulatory path and institutional framework.As far as the regulatory approach is concerned,the construction of the energy-consuming right trading system in China should adhere to the rule of law.In the future,the specific details of the legal system for energy-consuming right transaction should be gradually improved,and the legal status of energy-consuming right should be clearly defined.The division of the two levels of the initial allocation and market transactions of the energy-consuming right trading market,and the core tasks of the distribution and management of energyconsuming right and the maintenance of the operation of the trading market corresponding to the two levels of the market,which can be used as the main clue to build institutional framework of energy-consuming right trading system.According to these two clues,the initial allocation and audit management system of energyconsuming right and the market operation and supervision system of energy-consuming right transaction can be integrated as the two main sub-systems of the energyconsuming right trading system.From the strategic perspective of ecological civilization construction,the energy-consuming right trading system as part of the environmental governance system should clearly define its position in the combination of environmental governance systems,and pay attention to coordination and coordination with other systems,which constitutes another sub-system of the energyconsuming right trading system: the regulation coordination system of energyconsuming right transaction.The third chapter is “Construction of the Initial Allocation and Audit Management System of Energy-consuming Right”.This chapter focuses on the initial allocation of energy-consuming right as a primary market for energy-consuming right trading.At the same time,along the research path of “generation-distribution-audit management” of energy-consuming right,this chapter sets up the overall framework of the initial allocation and review management system of energy-consuming right,including the goal setting of total energy consumption,initial allocation mechanism and audit management mechanism.The setting of the total energy consumption target is the premise of initial allocation of energy-consuming right.This mechanism includes the setting of the national total energy consumption target at the macro level and the decomposition of the local total energy consumption target at the micro level.At the macro level,the setting of the national energy consumption target should be based on reducing the energy consumption of economic production units,set the total target in combination with historical consumption or predicted consumption,and also calculate and consider the energy saving potential through technical means.Once set,aggregate targets should be legally binding.At the micro level,the layered decomposition of the total local energy consumption target should adhere to the principle of ensuring fairness and efficiency,not only ensuring development opportunities in relatively backward economic areas,but also properly tilting areas with more developed economies and higher energy efficiency to enhance the overall efficiency of society.The initial allocation mechanism of energy-consuming right is the core link of the transformation of energy consumption indicators from public resources to private property.The initial distribution includes two methods: unpaid distribution and paid distribution.At the same time,the former includes two distribution methods,the benchmark method and the historical method,and the latter includes both the auction method and the government pricing method.Generally speaking,the unpaid distribution method is easy to implement,convenient and fast,but the energy users have not paid the corresponding price,and the system incentives are insufficient.The incentive effect of the paid distribution method is more obvious,but it faces high implementation costs.In the current primary stage of energy-consuming right transactions,considering the unity of fairness and efficiency,and the unity of costs and benefits,the goal should be to promote the smooth implementation of energyconsuming right transactions and achieve universal acceptance.Therefore,at present,the free distribution method should be the main method,and the historical method should be gradually replaced by the benchmark method with better incentive effect.At the same time,the paid distribution method should be gradually introduced in the economically developed areas and high energy-consuming traditional industries.The establishment of energy-consuming right audit management mechanism is mainly based on the strong public right attribute of the energy-consuming right.It is set up to ensure its transaction value and scarcity.In a broad sense,the energy-consuming right audit management mechanism also belongs to the scope of the energy-consuming right transaction supervision mechanism.The audit and management mechanism of energy-consuming right consists of the registration and registration rules of energyconsuming right,the energy consumption monitoring,reporting,and verification rules,the violation penalties and relief rules of energy-consuming right,and the recognition rules for voluntary trading entities to obtain energy-consuming right.Among them,the recognition rules for voluntary trading entities to obtain energy-consuming right are the recognition rules for voluntary trading entities to obtain additional energy-consuming right,and legal reference standards should be formed with reference to white certificate trading experience.The registration rules are designed to provide protection for energyconsuming right.Through the public registration system,the legitimate rights and interests of the right holder are maintained to form a stable transaction expectation.Unified registration rules and the establishment of a unified trading system constitute the perfect path of rules for registration of energy-consuming right.The rules for energy consumption monitoring,reporting and verification are to ensure the stability of the value of energy-consuming right and to ensure the effectiveness of the energyconsuming right trading system in promoting energy conservation.In the future,this rule should be legalized and standardized as soon as possible,and it should be flexibly applied from the perspective of efficiency.Various monitoring methods form the rules for the admission and cultivation of third-party verification agencies.At the same time,reports should be standardized and information disclosure mechanisms should be established.As for the rules of punishment and remedy for breach of contract for energy-consuming right,maintaining the appropriateness of punishment,unifying the standard of punishment,and enriching the relief methods are the only ways to establish and improve this rule.The fourth chapter is “Improvement of Market Operation and Supervision System of Energy-consuming Right Transaction”.This chapter focuses on the core content of the market transaction mechanism of energy-consuming right trading system and the market supervision mechanism that provides the necessary guarantees for market transactions,proposes the overall system design of the market operation and trading system of the energy-consuming right transaction.Market trading mechanism is the core of energy-consuming right transaction.In order to improve the performance of energy-consuming right trading system,the degree of openness of energy-consuming right trading market should be increased as much as possible to increase the flexibility of transactions.Specifically,first of all,we should form diversified trading entities to provide more opportunities for voluntary entities to participate in the transaction.At the same time,we must strengthen the cultivation of various trading agencies and service agencies to reduce transaction costs.Secondly,attention should be paid to the combination of on-site and off-site transactions to provide a platform for small and medium-sized trading entities and increase trading activity.Thirdly,rules for storing and borrowing of energy-consuming right should be established to provide more flexibility for the energy-consuming right trading market.Finally,as the market for energy-consuming right transaction belongs to the market created by the government,in order to prevent market fluctuations,a price ceiling control mechanism should also be established,and necessary interventions should be implemented to maintain market stability.When the energy-consuming right trading system has developed to a certain extent,in order to further improve transaction efficiency at this time,on the one hand,it is necessary to further improve transaction flexibility,on the other hand,it should attract more social capital to enter,further promote the improvement of energy efficiency,and increase supply of energy-consuming right.This demand is integrated with the national strategy for developing green finance,and the financial trading model of energyconsuming right has become a suitable institutional solution.Energy-consuming right financial transaction is born out of various green financial practices in the field of environmental governance and energy financial practices in the energy field,especially carbon finance,which plays an important reference and guidance role in energyconsuming right financial transactions.Although the financial trading model of energyconsuming right is still at the level of policy vision,for the sake of precautions,it is necessary to make institutional arrangements in advance for the energy-consuming right financial trading mechanism according to the potential product types and financing models of.According to the main product types of energy-consuming right financial transaction,the legal system of energy-consuming right financial transaction can be divided into energy-consuming right financial derivatives transaction mechanism,energy-consuming right secured credit financing mechanism,energyconsuming right security financing mechanism,and energy-consuming right fund financing mechanism.Among various types of energy-consuming right financial trading products,energy-consuming right financial derivative transaction is risk hedging and forward trading mechanisms that are directly tied to energy-consuming right transaction.The construction of this system should mainly pay attention to preventing various risks in the derivatives trading market and control them through various mechanism designs.The energy-consuming right secured credit financing mechanism is the main indirect financing mechanism of the trading market.There are two types of secured credit: pledge financing and mortgage financing.Once energy-consuming right is used,it will damage the value of its own property,which is not consistent with the basic legal principle that the use of mortgage financing collateral does not harm the value of the collateral,and equity pledge financing can provide practical reference for energy-consuming right pledge financing model,so the pledge financing model is more suitable.In the future,In the future,energy-consuming right secured credit financing mechanism should be designed based on the pledge financing idea.As for the construction of energy-consuming right security and fund financing mechanisms,we can learn from the relevant experience of carbon finance.Asset securitization and bond issuance will be the main energy-consuming right security financing methods.In the future,relevant mechanisms should be built based on the entry of entity qualifications,the incentives of product innovation of bonds and asset securitization,third-party certification and credit ratings,environmental information disclosure,etc.While for the fund financing model of energy-consuming right,we should focus on government guidance and gradually build diversified financing entities through financial incentives and administration guidance and other forms promote the development of fund financing.The supervision mechanism of the energy-consuming right trading market is the key to maintaining the smooth operation of the energy-consuming right trading market,and it is also the direct guarantee for direct transaction of energy-consuming right and energy-consuming right financial transaction.Regarding the construction of this mechanism,on the one hand,it is necessary to draw on extraterritorial experience and build a two-pillar supervision system that focuses on energy-consuming right audit management and energy-consuming right trading market supervision;on the other hand,due to the strong technical and professional nature of energy-consuming right transactions,there is a general information asymmetry between various entities and competent authorities in the market.Therefore,the supervision of energy-consuming right transactions should go beyond the conventional regulatory thinking,reasonably divide the functions and powers of various types of regulatory agencies,and grant thirdparty agencies supervisory authority correspondingly through legal authorization to promote the development of multiple supervisory entities,and form a cooperative supervisory mechanism.As far as market supervision is concerned,in principle,the boundary between the government and the market should be clarified,the principles of appropriate supervision,public participation,and the entire process of risk control should be implemented.The laws of the market should be respected while the enthusiasm of all parties should be mobilized,and risk prevention and control should be strengthened.The formulation of regulatory rules should be based on the regulation of market disruption.Laws such as the “Antitrust Law” and “Anti-Unfair Competition Law” can be permitted to combat illegal acts.On the one hand,market stability maintenance rules should be established to restore the disrupted market order,on the other hand,civil and administrative responsibilities should be comprehensively used to punish those who disrupt market order.In addition,with the development of energyconsuming right financial transaction,the regulatory mechanism should also be adjusted accordingly.First of all,attention should be paid to distinguish between industry supervision of energy-consuming right transactions and financial supervision of energy-consuming right financial trading market,and clarify the scope of financial supervision.Secondly,the content of the supervision principles should be enriched and expanded,including contents of principles such as dual-peak supervision,real-time risk control,dynamic capital monitoring.Finally,in terms of regulatory rules,attention should be paid to the absorption of general financial regulatory rules to form special regulatory rules for energy-consuming right financial transaction,such as subject access and management rules,mandatory information disclosure rules,risk identification and prompting rules,and punishment rules.The fifth chapter is “Exploration of China's Energy-consuming Right Trading Regulation Coordination System”.As part of the environmental governance system,the energy-consuming right trading system will inevitably interact even conflict with other energy conservation-oriented environmental governance systems in the implementation process.This chapter discusses the construction and improvement of the energy-consuming right trading regulation coordination system in order to resolve the conflicts and impacts between the systems and optimize the system combination.From the overall perspective of the environmental governance system,as an economic incentive system,energy-consuming right trading system is a typical secondgeneration environmental regulation system.At present,based on the practice status that the first generation of command-and-control environmental regulation system has the advantages of convenient implementation and the disadvantages of low efficiency,the second-generation economic incentive environmental regulatory system has higher efficiency advantages and the disadvantages of strict applicable condition,and the third-generation environmental regulatory system is not yet mature enough to stand on its own,the three generations of environmental regulation have formed a mutual governance pattern in which the first and second generations of environmental regulatory system are mutually complementary,and the third generation of environmental regulation and regulation is complementary.Therefore,the system focus of the energy-consuming right trading regulation coordination system lies mainly within the second-generation environmental regulation system.The coordination mechanism of the trading system of energy-consuming right and other environmental rights,as well as the coordination and application mechanism of the energy ecological taxation system,constitute the main content of the energy-consuming right trading regulation coordination system.As for other similar rights trading systems that represent environmental rights and interests,energy-saving credits transaction,carbon emissions right transaction and emissions transaction are the main areas that conflict with energy-consuming right transaction.Regarding energy-saving credits transaction,given that the basic principles and methods of this system are the same as or similar to energy-consuming right trading systems,both systems take energy consumption indicators as the object,and the private property right trading model of energy-consuming right transaction is more efficient than the administrative regulatory right model of energy-saving credits transaction,so in the future,energy-saving credits trading system should be cancelled and included in energy-consuming right trading system.In contrast,carbon emissions transaction,emissions transaction,and energy-consuming right transaction have very different system goals,but often achieve pollutant reductions and greenhouse gas reductions while achieving energy savings.The overlap of regulated objects has led to the problem of multiple benefit.To this end,a coordination mechanism for energy-consuming right transaction,carbon emissions transaction,and emissions transaction should be established to achieve the simultaneous implementation of the two systems while avoiding multiple benefits.Specifically,first of all,when the two types of systems determine the total amount control target,attention should be paid to the impact of the other type of system,and the overlapping parts of the total amount control target should be eliminated.Secondly,the ratio of mutual conversion of energy-consuming right,pollution right and carbon emission right should be established so that the two types of indicators can be converted into each other.Finally,in order to ensure the realization of the respective objectives of the two types of systems,the ratio of the two types of indicators to be transformed should be limited to avoid a certain type of system that suffers from insufficient supply of indicators due to a large number of conversions of trading indicators,resulting in failure of the trading mechanism.As far as the energy tax system is concerned,the energy-consuming right trading regulation coordination system is mainly to solve the problem of how to coordinate the energy-consuming right transaction and the ecological taxation applicable to the energy consumption link under the background of energy tax ecologicalization.Energy ecological taxation applicable to energy consumption is the main areas of conflict with energy-consuming right transaction.Since both energy ecological taxation and energyconsuming right transaction are aimed at promoting energy conservation,both systems set environmental and social costs of energy use behavior as indicators of energy consumption,and encourage enterprises to actively save energy according to the costbenefit principle as the basic principle of system,which makes the theoretical basis of the two systems is the same.The identity of the theoretical basis has led to the conflict between the two systems when the two systems are implemented in parallel.The two systems repeatedly calculate the environmental and social costs of energy use behavior.In the face of the system conflict between the two systems,as far as the conditions for coordination and application are concerned,the coordinated application of energyconsuming right transaction and energy ecological taxation is both necessary and feasible.From the perspective of necessity,although the two systems are theoretically identical,the institutional means of the two systems are significantly different,which makes the two systems complementary when implemen... |
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