On The Object Of Right And Its Characteristic In CDM Trading Relations

Clean Development Mechanism(CDM) is one of the three flexible mechanisms in "Kyoto Protocol",which aims at reducing global greenhouse gas emissions.The mechanism allows countries listed in Appendix I of the "United Nations Framework Convention on Climate Change" to cut greenhouse gas emissions via investing CDM projects in non-Appendix I countries,to obtain Certified Emission Reductions (CER) and fulfill their emission reduction obligations. The forming of CDM is a combination of several systems in controling greenhouse gas emissions, so it has close links with Emissions Trading Scheme, Joint Implementation, and Clean Development Fund .China has ratified the "Kyoto Protocol" in 2002. After that, CDM projects develope rapidly in China, especially since 2007 .To ensure the good operation of CDM projects in China, four ministries jointly issued the "Measures for Operation and Management of Clean Development Mechanism Projects in China".These measures set basic rules for the CDM projects development. However, the provisions of the measures are not perfect, there are some obvious ambiguities on the ownership of CER ,which created throuth CDM projects. Such flaws brought firmsenterprise' confusions on rules, increased their operation risks,and impeding the further development of CER market.The reason of rules' unclear is the lack of understanding on the nature of CER and the characteristic of rights on it. Therefore, this paper considers that the object of the right of CDM is CER,which has great difference with traditional property on originity, physical nature and value. It makes the purpose of enviromental protection to meet with the economic production action. For this reason, the rights on CER have characteristic of both enviromental right and quasi-property right. On this basis, this paper put on the perfect of relevant legal systems in China.