Study On Legal Issues Of Carbon Emission Trading

The development of carbon emissions trading is on the basis of international laws like UNFCCC and the Kyoto Protocol. Emission trading is a trading mechanism under conditions of total control. In the sale, the party buy and sale reduction credits. The mechanism is an important innovation to address climate change. After the Kyoto Protocol, many countries and regions have adopted legislation to implement mandatory emissions trading scheme, and there is also a voluntary market. The development of carbon market in China is still at a preliminary stage, which has not yet formed a regulated market. The running of CDM market has certain risk, and the voluntary market is really weak. The state has promulgated some rules to regulate the running of market, but not sufficient. Therefore the article puts forward some understandings and advices, and hopes to structure a legal framework for the development of carbon markets.The first section of this article describes the meaning of carbon emissions trading, and analyzes the characteristics of the carbon emissions trading through the comparison of the related concepts. Carbon emission trading is a market mechanism to promote the reduction of emissions of global greenhouse gas.The second part, the author analyzes carbon emissions from a multi-dimensional perspective. This part described the theoretical basis for the emissions trading, and the author also does a legal analysis of the principle and element of the carbon market.Part III and Part IV describe the legal issues related to emissions trading from the perspective of international and domestic law. The source of international law of emissions trading is first set out in part III, mainly in UNFCCC and the Kyoto Protocol. This part also described the development of international laws related to carbon market through the analysis of the functions of participants in the formulation the international legislation. The part focuses on the analysis of the role of some parties in the international legislation.The fourth part analyzes the current situation of China’s carbon market, and set up a four-layer law system to promote the development of emission trading, through drawing on foreign and inter-district legislations. This part also does a plain discussion of the content of carbon law. Because of the quasi-financial attributes of carbon emission trading, the article will discusses some issues with the perspective of carbon finance.