The Comparison Of The Development On The Carbon Financial Market At Home And Abroad And The Enlightenment To China

With the increasingly outstanding problems of environment and energy, all countries in theworld have a wide cooperation in reducing Greenhouse emissions. Carbon Finance, which usesthe economy of means to mitigate environmental problems, develops vigorously in recent years.The carbon emission permission trading schemes like the European Union Emission TradingScheme (EUETS) and the markets like European Climate Exchange (ECX), Chicago ClimateExchange (CCX) gradually become mature and have taken the lead in the international CarbonFinance Scheme.China has become the largest provider of carbon credits in the world with highestGreenhouse emissions now. By means of the clean development mechanism, carbon trading andits derivatives market in China have an expansive development prospect. However, the domesticCarbon Finance market still has a long way to go.As a result, the thesis on one hand illustrates the economics foundation of Carbon Finance——Coase theorem, the analysis of its types, advantages and disadvantages, and application ofBlack-Scholes model in the pricing of carbon emission permission. On the other hand, the thesisanalyses the law environment, trading condition, Carbon Financial market, Carbon Financialbusiness in financial institutions and carbon fund both at home and abroad. Basing on this, thethesis summaries the problems in the international Carbon Financial market and the bottleneck ofChina’s Carbon Finance development, and then puts forward the solution and a proposal of thethree-step domestic Carbon Finance development strategy.