| The increasingly worsening global warming problem brought by greenhouse gas emission has aroused the worldwide attention to the low carbon economy as a new model of development. The goal of low-carbon economy is, under the constraint of carbon emission, severing the ties between the carbon emission and economic development, that is, achieving relative or absolute reduction of carbon emission with sustainable and stable economic development.How to establish this model is a major topic. It is held by the new institutional economics that external problems for the trade practice between the agents of the economic practice can be effectively solved as long as property rights are clearly defined,based on which three market-based carbon trading mechanisms-IET, CDM and JI-are made in Kyoto Protocol in the form of international law. These three trade mechanisms constitute the basic trade pattern for carbon financial system, which is the practice of social cost theory in new institutional economics applied in climate change issues.Carbon trade is the core of carbon financial system and other trade activities are all carried out around it. According to the different trade mechanisms, carbon trade can be divided into quota trade and project trade, which are the two most basic trade forms, and other trade forms are all based on these two forms only with different classification standards. Carbon financial system has a wide range of stakeholders. This paper draws the conclusion that the incentive and supervision for the stakeholders are the key to the fact whether the carbon financial system can achieve the desirable effects by the examination of quota-based carbon fianance trade performer, of project-based carbon fianance trade participants, of professional financial institutions in carbon financial system, of the international financial organizations in carbon financial system from functions, rights, duties and other aspects.China has initially established a system of carbon finance,and CDM trade and VER trade have achieved a certain degree of development. Carbon trade platform has begun to take shape and the service of financial institutions has gradually begun to involve into carbon finance. Obvious comparative advantage has made China the world’s largest seller for project trade, but this does not mean that China’s carbon financial system has a smooth development, on the contrary, it bristles with difficulties. At present, the development o f China’s carbon financial system is mainly faced with four difficulties:first, the failure of market mechanism; second, separation of carbon trade platform;Third, the imperfection of organization and service system; Fourth; lack of a say in international carbon trade market. Innovation is an important means out of the difficulties and to break through the bottleneck.Based on the great practice of socialist market economy development in China,the principle of carbon financial system innovation can be summarized as being law-guaranteed, competition-driven, extension-open and equality-based; The orientation of carbon financial system innovation can be summarized as in the marketization of operational model, diversification of investment and financing channels,perfection of the supervision system and strengthening of international cooperation. Based on this, this paper proposes some suggestions for carbon financial system innovation, including cultivating the low carbon-oriented investment and financing cultural awareness, promoting the innovation of government functions related to carbon finance, establishing a nationwide carbon trade platform, enhancing Chinese status in international carbon trade market and attracting talented people in carbon finance.Finally, the theoretical analysis of carbon financial system, and the review of the dilemma in carbon financial system development in China and its innovative path present the conclusion that the key to the carbon financial system development lies in the maintenance of market mechanisms. The optimum allocation of carbon emission reduction achieved by market mechanisms is the basic principle of carbon financial system, but because of the existence of a large number of anti-market factors, government supervision is still indispensable in order to maintain the functioning of the market mechanism. |
PDF Full Text Request