Research Of Carbon Emissions Quota Banking And Borrowing

At present, China has become a country with large emissions of carbon dioxide. The excess emissions not only suppress the growth potential in China, but also destroy the environment that mankind depend on for existence seriously, and threaten human’s health. Facing the severe pressures of environment press, our country has been unable to achieve the reduction target only by administrative means, we must introduce the market mechanism to reduce the emission, thereby promoting the establishment of emission trade market in China. This paper studies carbon quota’s banking and borrowing from the angle of spread trade to provide a beneficial exploration for the establishment of carbon emissions trading market in China. First, this paper introduces the research dynamic of carbon emissions quotas, summarizes carbon emissions quota banking and borrowing and discusses its theoretical basis which mainly includes externality theory, Coase theory, financial intermediation theory, loan-able funds theory. Second, based on the present situation of China’s carbon emissions permits trading market; this paper uses the theoretical tools of macro-economics, micro-economics and game theory to analyze the motivation of carbon emissions quotas banking and borrowing. Third, building a banking and borrowing mechanism of carbon emissions quotas based on analyzing the cause and process of carbon emissions quota banking and borrowing, clarifying the meaning of interest rate and its calculation methods to establish an interest mechanism and setting up supervision mechanism based on the game theory between lender and borrower. In addition, this paper builds a mechanism of supply and demand in loanable carbon market, and puts forward a new idea that social economic factors and technical factors mainly influencing the carbon rate. At last, based on the study in the previous section and the research of the carbon quotas hosting in Shenzhen, this paper tries to build a "carbon emissions quota bank" combining with China’s fact. In this part, connotation, constitution, function, business type and risk control and supervision of carbon quotas bank are elaborated. Above the research, this paper’s main conclusion is: the carbon emissions quota banking and borrowing not only has realistic feasibility, but also can stable carbon quota price and reduce the costs of carbon quota transaction. It is worth noting that the government should choose appropriate way in the promoting process.