The Scheme Of Afforestation And Reforestation Of Chinese Carbon Emission Trading Market Based On The Revelation Of The Price Mechanism Under The EU ETS

At present,through the market mechanism to promote greenhouse gas emissions and carbon sequestration carbon sequestration carbon trading market in China seven provinces and cities was established in 2017 and aimed to establish a national carbon market.The European Union Emission Trading Scheme(EU ETS),which is the world's largest trade scale and market value,was seen as a model to the domestic carbon market trading system with the total amount of quota,quota allocation,monitoring and reporting compliance.But the existence of serious supply and demand imbalance,weakens the market price of carbon signals to guide countries to promote energy-saving low-carbon enterprises to encourage healthy development of low-carbon enterprises,and ultimately achieve the total emission reduction and low-carbon development market design.China's carbon trading market in the study of the EU carbon trading market mechanism at the same time,there have been "total and trading" under the inherent mechanism of the problem.Therefore,taking the market supply and demand as the starting point,the paper studies the internal price relationship of the EU carbon trading market,and provides suggestions for optimizing the establishment of China's carbon trading market.Based on the theories of externality,Coase theorem,environmental capacity and scarcity,this paper studies the EUA futures prices of the EU quota market and the CER futures prices of the EU CDM project market based on the theory of carbon trading and the theory of price.This paper discusses the reasons for the formation of market prices from the perspective of market supply and demand of EUA futures and the basic assets of CER futures.By comparisons among the EU quota market,the EU CDM project market and the China carbon trading market,this proposal is proposed to optimize the Chinese carbon trading market.1)Describe the importance of carbon trading market itself and the carbon market cultivation and improvement of "trade" as the core through the qualitative analysis of carbon trading related concepts,emissions trading theory,transaction price theory and the status quo of carbon trading in the EU.The Reasons for the Imbalance between Supply and Demand in Carbon Trading Market.Correctly understand and deal with the carbon spot market on the carbon futures market between the role and impact of understanding of the EU carbon trading between the different market price relationship between the EU carbon market trading malpractice,and then China to establish a national carbon trading market to form a reasonable market mechanism Useful.At the same time,after analyzing the domestic and foreign carbon trading spot and the market situation of the financial market,it is concluded that the irrational total amount of control and quota allocation of the carbon trading market dominated by the quota market is the imbalance between the supply and demand of the market and its related market cannot effectively play the role of carbon market emission reduction function.2)use quantitative methods to explore the EU carbon market within the EUA futures and CER futures price relationship.In this paper,the EUA futures of the intercontinental exchange and the single-day settlement price of CER futures are analyzed by cointegration,error correction model,Granger Causality Test,Vector Autoregression,Impulse Response Function and Variance Decomposition are used to explore the second stage of the carbon market in the EU carbon trading system and the third stage EUA futures prices and CER futures.The results show that the price of EUA futures has a significant effect on the long and short term fluctuations of CER futures prices,and because EUA futures prices have a strong guiding effect on the changes in CER futures prices,the quota market supply and demand imbalance Leading to the EUA futures prices in the doldrums and cannot effectively reflect the market transactions,but also with the price of interactive relationship to the CER futures prices,thereby affecting the project market carbon trading.3)Through the analysis of the current situation of China's carbon trading market,China's carbon trading market,which is based on the EU carbon trading market,or the oversupply of the subject matter of the transaction,believes that it is necessary to support both the problem of reducing emissions and reducing poverty Of the forest carbon sequestration projects,the domestic project market of carbon sequestration of carbon sequestration projects for the market supply to the enterprise carbon emissions for the market demand,the associated domestic "emission market" and "project market" for the Chinese carbon The trading market is facing the problem of diminishing effectiveness of market function in the carbon trading quota market.In conclusion,this paper discusses the reasons for price formation from the perspective of supply and demand in the EU carbon trading market,and compares the EU carbon trading market with China's carbon trading market to make recommendations for the improvement of China's carbon trading market.