Research On The Linkage Legal System Of International Carbon Trading Market

As more and more countries construct domestic carbon trading markets,linkage and cooperation of international carbon trading markets becomes possible.The linkage of the carbon trading market can expand the coverage of the carbon market,reduce the cost of emission reduction,stimulate the incentives for enterprises to reduce emissions,and ultimately achieve the carbon reduction targets of various countries.At present,the European Union,Switzerland,parts of the United States,Canada,etc.have begun to seek to link the carbon trading markets,and have had successful cases.In theory,the linkage of carbon trading markets can be divided into different types.The most common classifications are unilateral linkage,bilateral linkage and multilateral linkage.These linking methods have their own characteristics.In the process of linking,on the one hand,it is necessary to consider the development of the carbon trading market between countries or regions and the difficulty of constructing the linkage;on the other hand,it is necessary to consider the specific differences of the carbon trading market system.In the field of international law,the linkage between carbon trading markets in different countries can be constructed by choosing "hard law","soft law" or a combination of the two.Adopting a“hard law”approach to treaties or agreements guarantees compulsoryness,but it is difficult to construct and lacks flexibility;while “soft law” approaches such as guidelines and declarations are more flexible and compulsory to establish a carbon trading market.Therefore,the "hard law" can be the main method,and the "soft law" can be used for the linkage.After the linkage,the specific trading system of the carbon trading market of two or more parties needs to be coordinated.For example,it is necessary to ensure that the carbon emission reduction ceilings in the linked carbon markets are consistent,and that offsetting,storage,and lending mechanisms are coordinated.In terms of regulation,it is necessary to ensure the coordination of regulatory agencies to avoid the different Supervision power creates regulatory confusion;in order to make the linked carbon trading market operate more robustly,it is necessary to ensure the transparency of carbon market trading information,and at the same time to harmonize the monitoring,reporting and verification mechanisms of the linked parties.Therefore,this article analyzes the theoretical basis of the carbon trading market and the legal difficulties in the process of building a carbon trading market connection,draws on the EU-Switzerland and California-Quebec connection practices,and puts forward suggestions for linking a carbon trading market to help the cooperation of the international carbon trading market.