Design Of Asset Securitization Products For Carbon Emission Rights Of Wind Power Enterprise

Carbon emissions right is an important tool for regulating corporate carbon emissions.Enterprises that are included in the carbon emissions trading market will face restrictions on carbon emissions quotas.If corporation’s emissions exceed the standard,they need to purchase quotas to offset the excess part,thus giving birth to the carbon emissions trading market.Since 2011,China has carried out pilot of carbon emissions trading in Beijing and other places.On July 16,2021,the national carbon emissions trading market got started.At present,China’s carbon emissions trading market is still in its infancy.Designing new financial instruments is of great significance to make carbon emissions trading market more complete,promoting China green and low-carbon development,and achieving carbon peaking and carbon neutrality goals.Wind power is clean energy,and the construction of wind power plants requires longterm and large capital investment.However,the existing carbon financial products have problems such as lack of diversified investors,carbon emission rights cannot be split for sale,and there are no products that can be circulated nationwide.This article takes Xinjiang Gold Wind Technology Co.,Ltd.(“Gold Wind Technology”),a wind power enterprise,as the hypothetical issuer,this thesis designs the Gold Wind Green Carbon.asset securitization product of carbon emission rights for wind power enterprises,and clarifies its product structure,main indicators,and innovation points.The issuance and trading of carbon emission rights asset securitization products can improve the liquidity of carbon emission rights assets,expand financing channels related to carbon emission rights,reduce the financing cost of green projects,increase the path for investors to enter the carbon emissions trading market,and strengthen enterprises’ environmental information disclosure.The risks of carbon emission rights asset securitization products include information asymmetry risk,cash flow fluctuation risk,and legal risk.In response to these risks,internal and external credit enhancement methods such as setting up dual SPV,structured tiering of priority/secondary products,making up difference in payment,and repurchase of underlying assets have been designed.