低碳经济背景下国际碳金融市场发展及风险研究

随着全球对气候问题的持续关注,碳金融市场发展也越来越被各国所重视。与传统意义上的金融相比,碳金融的核心是围绕着碳排放权展开的。因此,从碳金融的本质来看,碳金融与低碳经济是相辅相成的。目前国际碳金融市场具有碳交易规模飞速增长、基于配额的交易占据绝对主导地位、市场参与主体广泛及碳金融产品日益多样化、欧盟占据主要地位及欧元成为主要结算货币等特征,同时也具有系统性风险和非系统性风险。中国不仅要积极地参与国际碳金融市场,而且还要从全局的角度思考应对气候变化的国家战略问题,具体包括加强宣传力度、培育中介机构、落实政策支持、加强风险应对能力建设等方面。     

山西省转型发展中碳金融现状及对策

对国际碳交易市场发展趋势及我国国内碳金融发展现状进行了探讨,指出了当前在转型经济发展的背景下发展山西碳金融的重要对策,包括制定山西碳金融发展战略、以山西省清洁发展机制领导组为基点、加强政府主管部门的主导性、培养专门人才等。     

The Clean Development Mechanism in a world carbon market

This paper discusses the role of the Clean Development Mechanism (CDM) in the market for carbon quotas and countries' commitments to reduce their carbon emission levels. We show that the CDM contributes to an efficient funding of clean technology investments in least developed countries. However, the CDM is not neutral on the global level of carbon emissions as it entices countries to raise their emission caps. The CDM may also make inappropriate the inclusion of any country that takes no emission abatement commitment. It can even make inefficient a country's decision to commit to an emission target. The implications of the presence of non‐additional projects are also analyzed.     

Climate Change and the Polanyian Counter-movement: Carbon Markets or Degrowth?

In the midst of a wave of market expansion, carbon markets have been proposed as the best way to address global climate change. While some argue that carbon markets represent a modern example of a Polanyian counter-movement to the environmental crisis, we adopt a structural interpretation of Polanyi to refute this claim. Carbon markets represent a further expansion of markets that fails to address the underlying contradictions related to the commodification of nature. In addition, they increase risks to society and the domination of economic elites. While carbon markets further subject social and ecological relations to market mechanisms, we examine degrowth as a possible response to climate change that prioritises social and environmental goals over economic growth. While degrowth continues to be dismissed as impractical or impossible, a growing number of scholars, scientists and activists argue it is the only way to address global climate change. In contrast to carbon markets, we argue degrowth could represent a genuine Polanyian counter-movement in response to climate change. In addition, degrowth could help all those disenfranchised by market fundamentalism by addressing the triple crises related to the commodification of land, labour and money.     

A study of legal attributes of carbon emission rights in carbon trading

Clean Development Mechanism （CDM） has given birth to an international carbon trading market prosperity, which provides developing countries with valuable opportunity to address climate change issues right along with economic development and environmental improvement to achieve sustainable development. However, most studies of CDM focus on economics, and few on its legal problems. CDM involves too many aspects. And the clear legal attribute of trading object is the basis of progress of the transaction and also the start point of legal protection. Therefore, this paper in accordance with the inherent principle of property rights economics, and environmental economics in CDM, only discusses CDM carbon emission right legal interpretation and its attribution. The paper recommends that in order to ensure and promote the carbon emission right trading, carbon emission right should be attributed into the system of real rights to be regulated by Real Right Law. In this way, carbon emission right can gain exclusive power of possession and use, which can achieve a clear right definition of environmental goods in line with Coase＇s theory to protect Chinese profit in carbon trading market and promote the development of the carbon trading market further.     

A study of contract legal issues in Chinese carbon market

Clean Development Mechanism （CDM） has given birth to an international carbon trading market prosperity, which provides developing countries with valuable opportunities to address climate change issues together with economic development and environmental improvement to achieve the sustainable goal. China, as the biggest carbon market, has caught worldwide attention. However, most studies of CDM focus on economics and environmental science, few on its legal problems. Transaction activities are the essence of market mechanism. To protect the benefits of market participators and regulate the market orders, the Contract Law takes this important role along with development of market mechanism. Therefore, this paper only focuses on the carbon market in China, with the assessment of the risks in the CDM development first. The involved contracts will be identified and analyzed to point out the major contract legal issues in Chinese carbon market. In the meantime, this paper further discusses that measurements at both private level and governmental level should be taken to protect and realize the utility and equality of contract in the carbon market.     

International Experience,China’s Development and Prospect of Carbon Market Construction

Carbon market, which is capable of scientific quantifying and marked-based pricing of carbon emission, is an important way for countries to achieve the target of carbon emission reduction. The global carbon market, after more than ten years of development, has developed a mature mechanism. China started the trial of carbon market in 2011. After ten years of exploration, the national carbon trading market was officially launched in mid-July 2021. Against the backdrop of carbon neutrality, the national carbon market will shoulder a greater mission of carbon emission reduction and speed up its financialization and internationalization. However, it should take a dialectical attitude toward the opportunities and risks of carbon market financialization. In the future, China can promote the development of carbon market through efforts to develop market participants, clarify the attributes of carbon finance, prevent potential risks of carbon finance, improve the connection mechanism with the international carbon market, and innovate carbon finance services.     

金融危机背景下中国碳交易市场现状和趋势

我国碳交易市场已经兴起,未来的碳减排潜力巨大。但我国碳交易市场的发展还很不完善,存在着交易价格过低、开发项目领域过窄等问题。作为一种战略性的资源,碳排放权的低价出售,可能会给我国带来风险。当前,受金融危机的影响,我国碳交易市场短期内将经历低谷,但长期看前景依然乐观。因此,应加强碳交易方法学研究,尽快培养碳交易专门人才,加快相关中介咨询、金融服务机构的建设,尤其要部署争取碳交易市场的定价权。     

清洁发展机制下中国森林碳汇政策创新机制研究

研究了中国的森林资源和碳储量时空分布状况。对清洁发展机制下中国森林碳汇供求关系进行分析,提出了影响中国森林碳汇能力的主要因素。根据中国清洁发展项目管理的实践,总结了中国森林碳汇市场开发中存在的政策、金融和技术等方面的问题,基于产权界定,从财政金融工具和非政府组织角度提出了清洁发展机制下中国森林碳汇市场的政策创新机制。     

美国次贷金融危机对中国经济的影响

美国次贷危机以次级贷款危机为起点,迅速蔓延到美国的金融、股市、房地产市场乃至整个美国经济,并且随着全球经济链条进一步扩展到世界各地,进而演变成为全球性经济危机。基于美国处于世界经济的核心地位和中国经济、产业、金融、外汇的特殊性,中国政府必须进一步结合自身经济特点,采取积极、合理的政策应对美国次贷金融危机对中国经济带来的消极影响。     

Leveraging private capital for climate mitigation: Evidence from the Clean Development Mechanism

To mitigate climate change, states must make significant investments into energy and other sectors. To solve this problem, scholars emphasize the importance of leveraging private capital. If states create institutional mechanisms that promote private investment, they can reduce the fiscal cost of carbon abatement. We examine the ability of different international institutional designs to leverage private capital in the context of the Kyoto Protocol's Clean Development Mechanism (CDM). Empirically, we analyze private capital investment in 3749 climate mitigation projects under the CDM, 2003–2011. Since the CDM allows both bilateral and unilateral implementation, we can compare the two modes of contracting within one context. Our model analyzes equilibrium private investment in climate mitigation. When the cost of mitigation is high, unilateral project implementation in one host country, without foreign collaboration, draws more investment than bilateral contracting, whereby foreign investors participate in the project.     

国际碳金融市场发展对我国的启示及借鉴

碳金融市场的发展为控制温室气体排放提供了市场化的手段,同时也促进了金融交易的拓展与金融产业的升级。介绍了国际碳金融市场的市场结构、发展现状及主要经验,认为我国应该借鉴国际碳金融市场发展的经验,从健全法律法规、完善碳交易制度、培育碳金融服务中介、建立碳金融产品体系等方面入手构建我国的碳金融市场。     

浅析构建中国碳交易市场的基本条件

面对国际社会在应对气候变化政策上施加的巨大压力,中国不得不选择走低碳发展的道路,而构建碳交易市场能带来节能减排,促进低碳经济的发展.文章首先阐述了构建中国碳交易市场的必要性及意义,然后着重提出构建中国碳交易市场所需具备的几大基本条件,以至碳交易市场真正建立运作后,能有效、可靠、持续地发挥其市场作用,真正实现节能减排,发展低碳经济.     

China and the World under the Goals of Carbon Peaking and Carbon Neutrality: Green and Low-Carbon Transition,Green Finance,Carbon Market,and Carbon Border Adjustment Mechanism

China has always tried to maintain multilateralism and advocated working together to deal with global climate change through multilateral mechanisms. Although China’s announcement to peak its carbon emissions by 2030 comes as no surprise, its commitment to carbon neutrality does. As the period between its carbon peaking and carbon neutrality is far shorter than that in the developed countries, China’s economic and energy structures need to be adjusted toward the low-carbon and carbon-free end with unprecedented efforts. To that end, China should define the responsibilities of local authorities and industrial entities to promote the orderly accomplishment of carbon peaking in all regions and industries. To supply the huge investments needed to achieve the goals of carbon peaking and carbon neutrality, China has an urgent need to accelerate the development of green finance and a national carbon emissions trading market, guide the rational allocation of resources, and channel resources to eco-friendly projects for green and low-carbon development. At the same time, China and the international community should strengthen dialogue and coordination, promote international cooperation on the way to carbon neutrality, formulate widely acceptable policy guidelines as soon as possible, and avoid unilateral measures that may cause conflicts.     

Market Power and Marketisation: Japan and China's Impact on the Iron Ore Market, 50 Years Apart

ABSTRACT

How can we explain the marketisation of the iron ore market following the emergence of China, whereas the same market had seen change in the opposite direction following the emergence of Japan, 50 years earlier? I argue that relative coordination capacity – or relative market power – between domestic and international stakeholders explains market change at the global level. Via the study of Japan and China's impact on the iron ore pricing and shipping regimes, I show that China's rise led to the marketisation (liberalisation and financialisation) of the iron ore market pricing regime, and the demarketisation of the shipping regime, whereas Japan's rise led to demarketisation in both cases. This article's argument illustrates that China's impact is not equal across markets, contrary to characterisations of China as either a revisionist or status quo power. Second, it argues that China has caused the marketisation of the iron ore pricing regime, which is contrary to expectations on both sides of the debate on China's rise: China was unable to dictate outcomes via a strong state, nor did it seamlessly integrate the global economy. Third, it illustrates the importance of resonance dynamics at the interface of domestic and global market institutions.     

黔中喀斯特地区退耕还林项目的碳汇经济效益分析

由大气CO2浓度不断增加引起的温室效应而导致全球气候变化对人类社会的可持续发展构成了巨大挑战,大气碳的减排增汇已经成为人类社会的共识。随着我国碳汇交易市场的发展和逐步健全,退耕还林碳汇效益的经济价值将会日益凸显。通过2000～2006年黔中清镇市红枫湖流域内退耕还林工程实施情况的调查,对林区内主要树种杉木、柳杉、桃树、李树、杏树、喜树、楸树7种林木的碳净贮量进行初步估算。随着时间的变化,森林的中、幼龄林碳贮量和碳密度都有上升的趋势,中、幼龄林将发挥越来越大的固碳潜力。通过对森林各树种蓄积量的预测,在所研究的7种树种中,杉木是研究区内碳汇功能强的树种,其次为柳杉,经果林的碳汇功能最弱,到2006年,其碳汇可达1.05×104kg,并根据模型估算,未来10年红枫湖流域的森林碳贮总量约为2.21×104kg,按每吨305元的价格计算,可产生7.17×106元的经济效益,固碳的经济效益十分可观。     

云南省清洁发展机制项目国际谈判研究

《京都议定书》第12条“清洁发展机制（CDM）”规定,发达国家可以帮助发展中国家实施减排项目,并为自身的可持续发展服务。CDM宣告一个巨大的全球碳排放权交易市场已形成。这对于从事新能源、节能等行业的企业是一个巨大的商机。文章通过分析云南省CDM项目在销售谈判中存在的问题,提出了加强云南省CDM项目国际谈判能力的相关建议。     

Democracy and climate change policies: Is history important?

This paper argues that it is countries' historical experience with democracy, the democratic capital stock, rather than current levels of democracy that determines current climate change policies. Empirical evidence using data starting as far back as year 1800 for 87 countries, which together are responsible for 93.7% of global carbon emissions, suggests that the democratic capital stock has an important and robust effect on climate change policies. A history of executive constraints is particularly important. The current level of democracy does not play a role once democratic capital has been accounted for.     

Assessing downside and upside risk spillovers across conventional and socially responsible stock markets

Since the aftermath of the recent global financial crisis, socially responsible (SR) investments have become an alternative form of conventional finance, giving rise to further systemic risk between conventional and SR stock markets. In this paper, we assess this risk transmission using Value at Risk (VaR) modeling for the US, Europe and the Asia-Pacific region, over the period covering January 2004–December 2016. We find that socially responsible stock markets exhibit less risk than do conventional markets in terms of the risk hedging properties induced by the SR screening. Second, contributions to systemic risk vary across market phases and return distribution levels, with a larger contribution and spillover effect during the recent global financial crisis. For example, at the downside of the distribution (CoVaR at 5%), the conventional European index shows the highest contribution to the world market’s systemic risk, while the US stock market shows the highest contribution at the upside of the distribution (CoVaR at 95%). This finding is justified by the difference in the risk aversion of investors that varies with the market state as well as the disparities in the development of SR markets.     

论我国保险基金进入资本市场的策略选择

本文从三个方面论述了中国保险基金必须加快和更大规模地进入资本市场,这既是保险业摆脱困境的必然选择和惟一出路,更是中国金融市场体系得以完善的必然要求和客观规律。最后在认真分析中国证券市场,特别是股票市场严重缺陷的基础上,提出在当前一段时期,中国保险基金如何进入证券市场的六条可行性的对策思路。