The roadmap of China’s national carbon emission trading scheme

doi:10.12006/j.issn.1673-1719.2019.002

Abstract

Abstract:

China is facing the dual challenges of mitigating climate change and maintaining the pace of economic growth. In order to control greenhouse gas emissions with the least social cost, China has piloted seven regional carbon markets since 2013. More importantly, it announced the launching of the national emission trading scheme (ETS) in late 2017. To rationalize the design of the national ETS, this paper aims to provide a roadmap of China’s ETS development from an economic perspective. In the short-term, the priority is to develop a robust market by enhancing the establishment of property rights and monitoring, reporting, and verification (MRV) system. In the mid-term, the national ETS should increase its market liquidity with a higher share of allowance auctioned and the development of carbon finance. In the long-term, the ETS should gradually tighten its emission target to form an explicit while increasing carbon price, and to provide a continuous incentive for China’s decarbonization.

Key words: Carbon market, Economic perspective, Top-level design

Ji ZOU,Qi-Min CHAI,Ji CHEN,Sha FU,Xing-An GE,Min HU,Ang LI,Dan-Ni LIN,Yin LIN,Dong-Hui LIU,Jun-Ling LIU,Shuang LIU,Yue QI,Ke WANG,Shu WANG,Jun-Jie ZHANG. The roadmap of China’s national carbon emission trading scheme[J]. Climate Change Research, 2019, 15(3): 217-221.

Figures/Tables 1

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要素	监管主体	监管内容与手段
碳市场制度设计	中央生态环境主管部门	建立分阶段碳市场制度调整机制,开展第三方机构的资质管理,保障市场公正性和信息透明度
配额总量分配	中央/地方生态环境主管部门	确定配额总量、分配规则、地区基准配额和集中度高的重点行业配额,建立配额调整机制和碳价格波动防范机制
碳交易履约	地方生态环境主管部门	合理设置碳交易履约流程和规范,采用综合的处罚手段,加强执法监察,提高违约成本
碳金融	一行两会	建立金融机构交易活动数据的监测和分析机制,以及境外机构碳交易资金的进出境监控机制

要素	监管主体	监管内容与手段
碳市场制度设计	中央生态环境主管部门	建立分阶段碳市场制度调整机制,开展第三方机构的资质管理,保障市场公正性和信息透明度
配额总量分配	中央/地方生态环境主管部门	确定配额总量、分配规则、地区基准配额和集中度高的重点行业配额,建立配额调整机制和碳价格波动防范机制
碳交易履约	地方生态环境主管部门	合理设置碳交易履约流程和规范,采用综合的处罚手段,加强执法监察,提高违约成本
碳金融	一行两会	建立金融机构交易活动数据的监测和分析机制,以及境外机构碳交易资金的进出境监控机制