碳金融_应对气候变化的金融创新
2010 M1SS 3Jan1 20101 9175 JOURNAL OF GRADUATE SCHOOL OF CHINESE ACADEMY OF SOCIAL SCIENCES No1 1 碳金融应对气候变化的金融创新谢怀筑 于李娜4 1 / 碳金融0 的兴起源于国际气候政策领域的两个国际公约 5联合国气候变化框架公约6和 5京都议定书6, 而各国政府选择温室气体排放总量控制及配额交易政策 Cap-Trade Scheme 来应对气候变化, 则催生了一个以 / 碳排放权益0 为交易标的的市场 b随着这个 / 碳市场0 上交易标的的统一标准逐步形成 a/ 碳资产0 现货市场和远期市场的出现 a/ 碳金融交易所0 和场内集中交易的诞生 a有组织的/ 碳资产0 期货和期权市场的生发 a场外交易市场的繁荣, / 碳金融0 市场逐步迈向成熟 b1oM 碳金融 碳资产 碳负债 温室气体排放总量控制及配额交易制度1ms|2 F83 1DS M 2 A 1cI|2 1000- 2952 2010 01- 0029- 12/ 0 - dB Q b ,.l/ 0 2 r q b b i 8 b9 e - Cap-Trade Scheme,[/e b -,V[B m J b b n51 9 e S, S BbWB K i 8 b K; Bt1 ph dF| b9 s,YVb | b -s * u bB K,t b - ,A| i 8 bKK- ,5| s6,S bs , byNV[ n re b9 5 b ,V6 ,9 bi9 K,s b K, b-B6NV m b b i 8 b N dr q5, b - Cap-TradeScheme1 * u b -,7 grNC by h HM], [ sK b 4,1-h b - b h / 11- , h 1-h H, V[v g p *t/ ] b -,7/ ] V[Sh iYV r b -7 h 9 b b -N YV gN,E Ndr q b/ , B6s[L i 8 b -r q b , AB, i 8h Z ]Hh Marginal Abatement Cost, MAC b - MCO2 b 100 000,7 h S, M b9 - 95 000 bM MA B i 8h E7 3 5 000/O0, h l ,5 s6 b g i b -, [ Eh 4,1-h [ LC1 p, g 4/0[h1-/O0 bL - g /0,N bCO2 b -, N 10 x bA ,h 10 000CO2H 5x,7B ,h 10 000CO2H 15 x b * , B 4 /0,7A 41-h ,] H r-h [1-h bgT, A 4h 10 000CO2, 5 000h h/O0,75 000-h r bA H9h 10 000 5 50 000,7 - gN r5 000CO250 000 x,zA h b7B ,1-hHV, [ M 4 b100 000CO27 95 000,7V b9 sV[ g A 45 000CO2 /0rS bN H B9 50 000 x,7 T1YV1-h / rS,|M75 000 x b7, , M h 10 000CO2 SX LC b i 8 b - [1 ],SEe i 8 H4 b - Cap-Trade Scheme Ll b Ll 5 S20 W80 M}7 S L a90 H}v b O;7e i8 bV73 M p 5, x 2005 M Ty1 b - x i 8 b9 e -O EU-Emis-sion Trading Scheme,eEU-ETS,[/e xEU-ETS b7 /0,vs x u 3 b二 a/ 碳金融0 市场规模/ 0 gK*, s i 8 b - a b bV , ; i 8 b -/0 pZ9305SS 36 2010 M1 Z, 1-h H r b gB -/ g0 b5p 6 , 3 V i8 b h ,B k JI,6B bZCDM b kJI3h ERUs Emission Reduction Units,7 bZCDM 3h CERs Certified Emission Reductions bi/O0 g b -,5p 6,V[YV k JI_,s xSE ERUsYV bZ CDM_ZSE CERs,T9}/0[ LC/OV0 b gB[ / g0 b/ 0 g4,7 g, / 0 gQ b 5 *th l 1 p7 ,C g a aB57 ,vs g b -,B g7 a v bv -Z ,|, /0V o vB g bWd9 A U,12005 M , o[ b S9-V101 8a 92008 M12631 5a , 4 M HW9 120 b 92005 M1000 tCO2e 64811a tCO2e b , x i 8 b - EuropeanAllowances, EUAs]1Kv 72174 , bZ CDM 3/h 0 Certified Emis-sion Reductions, CERs g Q20180 ,WnV1m1 bV1 - g 2005 M2006 M19 q2007 M19 q2008 M19 qx b OEU-ETS EUA 7908 24436 2091 00 49065 1001 79 91910 871 32bZCDM CERs 2638 6249 1361 88 12884 1061 18 32796 1541 55 kJI ERUs 68 141 1071 35 499 2531 90 294 - 411 081 a146 263 801 14 397 501 95 9250 263 51 20 296 121 55 949 2201 61910864 31235 1871 51 63007 1011 72 126346 1001 53 W bm1 2008 M b m g] q[ 9 W b nWorld Bank, S tate and Tr end s of the Carbon Market 2009, Washington, D1 C1 World Bank, 2009, p1 1131 M 7三 a/碳金融0 市场交易结构Bgh / -0g5p 6 3r -, / b 0/bV0 X7 ST, b - mX ,BY/v7 0 g/v7 m0 g b ,t u g p 1 b - Cap-Trade Scheme b11 x b - x / 0 gx EU-ETS 2003 My,12005 M 7 SL bV98A, d x 46 , x b9 B, , O HWw, sK bv bEU-ETSh / -s , n5 x B9 -,s BSE, SE 1-s 9 National Alloca-tion Plans, NAP ,8s B , b - / x b -0 Europe-an Allowances,eEUAs bV k1 p , x 1 p M430 -, sK b 1 V B M -, h rS 1[M b7 k, x b xp1 pS BdS8 bB x sK b 7, x SYVSEs 9 NAP B M bK, Cap b7K-| { Z MB,A|1 / b0e , .dB5Be j7,y/B50/Be0,5,K b| s-6;, Ay/O40 ,iS/ 0 bBZ, S/0 s M bK-EUAs b x EU-ETSB ,vs n /0,7 HWw, |NAPs - ,isK b /0|1 b7 6BZ , b K Capi - bs|/O0 b /0, 1-Hh g /0N, YV Z T LC/OV 0/0 b7 g /0N|[ tCO2e- bT K bx EUAs b i, P WS tS/0d b - V[ r -/0*,7 - M/O0V[ - b7EUAsN5Q /0 b lZ T, - YV0l SEW1M bH ,[h 1SEU-ETSX 5 M, /0 - o nWnm1 , x / 0 gP o/ 0 gK1Fs bg, EU-ETSy[, x 3B ,EUAs/0 b 6, 3 , xEUAs9C ,t EUAs LC*,VZ4 9\ 9 bV2 2005 M1, EU-ETSy o1 xV/0/ 0 b21 S/ 0 gS;1998 M11 5p 6,2001 M3Z | b 7S T ,Sy SdB b - bS CdBE -,XiBs u aZ b -O b1 S u i 8h E49 Re-gional Greenhouse Gas Initiative,eRGGI325SS 36 2010 M1 g H9/ g0 ComplianceMarket,ig1 LC 1h l 7 /0[ p/0 g bnEuropean Parliament, Directive 2003 / 87 / E C of theEur op ean Par liament and of the Cou ncil of 13 October 2003establishing a scheme f or gr eenhouse gas emission allow ancetr ading w ith in the Community and amend ing Council Direc-tive 96 / 61 / EC1 x b kS b9Z , E pG x 2003 M72 r5 x i 8 b 76 The Direc-tive on Emission Trading in EU,i1013 x 7 S b2005 M11 7 S L i 8 b9 e - EU-ETS,e x b b V2 EU-ETSyV/0/ 0 2005 M1 9 S AustrianEnergy ExchangeGEUAsC W Climex EUAsC EU-ETSl x EuropeanClimate Exchange, ECX EUAs1 1 Y a F a a x EuropeanEnergy Exchange, EEX1 EUAsC 7b, -1 x v i 8 GreenhouseGas Exchange, GHGx AAUsC aCERsC aERUsC aRMUsC 1[ /0 7b, -1 v F x Nord Pools 5LysakerEUAs M x1 a PowernextCarbonEUAsC 7b,K* ES Sendeco2 Sendeco2 *EUAsC /0 Bulleid, R1 20051 Ex chang es-coming to the market1 Environmental Finance, May 20051 Supplement Global Carbon2005, pp124- 271RGGI Sv u10F,1 b bO/V b /0 RGGI b -RG-GAs RGGI Allowances bRGGI SB g_ a u b9 e -O, B gRGGAs ,7 gRGGAs[ / 0C 3 b5 B17d h O, T x EU-ETS ,SRGGAsEUAs , B/ b m0 byN, gVB / -0 gS b2B| SdB b - US-ETS 2009 M515 , SpHenry WaxmanEd Markey T_S4 B[5 b E HR 24546 The American Clean Energy andSecurity Act HR 2454 , V 3 E,iyB SdB i 8h - g, -W-M bB s vsBs5 b ;s5 r q; s5 h oM p ; s5 _B b _68V b , sdB i8 b mO W 9,i W-ME MZ S P2050 M S i 8 b 2005 M L h 83 b -, W-MX2009 M626 pYV, T4p ,,BW-M4pACESAE The American Clean Energy and SecurityAct T 3r, S|yB SdBUS-ETSd b o/ 0 gZ7,PB 7 yh b31v/ 0 g 1v 2 V i 8h 933 M 7EPA Analysis of the Waxman-Markey Discussion DraftThe American Clean Energy and Security Act of 20091 April20, 20091nhttp //energycommerce1 house1 gov/index1 php op-tion com _ contenttask view id 1560Itemid 11nGreenhouse Gas Reduction Scheme Administrator, TheNSW Greenhouse Gas Reduction Scheme, Scheme Documents,http //www1 greenhousegas1nsw1 gov1au/overview/scheme _documents1 asp1v 2 V i 8h 9 TheNSW Greenhouse Gas Reduction Scheme, NSW GGAS2003 M11 , W K* i 89B,9 BBTZ9 b9 P 2 V Wv g b 2 V i 8h 91 ,s /0 2 V i 8h NSW Green-house Abatement Certificates,eNGACs ,7t8 b 2 Vh 9|2012 M, - R 9 , 2 VX|92020 M b2B SdBh 9 v hhO 2 V i 8h b -O NSW,vy SdBh O,v hhO Aus-tralian Carbon Pollution Reduction Scheme,eCPRS , EX2009 M3 T b MZ S , 2050 Mi 8 b 2000 M L h 60 bCPRSX M x EU-ETS a SW-M 9ACESA W1s, 9 B* S b O bCPRS|2011M71 T L ,B SdB/ g0Xn b7 O M,7 S SdB S/ g0v/ g0,| o/ 0 v,i x / g0 ] b41 i 8 b -9 NZ-ETS / 0 g i 8 b -9 New ZealandEmisstion Trading Scheme, NZ-ETS 2007 MYV,h 9 -K -Q a g_K b9 b n58C d 6 ,7v SEETS -d1 ; Q8C/0 b New Zealand Units,eNZUsb9 ] ]s Z T,/ | nNZUs,7 F T NZUs bCNZUs g9 o/ -0 gB1Fs b51 / 0 g - y SdB i 8 b d, 1 i 8h b-O M, K VKeidanren i 81h 9 Keidanren Vo-luntary Action Plan,eKeidanren VAP b Bdh O, v F, Pt CDM[ g b2006 M4, B2Zh9,//0 |9 Kyo-to Mechanisms Credit Acquisition Program ,[K