碳市場的主體分別有哪些？

摘要：本文首先對歐盟碳市場的構成結構和機制框架進行概述，然后針對依據這一機制設計流通的碳權及其相關權益來探討歐盟碳市場的主體背景及參與者角色，重點分析了政府部門及監管機構、合法電廠所有者、碳排放國外買家和賣家及交易商的行為特點及功能特征等。



關鍵詞：歐盟碳市場；主體；碳權；權益

Introduction

CO2 emission trading is an effective means to reduce CO2 emissions and achieve a socially cost-effective decoupling of economic growth and energy consumption. The European Union Emission Trading System (EU ETS) is the world's first cross-border emissions trading system, and has become the most important platform and model for developing international CO2 emissions trading.

Structure of EU carbon market

The EU carbon market is based on the EU Emission Trading Directive, which provides for the European Commission to divide the EU Member States into an EU-wide "Community" cap-and-trade system. It includes the 27 Member States, Iceland, Norway and Liechtenstein. The annual CO2 emission reduction requirements of each Member State are apportioned through an allocation plan. The total aggregate number of allowances in a given year is specified by the European Commission and then apportioned to the countries of the EU by the European Commission. The enterprises and installations subject to the carbon trading system are divided into four categories including electricity, steel, cement and other energy-intensive enterprises and installations. The emissions trading units are called EU Allowances (EUAs); each unit corresponds to one ton of Co2 emissions. EUAs are to be used only for meeting the emission reduction requirements of participating countries and enterprises.

Rights associated with EUA

The EUA has all the rights associated with it. The European Commission lists a set of rules for issuing, trading and recovering, for example, the rights of a holder of EUAs and the obligations of a seller of EUAs.

1、EUA holders have the right to hold, transfer, sell and trade the EUA allocated by their government, as long as they comply with the EU emission trading rules.

2、The suspension of the EUA transfer process can be decided by the government in emergency cases.

3、The holder also has the right to receive reasonable compensation if part of the allocated EUA is lost due to incorrect procedure or no longer valid due to legislative change.

4、The seller is responsible for the authenticity and effectiveness of the EUAs bought and sold, and has the obligation to replenish the buyer's lost EUA if it is invalid or expired, but this does not mean the seller is responsible for the buyer's emissions.

Main parties of EU carbon market

The main parties of the EU carbon market are government and regulatory agencies, legal electricity plant owners, overseas buyers and sellers of carbon emissions and traders.

1、Government and regulatory agencies

Government and regulatory agencies are responsible for formulating, amending and implementing EU emission trading regulations at the national level, formulating and revising relevant emission standards and plans, and monitoring and controlling the implementation of emission trading plans.

2、Legal electricity plant owners

Legal electricity plant owners are holders of EUAs and are obligated by law to use the allocated emission permits to cover their CO2 emissions, and must make up the difference if their CO2 emissions exceed the number of allocated permits. Therefore, these electricity plant owners are expected to purchase additional EUAs on the carbon market to ensure the regulation of their CO2 emissions.

3、Overseas buyers and sellers of carbon emissions

Overseas buyers and sellers of carbon emissions refer to operators participating in the EU carbon market who are not resident in the EU. These participants are active in the market and use their own financial resources to purchase EUAs.

4、Traders

Traders refer to securities firms, commercial banks, trust companies, energy companies, venture capital firms, non-profit organizations, equity funds, institutional investors and other organizations or individuals who are active in the EU carbon market, and purchase and sell EUAs through various trading models.

Conclusion

The EU carbon market is composed of a large number of participants, each of which plays an important role in the market. Government law makers and regulators are responsible for the formulation of regulatory policies and laws, legal electricity plant owners are responsible for the regulation of CO2 emissions, overseas buyers and sellers of carbon emissions are the participants that make up the market liquidity, and traders are responsible for the circulation of EUAs. These different roles, while different, ultimately have the same goal of optimizing the operation of the EU carbon market.