[1] 引言 Introduction
2021年3月30日，中国生态环境部发布了《碳排放权交易管理暂行条例》征求意见稿（“《新碳排放权交易条例》”）征求公众意见。条例一旦正式实施，中国将建设一个崭新的全国性的碳排放权交易市场，实现碳排放权的集中交易和集中清结算，现有地方碳排放权交易市场将分阶段逐步纳入全国市场。应对全球变暖已经成为中国的国家战略，为履行中国在《巴黎协定》和《京都公约》项下的义务，中国已承诺于2030年前后实现碳排放达到峰值、并于2060年实现碳中和。新的全国碳排放权交易市场的建设是实现碳中和的重要性政策工具之一，也是系统性碳减排长效政策机制的一个重要组成部分。
On March 30th 2021, China’s Ministry of Ecology and Environment (“MEE”) promulgated a draft version of Emissions Trading Scheme Regulation (“New ETS Regulation”), soliciting for public opinions. Once officially promulgated, China will have a new national market with centralized emissions trading and centralized settlement. Existing emissions trading exchanges will be combined to this new market in phases. China is committed to coping with climate change as its national strategy. To fulfill China’s obligations under the Paris Agreement and Kyoto Protocol, China announced its commitment to peak its carbon emissions by 2030 and carbon neutrality by 2060. The new national carbon emissions trading market is set to serve as an important policy tool and a long term socio-economic mechanism to achieve China’s carbon emissions goals.
从全球来看，世界各主要国家早已在碳排放权交易上先行先试，积累了丰富的经验。美国在2003年就建立了芝加哥气候交易所，欧盟在2005就实施了碳排放权交易机制中并引入了现在被各国广泛采纳的“限制加交易”（cap & trade）的原则。而中国也早在2005年就通过CDM即发达国家与发展中国家之间的清洁发展机制项目的方式参与到国际碳排放权交易市场的实践中。笔者所在团队作为银团贷款律师于2007年参与的17亿元人民币东海海上风力发电场项目融资项目就作为国内最早几批CDM项目，创新地引入了场外跨境碳排放权交易这一金融创新元素。
From a global perspective, major countries around the world have long been pioneers in carbon emissions trading and have accumulated experience. For instance, the Chicago Climate Exchange was established in 2003 in the United States. European Union commenced emissions trading and introduced the “cap and trade” principle in 2005, which is now being widely used in many countries. China participated in global emissions trading as early as 2005 through participation in clean development mechanism (“CDM”) projects, an emissions trading mechanism operating between developed countries and developing countries. As early as in 2007, King & Wood Mallesons assisted a 1.7 billion RMB syndication loan arranged by Shanghai Pudong Development Bank to fund the construction and operation of East Sea offshore wind farms. This was one of the first CDM projects in China to adopt cross-border OTC emissions trading—a financial innovation at the time.
本文拟回顾中国碳排放权交易市场的发展与现状，介绍《新碳排放权交易条例》的主要机制和亮点，比照全球和中国现有碳排放权交易的实践，就建设中国新的全国碳排放权市场的前景和问题以及对行业和企业的影响分享一些不成熟的观察。
In this article, we will reflect on the development and status quo of China’s emissions trading market, review the new market oversight framework introduced by the New ETS Regulation, and share our observations on issues, outlook of the new market and its impact on industries and enterprises.
[2] 核心概念 Key concepts
随着今年全国两会期间, 政府工作报告提及“碳达峰”“碳中和”并将其写入中国“十四五规划”，一时间这二个词在媒体被引爆。根据政府间气候变化专门委员会(“IPCC”)，“碳中和”指在规定时期内全球范围“人为二氧化碳移除”与“人为二氧化碳排放”相抵，实现“碳净零排放”。而“碳达峰”则指一国二氧化碳排放达到峰值，自峰值后逐年下降。
The term “Carbon peaking” and “Carbon neutrality” went viral in the Chinese news after they appeared in the Chinese government’s working report during this year’s “Two Sessions” and these terms were written into China’s 14th Five-Year Plan. According to IPCC, the intergovernmental Panel on Climate Change, “Carbon neutrality” refers to balancing human emissions and absorption of carbon, with the goal of achieving net zero carbon emissions. In contrast, “Carbon peaking” refers to the peaking of a country’s carbon dioxide emissions and the annual decline since the peak.
《巴黎协定》提出，要把全球平均气温较工业化前水平升高控制在2摄氏度之内并努力控制在1.5摄氏度，必须在本世纪下半叶实现温室气体净零排放，即碳中和。这一目标的实现，各国“国家自主贡献”（“NDC”）是目前主要机制之一，而“2030年碳达峰2060年碳中和”则是中国对这一全球目标的国家自主贡献目标。
In order to limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, as compared to pre-industrialization period, the Paris Agreement proposed that the global net greenhouse gas (“GHG”) emission must reach net zero by middle of this century. A key mechanism to achieve this goal is through each country contributing its national determined contribution (“NDC”). Carbon peaking by 2030 and carbon neutrality by 2060 is China’s NDC to fulfill its commitment under the Paris Agreement.
目前世界各国主要由二种减排的市场运作机制，一是征收碳税（“carbon tax”），而另一种就是碳排放权交易（“ETS”）。根据世界银行2016《碳排放交易实践-设计和践行碳排放交易手册》中的定义，ETS指一国政府对于一国特定行业设定可排放总额，并向某些特定实体分配或售出与排放单位相对应的排放配额，并允许该等配额像商品一样进行定价和买卖和流通，以实现市场机制为基础的减排目的。
Currently, there are two main market instruments to achieve emissions reduction around the world, one is a carbon tax and the other is an emissions trading scheme (“ETS”). The 2016 version of the World Bank’s Report on “Emissions trading in practice—a handbook on design and implementation” defines ETS as the process whereby the government sets the quantity of emissions, allocate the allowances amongst key emission entities in key emission industries and permits the allowances to be circulated and priced on the market like a commodity, thus achieving carbon emissions reduction based on such market mechanism.
需要指出的是应对全球气候变化，不仅需要“碳”达峰、“碳”中和，而是要控制整个温室气体（“GHG”）的排放。《巴黎协定》列明了需要控制排放的六种GHS，而中国在此基础上额外自主增加了一种，所以中国的碳排放权交易泛指七种GHS排放权的交易。
It is important to point out from the outset, the response to address climate change not only requires achieving “Carbon peaking” and “Carbon neutrality”, but also requires controlling emissions of GHG in its entirety. China’s ETS covers seven (7) GHG, of which six (6) of them are listed in the Paris Agreement and one (1) additionally added by China independently.
[3] 中国碳排放权交易的历史和现状 History and current situation of carbon emissions trading in China
从2011年开始试点以来，中国碳排放权交易的实践已经走过了十年的历程，以2018年生态能源部的组建为分界点，分为二个阶段。
It has been a decade since China commenced its pilot emissions trading scheme in 2011. This period can be divided into two phases with the establishment of the MEE in 2018 as the dividing point.
第一阶段 2011年- 2017年，国家发展改革委是应对气候变化的主管机构，在这一阶段以国家发改委为主导颁布了以下主要的政策性文件：
Phase 1, from 2011 to 2017, the National Development & Reform Commission (“NDRC”) was the competent regulatory authority responsible for addressing climate change, and it has promulgated the following major policy documents in relation to emissions trading:
- 2011年，国家发展改革委办公厅颁布了《关于开展碳排放权交易试点工作的通知》，据此北京市、天津市、上海市、重庆市、湖北省、广东省及深圳市开展碳排放权交易试点工作。
- In 2011, the NDRC promulgated “Notice on Introduction of Emissions Trading Pilot Program,” and since then seven provinces and provisional cities, including Beijing, Tianjing, Shanghai, Chongqing, Hubei, Guangdong and Shenzhen commenced emissions trading pilot operations.
- 2012年，国家发改委颁布了《温室气体自愿减排交易管理暂行办法》，以备案管理的方式鼓励国内外机构、企业、团体和个人均参与温室气体自愿减排量交易。
- In 2012, the NDRC promulgated the “Interim Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Trading” to encourage domestic and foreign institutions, enterprises, groups and individuals to participate in voluntary greenhouse gas emission reduction trading by means of record management.
- 2014年，国家发改委颁布了《碳排放权交易管理暂行办法》，拟建立以国家发改委作为主管部门、交易主体参与的、以排放总量控制下的排放权额度和自愿减排项目产生的核证资源减排量为交易标的碳排放交易市场。
- In 2014, the NDRC promulgated the “Interim Measures for the Management of Carbon Emission Trading,” with an aim of establishing a carbon emissions trading market to provide trading of emissions allowance in accordance with the “cap and trading” principle and CCER.
- 2017年，国家发改委颁布了《全国碳排放权交易市场建设方案（发电行业）》，这标志着我国碳排放交易体系完成了总体设计，已正式启动全国发电行业碳排放交易体系。
- In 2017, the NDRC promulgated the “National Carbon Emissions Trading Market Construction Plan (Power Generation Industry),” which marked the completion of the overall design of China’s carbon emissions trading system and the official launch of the national carbon emissions trading system for the power generation industry.
第二阶段 2018年至今，原国家发改委应对气候变化的职能由生态环境部负责，在这一阶段，生态环境部的主要的政策性文件如下：
Phase II, from 2018 until present, the competent authority in charge of addressing climate change was changed from NDRC to MEE, and during this Phase II, the MEE has promulgated the following major policy documents in relation to emissions trading:
- 2020年，生态环境部颁布了《全国碳排放权登记交易结算管理办法（试行）》征求意见稿；
- In 2020, MEE promulgated the draft “Management Measures for the Settlement of National Carbon Emission Rights Registration and Trading (Trial Implementation);”
- 2020年，生态环境部颁布了《全国碳排放权交易管理办法（试行）》征求意见稿。
- In 2020, MEE promulgated the draft “National Management Measures for Carbon Emission Trading (Trial Implementation);”
世界银行《碳排放交易实践-设计和践行碳排放交易手册》指出，碳排放权交易市场是一个政府公共政策驱动的市场，过去十年中国家发改委和生态环境部颁布的指导性文件，设计、构建和引导了中国碳排放权交易权市场的培育和发展。截止目前，根据新闻媒体报道，试点省市已经历7个履约期，碳排放总量和强度保持双降趋势，取得了较好预期成果。但中国碳排放权交易市场总体存在市场割裂和流动性较差的特点。市场割裂体现在各地方碳排放权交易试点市场、全国碳排放权交易（电力行业）市场并存。由于市场割裂，没有形成规模效应。其次是均属于现货交易，金融化程度不高，导致流动性不是很强。
The 2016 version of the World Bank’s Report on “Emissions Trading in Practice—a Handbook on Design and Implementation” points out emissions trading market is a market driven by public policies. These rules and regulations issued by the NDRC and MEE has designed, constructed and led the creation and development of China’s emissions trading market. As of the date of this article, the pilot programs has had seven (7) meaningful performance periods, whereby it has achieved significant carbon emissions reduction. However, China’s emissions trading market is generally segregated with both national power industry market and local exchanges under pilot programs co-existing. The segregation clearly limits the overall trading volume. In addition, China’s emissions trading market is a spot market without financial derivatives which results in low liquidity.
[4] 《新碳排放权交易条例》的主要机制和内容 Main mechanisms of the New ETS Regulation
《新碳排放权交易条例》是中国未来全国碳排放权交易市场的顶层设计，这一顶层设计从宏观上界定了参与全国碳排放权交易市场的边界和参与主体，市场交易标的和排放气体种类；设定了可分配总额和额度分配原则；建立了碳排放权登记注册报告系统；拟定了碳排放权交易规则；提出了碳排放测量报告核查、履约、惩罚机制。遗憾的是，目前这个条例基本上还是原则性规定，缺乏具体细节。也有分析指出，采取这种原则性规定，是为了快速通过此条例，同时为后续灵活设计留下空间。
The new ETS Regulation constitutes top-level design of China’s future nationwide emissions trading market, which defines the boundary of the market, the market participants, types of products and GHG to be traded on the market, the principles to set total national allowance and allowance allocation mechanism, what registration system and which trading rules applies to the market, and the reporting, reviewing and punishment mechanism, etc. Unfortunately, one major drawback is that this New ETS Regulation provides for a sound framework but it lacks details. Some analysts point out this is lack of specificity is intentional to facilitate passing the regulation as quickly as possible while leaving sufficient room for future flexibility.
市场运作减排的逻辑 The underlying logic for market based emissions reduction
碳排放权交易作为国际上成熟的运作机制，其实现节能减排的基本逻辑简单地来说，是国家可分配排放总额的设定已经考虑了中国在《巴黎公约》项下国家自主贡献的承诺额，是一个受限制的排放总额度，相应每年分配给每个接受配额的主体也是受限制的额度，这促使接受配额的主体进行技术改造、采用节约型替代能源，以确保其排放量低于所获额度，同时，其富裕的额度还可以在市场上流通获得经济收益。如果其实际排放超出额度，可以在市场上向额度富裕方购买但会遭受经济损失。如果不进行技术改造升级换代则将受到相应的处罚。随着可分配总额度的逐年递减，总碳排放量将阶段性地实现国家碳达峰和碳中和的目标。
ETS is a well-tested emissions reduction mechanism. The underlying logic for such a mechanism to achieve emissions reduction is that the overall allocation of allowance is matched with a country’s overall carbon emission target. Accordingly the allowances allocated to each country takes into account the overall reduction target, and each allowance is much lower than each country’s current carbon emission level. By limiting the allowance, this encourages each country to promote technological innovation and facilitate the use of alternative energy sources in order to keep its emissions level capped below the allowance. If there are unused allowance, a country can then sell their allowance on the market. If a country cannot maintain its emissions within the its prescribed allowances, the country can either buy from the emissions trading market or pay a penalty. Each year the overall distributable allowances will decrease, and the ideal is that all countries—globally—will jointly achieve carbon peaking and carbon neutrality gradually.
市场边界和市场主体 Boundary and participants of the market
《新碳排放权交易条例》规定，哪些行业参与到全国碳排放权交易市场将由生态资源部提出并由国务院批准。“擒贼先擒王”，可以预见的是，高耗能高碳排放占比行业将首当其冲并作为重点，如发电行业（占中国碳排放总量50%以上）、钢铁、石化、建筑、航空、水泥、有色等等。根据《新碳排放权交易条例》，参与碳排放交易的重点排放单位以及符合国家有关交易规则的其他机构和个人，重点排放单位无疑是选定行业内高耗能高碳排放占比的单位，确定标准（一般按照污染的碳当量）由生态资源部提出并由国务院批准，向社会公众公布，并由省级生态环境部门按此标准形成重点排放企业名单。对于其他参与主体，由于条例指称比较宽泛，为将来更广泛的投资群体加入其中留下了政策灵活性。以欧盟为例，碳排放业务已经成为欧洲金融服务成长最迅速的业务之一，吸引了投资银行、对冲基金、私募基金、证券基金等金融机构和私人投资者加入到碳排放交易市场。国内地方碳排放权交易所也已经有个人投资者参与投资的实践。
The New ETS Regulation provides that the MEE will propose which industries may participate in the emissions trading market, subject to approval by the State council. It is anticipated that high emission industries will be included initially, such as power generation industry (which accounting to more than 50% of China’s Carbon emission), steel and ore, chemistry, architecture, cement, non-ferrous etc. According to the New ETS Regulation, participants to the emissions trading scheme shall include those that are identified as key emissions enterprises as well as other qualifying entities and individuals. Without doubt, key emission enterprises will be those entities in major identified industries whose carbon emission account for high percentage of overall carbon emission in China. Detailed criteria of participating key emissions enterprises will be proposed by the MEE subject to the State Council’s approval. The New ETS Regulation does not elaborate who are the qualifying entities and individuals eligible for emissions trading, which leaves room for flexible policies in the future. Taking the example of European Union, emissions trading has become the fastest growing investment banking business, attracting many investment banks, hedge funds, private equity funds, securities funds and individual investors to participate in emissions trading. There has also been practices of individual persons participating in emissions trading on the Chinese market.
总量限制下的额度分配 Cap and distribution of allowances
《新碳排放权交易条例》规定，生态环境部根据国家温室气体排放总量控制和阶段性目标要求， 提出碳排放配额总量和分配方案， 报国务院批准后公布，然后省级生态环境主管部门据此按年度向区域内重点排放单位分配。排放配额初期以免费分配为主，适时引入有偿分配，并逐步提高有偿分配的比例。这个规定非常原则性，我们期待未来将需要有一个配额管理细则，对诸如国家和地方生态环境主管部门之间的职责分配、年度额度的发放与履约后额度调整的时间差等细节问题进行补充规范。
The New ETS Regulation provides that the overall allowances and its distribution will be proposed by the MEE in accordance with China’s overall carbon emissions control objectives and phased target, subject to the approval of the State Council. Then each provincial authority will allocate to each key emission entity according to such principals. At the initial trading period, such allowances will be distributed for free and when the circumstances are appropriate, an auction will be introduced as means of allowance distribution. Over the years the percentage of distribution through bidding will increase. It is apparent, these rules are in principal in nature and we would expect that detailed allowance distribution rules will be promulgated shortly to specify the allocation of duties between the central MEE and local provincial authorities, the annual allocation of allowance on yearly basis adjusted by yearly performance and review.
碳排放权登记注册报告制度 Registration and reporting system of emission rights
《新碳排放权交易条例》提出将组建全国碳排放权注册登记机构和全国碳排放权交易机构，组建方案有生态环境部提出，由国务院批准。全国碳排放权注册登记机构和全国碳排放权交易机构将建设全国碳排放权注册登记系统和交易系统，记录碳排放配额的持有、变更、清缴、注销，提供结算服务，开展全国碳排放权的集中统一交易。根据恒生电子股份有限公司近期在其官微发文称，其将协助建设全国碳排放权交易系统、注册登记系统，该系统将采用创新型的“双城”模式——上海联合产权交易所负责交易，湖北碳排放权交易中心负责注册登记，系统满足竞价交易、协议转让、有偿竞买等主要交易模式，支持碳排放权交易、自愿减排核证（“CCER”）、用能权、排污权市场等多市场、多品种、多交易模式的灵活扩展。
Pursuant to the New ETS Regulation, a new national emission rights registration platform and emission trading platform will be established. The establishment proposal will be made by the MEE, subject to approval by the State Council. The emission rights registration and trading platform will provide centralized emissions trading, record the holding, change, oversight and cancellation of the emission rights and provide settlement for emissions trading. According to a recent newsletter published on the website of Hengseng Electronics, it will assist the construction of the national emission rights registration and trading platform, which will be a two-city model, with Shanghai United Assets and Equity Exchange responsible for supervising the national emissions rights registration platform and Hubei Emissions Trading Exchange responsible for supervising the national emission trading platform. The platform will support bidding, transfers, auctions, trading of emissions rights, certification of emission reduction (“CCER”), energy use rights, with the capacity to add more functions in the future.
碳排放权交易规则 Emissions trading rules
《新碳排放权交易条例》规定，碳排放权交易标的包括国家分配给各重点排放单位的排放配额和CCER。CCER主要是通过实施可再生能源、 林业碳汇、 甲烷利用等项目，实现温室气体排放的替代、 吸附或者减少。这些清洁能源项目可以申请生态环境主管部门组织对其项目产生的温室气体削减排放量进行核证。 经核证属实的温室气体削减排放量， 由生态环境主管部门予以登记。重点排放单位可以购买经过核证并登记的温室气体削减排放量， 用于抵销其一定比例的碳排放配额清缴。强制配额市场因为有法律制度约束力为基础，覆盖规模以上排放企业，其市场交易量占有主要份额。自愿减排市场作为强制市场的有效补充，可以提高全社会的减排责任，营造可持续性低碳社会的氛围。同时CCER也被媒体称为未来新能源企业“现象级的商品”，为企业带来可观的经济收入。
According to the New ETS Regulation, commodities to be traded on the market shall include emissions allowances and CCER. CCER refers to renewable energy projects, carbon sink projects, methane utilization projects, which substitute, neutralize or reduce GHG emissions. Sponsors to these projects may apply for the certification and registration by the MEE of GHG reduction of these projects. Such certified GHG emissions reduction can be sold to emissions entities to offset a certain percentage of exceeded allowance that they are allocated. In general, trading of allowance will constitute a majority of the trading volume on the emissions trading market as it is supported by mandatory regulatory regime whereas trading of CCER will supplement trading as it is conducted on a voluntary basis. It is anticipated the combination of these two trading will greatly improve the overall emissions reduction efforts. CCER is also being referred as “phenomenal commodity” of the future which can bring considerable income for those renewable energy projects.
从成交机制上看，目前碳排放权交易所的交易方式大致包括竞价交易、双边协议交易、挂牌点选交易和申报匹配交易，在此基础上发展出了公开交易、拍卖交易、网络现货交易、电子竞价和大宗交易等多种方式进行交易。而新条例则规定交易可以通过协议的方式、单向报价的方式进行、或其他符合规定的方式。
On the existing emissions trading exchanges, trading is conducted through bidding, bilateral agreements, listing and picking, application for matching etc. Based on these key models, there have also developed other trading models, such as open trading, auction, listing, electronic quotation, bulk transaction etc. Currently, the New ETS Regulation only included trading by bilateral agreements, trading by unilateral quotation or other methods in compliance with law.
碳排放测量监测、报告与核查机制 Monitoring emissions outcome, reporting and verifying mechanisms
运行良好的的碳排放权交易市场离不开三个重要要素，监测、报告与核查。这三个要素是确保碳排放数据准确、可比、可信的重要基础和保障。监测是碳排放数据和信息的收集过程，报告是数据报送或信息披露的过程，核查则是针对碳排放报告的定期审核或独立评估。这个体系需要依靠政府主管部门、企业和第三方机构按照一定的流程和规范各司其职有序合作。新条例要求重点排放单位按照技术规范编制排放报告、如实报告碳排放数据、及时足额清缴碳排放配额，并接受监督管理。生态环境主管部门将在收到报告后自行组织核查或者委托第三方机构进行核查，作为重点排放单位排放配额清缴的依据。
There are three important pillars to an effective emissions trading market, i.e. monitoring, reporting and verifying, which serve as an important basis to guarantee accuracy, credibility of the emissions data. Monitoring is the process where emissions data and information is collected. Reporting is the process where such data and information is composed and disclosed. Verifying is the process where the reports are periodically or independently evaluated and emissions outcomes are confirmed. This requires cooperation of government agencies, emission entities and third parties each play their roles in accordance with clearly outlined rules. The New ETS Regulation requires key emissions entities to prepare reports in accordance with technical specifications, truthfully disclose emissions data, timely fulfil emissions allowance compliance and accept verification by the MEE. After receiving the emissions report submitted by the key emissions entities, the MEE will organize verification by itself or engage third parties to conduct the verification as the basis of evaluating key emission entities’ compliance of their obligations.
[5] 《新碳排放权交易条例》实施的挑战和机遇 Opportunities and challenges
建立统一的全国碳排放权交易市场是中国碳中和行动方案重要举措，据权威机构预测，全国碳排放权交易市场一旦启动，按照配额发放规模计算，将超过欧盟和美国等区域碳排放权交易市场，成为全球最大的碳排放权交易市场体系。
Establishing a new national emissions trading market is an important policy instrument to achieve China’s carbon neutrality objective. It is predicted that once the new market is launched, China’s emissions trading market will be the biggest emissions trading system in the world, with volume of total allowances allocated therein exceeding other regional emissions trading markets such as EU or U.S. market.
对于现有碳排放权交易所，在集中统一交易的机制下，没能成为国家交易平台的试点交易机构将面临功能的转型，或可以作为特别会员单位参与全国交易平台，代理开展交易；在采取拍卖进行配额有偿分配的地区，也可以承担地方配额拍卖的任务。
Under the new centralized trading system, those existing emissions trading exchanges that are not being selected to operate the new centralized trading system will determine a different role to participate in the new market, either as special members trading on agency or as auctioneer assisting the auction of local emissions allowances.
对于行业而言，随着新的全国碳排放权交易市场的建成和其他碳排放政策和市场工具的运用，现有的重点排放行业和绿色可再生替代能源行业发展的边界条件、发展逻辑及发展机制将发生一系列重大变化，技术和产业标准将会被重塑，从而必将对传统行业升级转型、绿色行业投资、技术创新、投融资结构等实践带来深远的革命性的影响，从交通、建筑、能源、发电、航空等各行各业将以低碳为标准。
From an industry perspective, the establishment of a new national emissions trading market and implementation of other carbon reduction policies will have a significant impact on all industries. The boundary conditions, development logic, development mechanism of the key emissions sectors, and the green sustainable sectors will certainty lead to a paradigm shift. The technology and industrial practices will be reshaped, which will stimulate innovation and upgrading of traditional industries and foster green investment patterns, technological innovations, investment and financing practices. Carbon reduction policies is primed to revolutionize all sectors including but not limited to transportation, building, energy, power industry, and aviation etc.
对于金融机构而言，一方面未来他们将作为重要的投资机构参与到碳排放权交易中，成为包括绿色债券、绿色贷款、绿色基金等金融支持绿色转型的重要途径。而在微观的项目融资中，考察项目的碳减排也将成为金融机构成为重要的合规审查点，以避免融资在建项目被叫停、或者对碳减排的配额、价格、政策预测失误导致项目财务失败。在笔者团队参与的世界银行、亚洲开发银行、德国复兴银行融资项目中，早已把“企业环境、社会和治理绩效”（“ESG”）核查满足作为项目重要的融资关闭先决条件，未来我们相信这将成为中国金融机构的普遍实践。
From a financial institution perspective, financial institutions can play an important role in emissions trading as a key investors, through which they can provide financial supports for green transformation via green bond, green loans, green fund etc. From a micro perspective, financial institutions will need to make carbon emissions an important compliance focal point to avoid projects being funded are being called off due to violation of carbon emission or projects facing critical financial failure due to failure to accurately predict the emissions allowances, emissions trading prices or policies. In addition, we predict Chinese financial institutions will make ESG compliance an important condition precedent for financial closing, a practice that has been adopted by international financial institutions such as World Bank, Asia Development Bank, Development Finance Institution etc.
当然，市场覆盖面大、流动性强、开放多元有活力的全国碳排放权交易市场的建成还有很多挑战，如合理确定年度总配额、配额分配的公平性透明性、市场化价格机制的形成、与国际碳排放权市场的衔接、引入碳远期、碳掉期等衍生品工具并与金融市场衔接、探索碳排放权抵押、引入多元化的产品、投资者的多元化等等。新条例标志着绿色化转型箭在弦上，但任重而道远。
Of course, there are still many challenges ahead to build a new national emissions trading market featured with wide coverage, sufficient liquidity, openness and effectiveness, e.g. determining annual distributable allowances, ensuring the fairness and openness of allowances allocation, formulating a market price mechanism, connecting China’s emissions trading market with international market, introducing financial derivatives such as carbon futures, carbon swap and connecting the emissions trading market with financial market, exploring emissions trading mortgage, and diversifying products and investors on the market etc. The New ETS Regulation signifies a green revolution is on the horizon, but there is a long way to go.