The United Nations Climate Change Bonn Conference kicked off on November 6th. The National Development and Reform Commission also issued the "Notice on Effectively Starting the National Carbon Emissions Trading Market Start-up Work", requesting to ensure the launch of the national carbon market and carbon implementation in 2017. Emissions trading system. It is reported that the National Development and Reform Commission has submitted a plan to launch the national unified carbon emission trading market to the State Council. After the launch of the national unified carbon emission trading market, it will focus on 7,000-8,000 enterprises in eight major industries, such as petrochemicals and chemical industry, with carbon emissions accounting for 40%-50% of the country. According to the agency's forecast, a market covering 30-40 billion tons of carbon allowance will be formed, and China will become the world's largest carbon market. The total market value of the national carbon emission quota trading market is expected to reach 120 billion yuan, if futures are considered. For derivative products, the transaction amount can reach 500 billion yuan. The main players in the market are large enterprises in key industries. At present, many enterprises have already prepared for them. As one of the five largest power generation groups in China, China Huaneng Group has long been involved in the carbon market, and in 2010 established a special Huaneng Carbon Asset Management Co., Ltd. Ning Jinyu, former chairman of Huaneng Carbon Assets Management Co., Ltd., said that the start of the national carbon market will have a huge impact on the power industry and enterprises, and will also help the coal-fired power industry to de-capacity. Some backward units may face greater pressure on carbon emission reduction. . With the development of the national carbon market, there will be more and more participating industries, free quotas will be less and less, and the pressure on business operations will be greater and greater. The Notice on Doing a Good Job in the National Carbon Emissions Trading Market Startup Proposal proposes that the first phase of the national carbon emission trading market will cover eight major pollutants such as petrochemical, chemical, building materials, steel, nonferrous metals, paper, electricity and aviation. In the industry, the participating entities are business entities involved in the above-mentioned key industries, and their total energy consumption in the year of 2013 to 2015 reached 10,000 tons of standard coal and above corporate legal entities or independent accounting enterprises. “That is to say, entering the first phase of the national carbon trading market is a large-scale enterprise in key emission industries, and a large source of carbon dioxide emissions.†Liu Shuang, director of the Low Carbon Transformation Project of the Energy Foundation, said in an interview with reporters. Jiang Kezhen, a researcher at the Energy Research Institute of the National Development and Reform Commission, told reporters that such market design is mainly based on transaction costs. "Carbon trading must cover large sources, otherwise the transaction costs are too high." Jiang Kezhen said that the true and reliable data of corporate carbon emissions is difficult to obtain. If it is a small enterprise, the carbon emission trading quota of a company may be only tens of thousands of yuan. However, other transaction costs such as measuring and verifying their emissions data may be as high as several hundred thousand or even millions of yuan. Jiang Kezhen said that the biggest challenge in launching the national carbon market is the emissions inventory. To trade, you must have a carbon footprint, and only if the base is clear, can you establish fair trading rules. But how much carbon dioxide does the country and every company emit? What is the transaction amount? Not very clear. "In the past, China wanted to obtain the carbon emission base of each enterprise and set up an emission list, but it did not grasp it." Liu Shuang said that according to the national carbon emission trading market launch requirements, in order to effectively reflect the actual situation of enterprises, all relevant industry associations, central management The enterprise must conduct a mapping of the enterprise units within the industry or within the Group in accordance with the regulations, and conduct accounting, reporting and verification of the historical carbon emissions to be included in the enterprise. “Real emission data is not only the fulcrum for the formulation of carbon emission policies such as the national carbon emission intensity reduction target, the control of greenhouse gas emission action targets, but also the implementation of the quota allocation plan in the national carbon emission trading system.†Liu Shuang said Therefore, the factor that measures the success of the carbon emission trading market is not only the amount of money traded, but also the size of the market, and more is the actual effect of carbon dioxide emission reduction. In this regard, Li Gao, head of the Climate Department of the National Development and Reform Commission, said that since 2011, the National Development and Reform Commission has organized pilot projects on carbon emissions trading in seven provinces and cities such as Beijing. There are several industries and nearly 3,000 key emission units included in the transaction. As of September 2017, the cumulative quota volume reached 197 million tons of carbon dioxide equivalent, about 4.5 billion yuan. Li Gao said that the carbon market-related capacity building has also been carried out in depth. Through the verification of historical data, the historical data verification of more than 7,000 key emission enterprises has been organized, and more than 40,000 person-times of carbon trading training has been carried out. “These work will play a very important and fundamental role in the construction of the carbon market.†Therefore, “the total amount and intensity of carbon emissions in the pilot areas of the provinces and cities in the carbon emission trading pilots showed a double downward trend, and promoted participation. Pilots have played an active role in low-carbon development and effective control of carbon dioxide emissions in enterprises and pilot areas.†Quota transactions are not only responsible for quotas. According to preliminary estimates, from 2010 to 2030, energy conservation and emission reduction will be realized. Target China will invest about 41 trillion yuan, and as of 2015, it has invested 10.4 trillion yuan. The country will invest 30 trillion yuan in the future. This shows that the business opportunities contained in energy conservation and emission reduction are huge. The international carbon market can be divided into two categories: the quota trading market and the project trading market. The trading objects in the quota trading market mainly refer to the quotas that the policy makers allocate to the enterprises through the initial allocation; the trading objects in the project trading market are mainly the emission reduction certificates obtained by implementing the project to reduce greenhouse gases. At present, the EU Emissions Trading System (EUETS) has the largest quota of spot and derivative transactions, accounting for more than 3/5 of the total global carbon trading. China has adopted a system design similar to the EU carbon emissions trading system in seven pilot areas such as Beijing. When determining the total amount of quotas in the pilot carbon markets of various provinces and cities, the carbon intensity reduction and energy consumption reduction targets during the “Twelfth Five-Year Plan†period will be comprehensively considered, and the intensity target will be converted into the absolute goal of carbon emissions. A similar quota trading method will also be adopted in the upcoming national carbon emission trading market. "Although carbon trading implements a quota system, it does not mean that enterprises are only responsible for carbon emissions within the quota. If they are not within the quota, they will not be responsible." Liu Shuang explained that the country has targets such as a decline in carbon intensity. There are total control requirements for carbon emissions across the country. In the carbon emission reduction system, enterprises are not only responsible for carbon emission reduction within the quota, but also for all actual emissions. With the improvement of the carbon trading market, corporate carbon emissions data will become more accurate and complete. “The purpose of starting the national carbon market is to promote emission reduction through carbon trading. Then the transaction and emission reduction should be clearly linked, not to make money. It costs a ton to reduce one ton.†Jiang said that the quota system is more suitable for emissions. Large and large enterprises, if they want to integrate small businesses into the carbon market, a more appropriate system is to impose a carbon tax. The carbon tax is a tax imposed on carbon dioxide emissions. Reduce fossil fuel consumption and carbon dioxide emissions by taxing the proportion of carbon content in fossil fuel products such as gasoline, aviation fuel, and natural gas downstream of coal and oil. Liu Shuang agreed with Jiang Kezhen’s point of view. She said that the future carbon market can play "combination boxing." According to the different industries and enterprises, the quota and carbon tax system are included, the real emission data of enterprises are mastered, and the transaction cost is reduced. The market mechanism plays a decisive role in the allocation of greenhouse gas emission resources, and the greenhouse is truly realized. Gas emissions, low carbon development. "Only the price of carbon emission reduction is transmitted to the consumer terminal, and the difference in sales of different carbon emission products is large, so that a better incentive mechanism can be formed." Jiang Kezhen said that the current quota system failed to achieve this, which is in the carbon market. In the implementation process, it is necessary to continue to improve. The start-up is only the beginning, and it is perfect. "I have confidence in launching the national unified carbon emission trading market as scheduled this year, but this is only the beginning, and it needs to be improved during the implementation process." Liu Shuang said, just like in the world. The first multi-country participation, the world's largest EU carbon trading system, the implementation process has also gone through three stages, 2013-2020 is its third stage. EUETS originally designed policies and trading methods based on various market judgments. It was also first introduced and first existed in the carbon market, and then continuously improved through the implementation of the actual situation. "We insist on using the carbon market as a tool to control greenhouse gas emission policies, avoid excessive speculation during the operation of the carbon trading system, and avoid excessive financial derivatives." Li Gao said that in the process of building the national carbon market The basic requirements for steady progress are steadily advanced in stages in accordance with the principles of market orientation, government services, coordinated advancement, broad participation, unified standards, and fairness and openness. "It’s better to start with it than to sit down." Jiang said that China can’t always be a pilot and should start the national carbon market as soon as possible. “To play the role of real carbon trading in the market, and truly play the role of market mechanism to control greenhouse gas emissions and reduce carbon intensity.
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