Development status and prospects of China's carbon emission trading market
The carbon emission trading mechanism,one of the significant tools for countries worldwide to manage greenhouse gases,has developed substantially due to its strong policy compatibility and financial derivative attributes.The paper analyzes the current status of China's carbon market from such three aspects as the improvement of policy systems,the current trading status of national and regional carbon market transactions,and the status quo of voluntary emission reduction markets and forecasts future development trends in China's carbon market by comprehensively taking into account mature international carbon market development experiences and domestic policy development trends.It gives an outlook on the future development trend of China's carbon market as the expansion of China's carbon market is inevitable,electrolytic aluminum,cement,and steel sectors are expected to be involved successively,the total carbon quota will gradually shrink and the auction proportion is anticipated to reach 5%,China's carbon price is projected to rise to nearly CNY 80-100 per ton by China's 14th Five-Year Plan period and increase to around CNY 130-200 per ton by China's 15th Five-Year Plan period,the electricity and carbon markets must develop synergistically and comprehensively,and the joint use of carbon markets and carbon taxes will become the primary approach for government control and management of emissions.At both macro and micro levels,it proposes such development proposals as steadily expanding the coverage of the carbon market at an appropriate time,continuously increasing the ratio of quota auctions,and establishing and systematizing the internal carbon audit and disclosure system of enterprises.