《清华五道口金融科技研究院：2022欧盟碳排放权及其衍生品市场发展历程研究报告（24页）.pdf》由会员分享，可在线阅读，更多相关《清华五道口金融科技研究院：2022欧盟碳排放权及其衍生品市场发展历程研究报告（24页）.pdf（24页珍藏版）》请在三个皮匠报告上搜索。

1、 研究报告 （2022 年 第 16 期 总第 120 期）2022 年 12 月 20 日 欧盟碳排放权及其衍生品市场发展历程欧盟碳排放权及其衍生品市场发展历程 鑫苑房地产金融科技研究中心 【摘要】【摘要】2005 年，欧盟碳市场 EU-ETS 正式启动，目前正在经历第四阶段。EU-ETS 强调先通过控制在一级市场发行的配额总量，再让被纳入碳排放监管的各行业主体通过在二级市场买卖配额，运用市场机制推动主体履行减排义务。2021 年 7 月，中国全国碳市场正式启动，与地区碳市场共同运行。全国碳市场当前与欧盟碳市场第二阶段均为免费分配主导并试图探索有偿分配机制，与其第三阶段均为基准法下的自上而下

2、的总量确定方法，大致可对标欧盟第二阶段向第三阶段过渡的位置。因此，欧盟碳市场经验对中国碳市场发展具有重要参考意义。本报告梳理了欧盟碳市场发展以来在一级市场配额分配和二级市场期权期货及衍生品交易的发展经验，并结合欧盟经验，提出帮助全国碳市场建设的若干建议。Research report 2022-12-20 Edition The Establishment of Carbon Market:Experience from EU-ETS XIN Real Estate Fintech Research Center Abstract:The european carbon market,EU-E

3、TS,was launched in 2005 and is now going through its fourth phase.In practice,EU-ETS first controls the total amount of allowances issued in the primary market,and the entities from specified industries should buy and sell all required allowances in the secondary market,aiming at the utilization of

4、market mechanism for entities to fulfill the emission reduction obligations.In July 2021,Chinas national carbon market was officially launched,operating parallel with regional carbon markets.At present,Chinese national carbon market is carrying out free allowances policy and exploring the suitabilit

5、y of auction method as the second stage of EU-ETS(20082012).Also,it carries out Benchmarking method in “Top to Bottom”way,the same as the beginning at the third stage of EU-ETS.Therefore,the EU carbon market experience is of great reference significance for the development of Chinas carbon market.Th

6、is report reviews the development experience of EU-ETS in the angles of allowance allocation and the trading of derivatives like options,futures.Furthermore,it proposes some suggestions to help improve Chinese national carbon market combined with EU-ETS experience.目录目录 一、欧盟碳排放权市场的成立背景一、欧盟碳排放权市场的成立背景