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图表2 中国碳金融市场体系整体架构

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所属报告：

财新智库：2025证券公司碳资产定价和风险管理实践报告（71页）.pdf

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文件以及技术规范、各地方试点交易管理办法等共同构成我国碳金融市场政策法规基础框架。监管机构层面，各级生态环境主管部门等有关部门、重点排放单位、注册登记机构、交易机构、技术服务机构等各司其职，保障碳排放权交易市场（碳排放数据核算报告与核查、配额分配与清缴、市场交易与监管等）自愿减排交易市场（项目审定与登记、减排量核查、市场交易与监管等）的全环节顺畅运行。中国人民银行（以下简称“央行”）证监会生态服务网络为碳金融市场提供专业服务和技术服务，专业服务机构可以提供MR√体系下的核证服务、温室气体排放报告服务。技术服务机构则可以提供稳定的碳交易与碳金融数据支持、碳资产管理系统与技术支持服务。 B.产品供给碳资产是碳金融市场的核心交易标的，主要包括碳配额以及核证自愿减排量。碳配额为强制履约工具，全国碳市场交易的碳配额产品为 CEA，各地试点同样有对应的地方碳配额（如北京为 BEA、广东为 GDEA)。CCER和地方碳普惠减排量为我国主要的核证自愿减排量凭证，可通过将非重点排放单位的碳减排行为开发认证为具有经济价值的碳资碳金融工具是主流金融产品在碳金融市场依托碳资产的映射，根据2022年证监会发布的《碳金融产品》，我国碳金融产品谱系包括碳市场融资工具（碳抵押／质押、碳回购、碳托管等）交易工具（碳远期、碳期货、碳期权、碳掉期、碳借贷等）和支持工具（碳指数、碳保险、碳基金等），除此之外还有碳结构性存款、碳信托、碳资产证券化产品等创新工具。目前全国碳市场仍以碳配额交易为主，而各区域试点市场则积累了各类金融工具较为丰富的实践案例，不过多以示范性交易为主，仅有湖北、上海、福建试点的碳回购实现了常规化应用。

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