To achieve the goals of carbon peak and carbon neutrality, it requires cutting the overall emissions reduction costs with the help of the carbon financial market. Toward that end, the top priority is to draw up rules working for it as soon as possible. By examining the evolution and status quo of research on the legal system of the carbon financial market, this paper comes to a conclusion that current research on the legal system in China’s legal circle pays more stresses to macro concepts than micro-mechanisms. Besides, it analyzes the "public power theory" and "usufruct theory" of the carbon emission right, and tables the research proposition that further efforts are necessitated to make the legal attribute of the carbon emission right as a “quasi-property right theory” justified. Based on the comparison and analysis of the banking and borrowing mechanism of carbon banks in China and the practices of carbon banks in California, this paper puts forward the schemes of reference that may help carbon banks give play to their financial functions. In addition, it analyzes the merits and demerits concerning effects of different linkage modes in the carbon market, and lists theoretical issues demanding further breakthroughs for selecting crediting mechanisms and recognizing double counting. Finally, as a result of the literature analyzed in this paper, research propositions that the law and economics communities shall underline in the future are put forward in the conclusion part.
| Published in | International Journal of Environmental Protection and Policy (Volume 11, Issue 6) |
| DOI | 10.11648/j.ijepp.20231106.12 |
| Page(s) | 111-119 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2024. Published by Science Publishing Group |
Carbon Finance, Legal System, Carbon Emission Right, Carbon Bank, Carbon Market Linkage
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APA Style
Ruilong, Y. (2023). Research on China's Carbon Financial Market: Legal System and Prospect of Institution. International Journal of Environmental Protection and Policy, 11(6), 111-119. https://doi.org/10.11648/j.ijepp.20231106.12
ACS Style
Ruilong, Y. Research on China's Carbon Financial Market: Legal System and Prospect of Institution. Int. J. Environ. Prot. Policy 2023, 11(6), 111-119. doi: 10.11648/j.ijepp.20231106.12
AMA Style
Ruilong Y. Research on China's Carbon Financial Market: Legal System and Prospect of Institution. Int J Environ Prot Policy. 2023;11(6):111-119. doi: 10.11648/j.ijepp.20231106.12
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Download@article{10.11648/j.ijepp.20231106.12,
author = {Yin Ruilong},
title = {Research on China's Carbon Financial Market: Legal System and Prospect of Institution},
journal = {International Journal of Environmental Protection and Policy},
volume = {11},
number = {6},
pages = {111-119},
doi = {10.11648/j.ijepp.20231106.12},
url = {https://doi.org/10.11648/j.ijepp.20231106.12},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijepp.20231106.12},
abstract = {To achieve the goals of carbon peak and carbon neutrality, it requires cutting the overall emissions reduction costs with the help of the carbon financial market. Toward that end, the top priority is to draw up rules working for it as soon as possible. By examining the evolution and status quo of research on the legal system of the carbon financial market, this paper comes to a conclusion that current research on the legal system in China’s legal circle pays more stresses to macro concepts than micro-mechanisms. Besides, it analyzes the "public power theory" and "usufruct theory" of the carbon emission right, and tables the research proposition that further efforts are necessitated to make the legal attribute of the carbon emission right as a “quasi-property right theory” justified. Based on the comparison and analysis of the banking and borrowing mechanism of carbon banks in China and the practices of carbon banks in California, this paper puts forward the schemes of reference that may help carbon banks give play to their financial functions. In addition, it analyzes the merits and demerits concerning effects of different linkage modes in the carbon market, and lists theoretical issues demanding further breakthroughs for selecting crediting mechanisms and recognizing double counting. Finally, as a result of the literature analyzed in this paper, research propositions that the law and economics communities shall underline in the future are put forward in the conclusion part.
},
year = {2023}
}
TY - JOUR T1 - Research on China's Carbon Financial Market: Legal System and Prospect of Institution AU - Yin Ruilong Y1 - 2023/12/26 PY - 2023 N1 - https://doi.org/10.11648/j.ijepp.20231106.12 DO - 10.11648/j.ijepp.20231106.12 T2 - International Journal of Environmental Protection and Policy JF - International Journal of Environmental Protection and Policy JO - International Journal of Environmental Protection and Policy SP - 111 EP - 119 PB - Science Publishing Group SN - 2330-7536 UR - https://doi.org/10.11648/j.ijepp.20231106.12 AB - To achieve the goals of carbon peak and carbon neutrality, it requires cutting the overall emissions reduction costs with the help of the carbon financial market. Toward that end, the top priority is to draw up rules working for it as soon as possible. By examining the evolution and status quo of research on the legal system of the carbon financial market, this paper comes to a conclusion that current research on the legal system in China’s legal circle pays more stresses to macro concepts than micro-mechanisms. Besides, it analyzes the "public power theory" and "usufruct theory" of the carbon emission right, and tables the research proposition that further efforts are necessitated to make the legal attribute of the carbon emission right as a “quasi-property right theory” justified. Based on the comparison and analysis of the banking and borrowing mechanism of carbon banks in China and the practices of carbon banks in California, this paper puts forward the schemes of reference that may help carbon banks give play to their financial functions. In addition, it analyzes the merits and demerits concerning effects of different linkage modes in the carbon market, and lists theoretical issues demanding further breakthroughs for selecting crediting mechanisms and recognizing double counting. Finally, as a result of the literature analyzed in this paper, research propositions that the law and economics communities shall underline in the future are put forward in the conclusion part. VL - 11 IS - 6 ER -
Law School, Tsinghua University, Beijing, China
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