欧洲碳交易中间商参与碳交易市场的经验分析

中国的碳交易市场刚刚起步,正处于城市试点、逐步推广的阶段,总结和借鉴发达国家的碳交易市场参与方的运作模式和经验,对于中国碳交易市场的成功运行和在国际碳交易市场中话语权的建立具有非常重要的现实意义。本文通过调查四家欧洲碳交易中间商在碳交易市场中的表现和运作规律,分析了它们的商业模式、规模特点、融资模式、风险管理方式等,总结得出:作为碳交易市场中重要的参与方,无论是从传统能源、电力行业衍生出的碳交易中间商还是专业的碳交易公司都需要融资与风险管理,这就使得信贷、保险等金融中介机构的介入成为必然。金融机构与碳交易中间商的参与大大促进了碳交易市场的流动性,同时,期货的引入盘活了欧洲碳交易市场。国内的碳交易市场可以借鉴欧洲碳交易市场的建设经验,采用适当的形式把购买自愿减排量的方式转变为对高排放企业的强制减排要求,从而创造国内碳交易市场的需求,并应允许大量的中间商和金融机构进入碳交易市场,保证市场的流动性。

Experience Analysis of European Carbon Intermediate Traders to Participate in Carbon Market

China’ s carbon trading market has just started, and is still in the pilot stage, gradually extending. So, summing up and referring to the mode of operation and experience of carbon market participators in developed countries have practical significance for the successful operation of China’s carbon trading market and the establishment of discourse power in the international carbon market. This paper analyzed their business models, work scopes, financing modes and risk management methods by researching the behaviors and operation rules of four European carbon intermediate traders in the carbon market. It was concluded that: as the important carbon market participants, both carbon trading intermediaries derived from traditional energy industry or professional carbon trading companies need financing and risk management. This makes the involvement of the financial and insur-ance intermediaries a necessity. The participation of financial institutions and carbon trading intermediaries con-tributed greatly to the mobility of the carbon market. Meanwhile, the introduction of the futures activated the European carbon trading market. China’s carbon market can learn from the construction experience of the Euro-pean carbon trading market. It should adopt appropriate methods to transform the current purchase of voluntary emission reductions into mandatory requirements on high emitters, and thus to create demands for domestic car-bon market. It should also allow a large number of carbon trading intermediaries and financial institutions to enter the carbon market to ensure the market’s mobility.