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为减缓温室效应，联合国政府间气候变化专委会在日本经过艰苦谈
判签订了《京都议定书》。《议定书》将二氧化碳为代表的六种温室气
体设置了排放权，并量化为可交易的排放配额单位，将其商品化，并从
而形成了碳交易模式。基于碳交易模式，碳排放配额期权期货化、衍生
品化成为了大趋势，碳金融的体系也随之产生。借助碳金融体系，可以
显著提升碳交易市场的流动性，并吸引更多的人参与到节能减排的事业
中来，通过市场化的方式来推动社会实现低碳经济。目前碳金融在我国
属于比较新兴的事物，国内尚未开启碳期货、衍生品的交易市场，缺乏
可以具体实施的业务模式是我国碳金融发展缓慢的重要原因。而国内对
于碳金融的研究，也主要集中在对国内外机制的比较研究上，在业务模
式上的探索并不多，所以对碳金融业务模式的探索是有现实价值的。本
文先是探讨分析了碳金融的基本经济原理和交易模式，着重介绍
了发展较成熟的欧盟排放权交易体系，分析了欧美碳金融发展过程的特
点，以及当前欧美碳金融体系的主要业务模式；之后，本论文对中国碳
金融市场的发展和存在的问题进行了详细的分析，包括对中国碳交易体
系在全球碳市场中的定位的演变阶段进行了阐释，对中国现在碳金融市
场发展的主要现状进行了剖析，并指出当前中国碳金融体系存在的政策
支持、机制设计和市场参与的问题，本文认为业务模式过于单一是当前
的主要问题，解决了业务模式单一的问题，就有机会逐步推进中国碳金
融系统的稳步发展；最后，根据之前提出来的问题，本文给出了从政策
上、机制上、调动积极性上的解决业务模式单一的对策，并对我国碳金
融市场的未来整体发展趋势进行了前瞻性的探讨
由于我国是全球碳排放第一大国，并且不在《议定书》附件一的减
排缔约国当中，使得我国可以在减排压力相对较小的背景下，提供大量
的碳减排项目和减排当量，这让我国在全球碳市场重要性日益凸显。本
文的研究启示是，虽然我国当前碳金融市场发展存在着各种各样的问题，
但只要国家宏观层面对推动节能减排的意愿不降低，并且有意引导社会
各层面积极参与到碳金融业务的模式创新和落地中来，我国整个碳金融
体系一定会得到快速的发展，为我国实现经济可持续发展贡献巨大的力
量
关键词：碳交易，碳金融，业务模式THE RESEARCH OF THE BUSINESS MODE OF
CHINESE CARBON FINANCE MARKET
ABSTRACT
In the China's carbon emissions trading forum held in February 4,2015,
the NDRC Climate Division said that China will start the national carbon
market in 2016, and initially will include enterprises that have an annual
emission of 26000 tons or more, those enterprises mainly in 5+1 industries
(electric power, metallurgy, nonferrous metals, building materials, chemical
industry and aviation services). This is following thenational climate
change plan (-2020 years) that proposed to continue to deepen
the development of carbon emission trading pilots, and the first time made a
clear time node of the construction of a national carbon market. With the
Chinese carbon market gradually becoming mature, the carbon financial
system will developing faster, it has a certain significance to research the
carbon financial market business mode.
Due to the more and more intensive human activity level since twentieth
century, the massive emission of greenhouse gas during producing and livinghave
caused serious global warming phenomenon and frequent climate chaos
on earth, and gradually bring more and more challenges to the sustainable
development of human civilization. In order to mitigate the greenhouse effect,
the limitation of greenhouse gas emission like carbon dioxide has become a
necessity. The United Nations Intergovernmental Committee on Climate
Change had hard negotiation in Japan and finally made the Kyoto Protocol,
which creatively give a series of solutions about controlling the emission of
greenhouse gas. In this protocol, people abandoned the past way of entirely
rely on voluntary gas emission reduction, instead, set up the emission rights
of six greenhouse gas, and to quantify the tradable emission right in the unit
of carbon dioxide, so that the greenhouse gas emission rights have the
property of tradable commodity, and thus the carbon trading market emerged
around the world. With the implementation of carbon trading mode, more and
more of the carbon emissions quota have been transferred into options and
futures, financial derivatives have become the major trend in the market, and
so the concept of Carbon Finance have become more and more influential
globally. By the introduction of Carbon Finance system, the liquidity of the
carbon trading market will be increased dramatically, and more and more
people will be attracted to join the global sustainable development. Since
Carbon Finance is still a very new concept in China, the researches onCarbon
Finance are mostly about the comparison of scheme between China
and foreign countries, and we can’t see much about the researches about the
business mode. Business mode is the key problem for China to push the
development of Carbon Finance, so it is necessary to have launch a research
on it.
In this paper, I made analysis of the basic economic principle and
transaction mode of carbon finance, and emphatically introduces the most
well developed carbon trading system, the European Union Emission Trading
Scheme (EU ETS). Through the discussion of the EU ETS, this paper explore
the history of the rise of the global carbon trading market, analyze the major
problems in the exist market, the basic pattern of western carbon finance
system and the future trend of the carbon finance market. Then I analyzed the
current problem of the Chinese Carbon Finance market, especially point out
the major issues of policy support, trading system design and public
participation. And I made the conclusion that the core problem is that the
business mode is too simple in China. Finally I make some suggestions about
how to solve the problem of business mode, and give some examples about
mode innovation.
Since China is the number one country in carbon emission globally, and
also is not in the Annex I list of the Kyoto Protocol, which makes our
countryhas a relatively low pressure in carbon reduction process, and let China has
the opportunity to provide a large amount of carbon emission reduction
projects and selling the emission quota. Now China has a more and more
important role in the global carbon market, and it has become a very
important issue that China must develop its own carbon finance market. In
this paper, I made an in-depth comparison between the domestic and foreign
carbon trading market, introduced the efforts China has made in the past a
few years, analyzed the results in the pilot carbon trading cities in China and
introduced the progress of initial construction of Chinese carbon finance
market. In China, the carbon quota is still not packed up and transferred into
financial products, which means most of the carbon quota are just been sold
as original reduction equivalent and the foreign players enjoyed most of the
profits. Therefore, in this paper I introduce the comparative analysis of the
domestic and foreign carbon trading mode, and give some suggestions of
developing Chinese carbon finance market, include what kind of policy
support the government should supply and how the public financial
institution can join the system and make financial tools possible.
KEY WORDS: carbon trading, carbon finance, business mode目录
第一章 绪论 ....... 1
1.1 研究背景 ....... 1
1.2 研究意义 ....... 2
第二章 碳交易体系和国外碳金融的发展........ 3
2.1 碳排放交易的主要机制 ....... 3
2.1.1 碳排放交易的由来 ...... 3
2.1.2 京都议定书的主要内容 .. 4
2.1.3 碳排放交易主要机制与分类 .......... 5
2.2 全球碳排放交易主要市场 ..... 8
2.2.1 欧盟排放权交易体系(EU ETS) ........ 8
2.2.2 其他碳交易市场 ........ 9
2.3 碳汇交易与碳足迹 .......... 10
2.4 欧盟碳交易体系介绍 ........ 11
2.4.1 欧盟排放权交易体系简介 ........... 11
2.4.2 欧洲碳交易市场发展历史 ........... 12
2.4.3 欧盟排放体系的交易制度设计 ....... 14
2.4.4 欧盟排放交易体系促进了碳金融的发展 ........... 15
2.4.5 欧洲碳市场的危机：供过于求 ....... 16
2.5 欧美碳金融体系与业务模式 .. 16
2.5.1 欧美碳金融体系介绍 ... 16
2.5.2 欧美碳金融主要业务模式 ........... 17
2.6 碳交易与碳金融研究现状 .... 19
第三章 中国碳金融市场的发展与面临问题分析. 22
3.1 中国碳交易市场发展情况 .... 22
3.1.1 国际 CDM 阶段：享受红利 ........... 22
3.1.2 总量控制下的试点强制碳交易 ....... 23
3.1.3 国内自愿减排量交易（CCER 市场） .. 27
3.2 中国碳金融市场现状 ........ 28
3.2.1 CDM 项目得到了快速发展 ........... 28
3.2.2 日益增加的交易平台 ... 29
3.2.3 国内银行试水碳金融 ... 29
3.3 中国碳金融发展面临的问题分析 .......... 30
3.3.1 政策层面：支持不足，力度不够 ..... 30
3.3.2 机制层面：缺乏定价权和风险控制机制 ........... 31
3.3.3 市场参与层面：认识不足，创新不够，银行缺乏参与 ........... 32
3.3.4 问题的关键是业务模式单一，模式创新是必由之路 . 34
第四章 中国碳金融业务模式探索. 36
4.1 欧美碳金融业务模式的借鉴意义 .......... 36
4.1.1 利用经济手段推动减排 . 36
4.1.2 把握 CDM 历史机遇顺势调整经济结构 . 37
4.1.3 通过改进碳交易机制促进碳金融发展 . 37
4.2 我国碳金融市场业务模式探索38
4.2.1 商业银行绿色信贷服务 . 38
4.2.2 商业银行碳理财服务 ... 39
4.2.3 低碳经济融资服务 ..... 39
4.2.4 碳交易中介服务 ....... 40
4.2.5 碳金融衍生品投资服务 . 41
4.2.6 资本市场的碳概念产品投资服务 ..... 42
4.2.7 气候风险对冲服务 ..... 43
4.3 我国碳金融市场未来整体发展趋势 ........ 44
4.3.1 环境交易所重要性进一步提升 ....... 44
4.3.2 商业银行逐渐扛起碳金融发展大旗 ... 44
4.3.3 风险控制与标准化的深入 ........... 45
4.3.4 碳金融领域的民众参与度更高 ....... 45
4.3.5 中国碳金融体系发展展望 ........... 46
第五章 结论与展望48
参考文献 .......... 49
致 谢51
攻读学位期间发表的学术论文目录. 52
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