Interview with Professor Shi Yizheng, the chief consultant of Zhongcai Green refers to: The national carbon market in the country should reflect a more comprehensive marketization mechanism

On July 16, the national carbon emissions trading market was officially operated for the first anniversary. Data show that in the past year, the carbon market in the country has been in operation in the past year, with a cumulative transaction volume of 194 million tons and a cumulative turnover of 8.492 billion yuan, becoming the largest global carbon cargo market in the same period.

Back to the performance of the national carbon emission right trading market this year, despite the beginning of operation, there are still many problems and challenges: such as participating in the industry urgent expansion, limited market activity, further improvement of data quality, market pricing mechanism to be improved, etc. Essence

So, how does the national carbon emission right trading market expand? How to increase transaction activity? How to guarantee data quality? How to improve the pricing mechanism? On July 16th, the Daily Economic News reporter (hereinafter referred to as NBD) was the above issues. Professor Shi Yixi, a well -known expert in ESG and chief consultant of Zhongcai Green Indications, was interviewed.

Establish a more thorough marketization emission reduction mechanism

NBD: With the efforts of all parties, my country's carbon emission right trading market has been successfully operated, and the transaction volume has also become the largest carbon cash cargo market in the world in the same period. How do you evaluate the carbon trading level and market performance of my country's carbon trading market over the past year?

Shi Yan: In the past year, my country's carbon trading market has shown a smooth operation as a whole. It has also produced a situation of obvious transaction cycle and a low average transaction price of large transactions.

In terms of transaction cycle, with the duration period (around December 2021), the average transaction price and total transaction volume of the national carbon market are obvious. Near the performance period, the trading volume of the carbon market rose sharply, and the price of carbon prices had risen low; since 2022, the total transaction volume of the national carbon market has been limited, but the average transaction price has continued to rise. From the perspective of the transaction, the transactions are more active. As of June 30, 2022, the volume of transactions in large transactions accounted for 83%of the total transaction volume.

The operating characteristics of the carbon trading market show that on the one hand, the basic rules and systems of the carbon market in my country have been established and achieved good landing. On the other hand, carbon transactions are still mainly based on performance transactions. Perfect space.

NBD: In your opinion, what are the shortcomings and challenges in my country's carbon trading market?

Shi Yan: An important challenge facing the development of my country's carbon market is how to enrich the elements of its marketization, that is, more comprehensively reflecting the market -oriented mechanism in the carbon market to further tap its true market value and more thorough thorough thoroughly Establish a market -oriented emission reduction mechanism.

For example, the current problem of institutional investors' entry into the market has not yet been completely resolved, and financial institutions have no way to use financial tools to leverage carbon assets, which is manifested in the current lack of long -term stable market pricing foundation for the current underlying assets. Disposal the policy basis for higher levels. This also appears that we can see a lot of "first orders" of carbon financial products now, but it is difficult to scale.

The lack of the secondary market has also exacerbated individuals holding carbon assets still focus on performance transactions and insufficient understanding of financial value, and its impetus reduction momentum has also been weakened to a certain extent.

Carbon emissions data should be disclosed in a wider range

NBD: It is understood that the carbon trading market in my country is currently only included in the power industry, and related transaction varieties are also limited, and the lack of financial derivative hedging. What are the main reasons? How to solve the problem of "expansion" of industry and transaction varieties?

Shi Yan: Once financial products are fully involved in the carbon market, it may bring certain risks while promoting a more complete market -oriented emission reduction mechanism. At present, my country is still in the initial stage of the promotion of the "double carbon" target layout. The cognition is still continuously deepened. Whether investors participating in the carbon market in the future will have a great impact on the stable operation of the carbon market. The lack of necessary implementation foundation and reasonable system design may lead to excessive speculation and other derivative risks such as excessive speculation. Essence

Of course, the necessity of financial intervention should not be denied due to possible potential risks. More importantly, how to continuously improve the development of risk control and financial advantages. It is understood that my country's carbon market expansion has related promotion plans. One mature and one -one will be more conducive to the smooth operation of the carbon market. At the same time, it can be gradually liberalized in terms of systems and systems.

NBD: It is reported that data quality is one of the reasons that affect the expansion. What do you think of carbon emission data fraud? What methods and measures should relevant enterprises and regulators take to reduce and prevent such incidents?

Shi Yan: The harm of the fake of carbon emissions data to the carbon market is obvious. In the operation of the first cycle that has ended, a case of punishment was also punished by fraud. Among them, the lack of understanding of carbon market participants is an important factor, and an external cause is the problem of insufficient carbon data disclosure.

The current relevant data disclosure of carbon emissions in my country is relatively limited, which makes the supervision and review of carbon data falling on the government and limited third parties, and it is difficult for limited manpower to fully meet the huge data supervision needs. If carbon emissions data can be disclosed in a wider range, more subjects in the market will participate in the supervision of carbon emissions data, and to a certain extent, it will also help improve the quality of carbon emission data disclosed. When the carbon market data cannot be fully disclosed due to objective factors, the standardized assessment and supervision of carbon market participants and third parties are even more important.

Reasonable carbon prices should be linked to the cost of carbon emission reduction in enterprises

NBD: Compared with the carbon trading price of developed countries, there is still a certain gap in my country's carbon prices. What do you think of the current price level of our country, which means can you use to increase the price? Shi Yan: The consistency of the pursuit of the price of international carbon is not the goal of the development of the carbon market. "Common but different responsibilities" is an important principle of international emission reduction. As my country is still a developing country, the process of industrialization is still underway, and the level of economic development is also different from international developed countries. To this end, it is normal for the difference in carbon prices.

If the level of international carbon prices is fully marked, it will cause great pressure on the production of domestic enterprises in my country. Reasonable carbon prices should be linked to the current cost of carbon reduction in Chinese companies. From an institutional perspective, it is related to the distribution rules and market trading systems of carbon quotas in my country. From a market -oriented perspective, it is also necessary to gradually form more Pu in the continuous maturity of economic development and emission reduction technology. The fair price of adaptability.

NBD: What suggestions do you have for the future development of my country's carbon trading market?

Shi Yan: Keeping the fundamental goal of the carbon trading market design, making the carbon trading market gradually become a market means to empower enterprises' transformation and development rather than burden, which is an important principle for the continuous improvement of the carbon trading market.

The current mechanisms that are conducive to the perfect carbon market are also being promoted. With the gradual maturity of the carbon market, the internalization of the company's transformation and development into endogenous sustainable development. The improvement of transactions based on performance -based performance will also be further improved, the value of carbon assets will also be more fair, and a market -oriented emission reduction mechanism will gradually mature.

Daily Economic News

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