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An ???NGO ???Review ???of ???China'

s ??? Carbon ???Market 中国碳市场民间观察

2013 撰写及出版机构 创绿中心气候与金融政研部 特别顾问 钱国强 ?? ?? ??中创碳投科技有限公司战略总监 杨富强 ?? ?? ??自然资源保护协会能源、环境和气候变化高级顾问, ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ??创绿中心理事 林佳乔 ?? ?? ??磐石环境与能源研究所联合创办人 致谢机构 磐石环境与能源研究所 下载地址 http://www.

ghub.org/chinaets2013.pdf 创绿中心气候与金融政研部 致力于通过全球视野下的民间视角研究 和分析,推动有效的气候与可持续金融 政策的制定和执行;

过程中旨在创建不 同利益相关者对话与参与的空间,使多 元观点得以碰撞、达成共识、促成积极 改变.

02 2013 中国碳市场民间观察 An NGO Review of China'

s Carbon Market,

2013 中国碳市场民间观察

2013 执行摘要 碳排放权交易是用市场手段实现更低成本节能减排的政策工具之一,是中国 十二五 政策创新 和提升减排力度的重要体现.2011年下半年国家发改委在七个省市开始了碳交易试点工作,2013年 是试点启动碳交易的 元年 ,对未来中国的碳价格政策具有重大先行先试的示范效应.考虑到中国 碳市场的发展阶段和水平,在参考国际上的经验和充分吸收各方专家的意见基础上,我们着手搭建了 评估中国碳市场的框架体系.评估体系涵盖了四大领域,包括机制设计、机制执行、市场表现、信息 透明度和利益相关方参与,在四大领域内又分别设定了具体指标,对碳交易的运作进行分析和评价. 报告汇总了截至2013年11月5日有关七个试点的公开可得信息.由于获取的公开数据不充足, 报告对试点重点进行了定性分析.分析得出中国碳市场潜在的风险和挑战包括:排放数据质量先天不 足,总量设定存在过松的风险,总量的浮动性、增长空间的预留与其他国家能源和污染治理相关政策 的衔接考虑还有待完善.其中,试点采用的配额分配方法以免费发放和参照历史排放的祖父法为主, 个别地区对基准法和拍卖正在做出有益尝试.电力行业面临结构性挑战,上下游同时纳入碳市场的具 体操作仍需再检验.法律基础和惩罚力度在现有实践来看是不充分的,监测报告核证(MRV)机制、 第三方资质管理和市场风险控制有待进一步提升,碳市场产生的经济收入在使用方面也需要有明确的 规定. 根据国际经验和国内现阶段的试点情况,碳市场的发展应该是一个不断发现错误和纠正错误的过 程,也是利益相关方在其中不断参与、探索方法、总结经验和改进的过程.潜在政策上的不完善加大 了对交易相关信息公开与透明的要求.信息及时准确的公开,正是促进市场发现和改正问题的重要前 提.但是目前为止,中国碳市场在信息公开以及数据准确性上还不令人满意,也缺乏明确的社会监督 机制和途径.作为总量控制和交易体系的重要补充,中国温室气体自愿减排项目机制(CCER)的建 立给中国的碳抵消项目带来了再次发展的机遇,同时也带来挑战.为了达到碳抵消项目的供求平衡, 需要制定合理的管控方案,以确保碳抵消机制能在有效、高效、低成本地促进碳减排的同时,兼顾可 持续发展和技术转移等多方面因素. 七大试点区域性碳交易在2013年起步实践,国家碳交易体系的顶层设计也悄然展开,这将对未来 中国建立全国统一的碳市场积累宝贵经验.此外,碳税政策亦在等候政治性的决定,未来几年的政策发 展和机制建设对中国的碳价体制形成是关键时期.为碳定价并形成有效的市场,初衷是实现温室气体的 减排,也是全球应对气候变化的关键.这一过程需要全面思考和实践、多元参与和讨论、有效的市场监 管以及社会监督,以确保市场的公平和有效减排.然而,目前的政策讨论仍然集中在较小的圈子和较为 封闭的状态,参与市场的不同利益主体多是体现商业利益的诉求、关切.作为关注环境与气候保护的民 间组织,创绿中心对碳市场的评估在中国范围是首次.我们会坚持把系统的数据收集和客观的分析做下 去,推动形成一个多方参与、吸取国内和国外最佳经验、兼具包容和开放性的碳市场政策讨论;

也为形 成民间独立的分析、监督以避免犯错并保证顺利的政策制定与执行,提供可靠的依据. 创绿中心气候与金融政研部 2013年12月 北京

04 2013 中国碳市场民间观察 An NGO Review of China'

s Carbon Market,

2013 An NGO Review of China'

s Carbon Market,

2013 Executive Summary Carbon emissions trading (ETS, Emissions Trading System) is one of the market-based policy tools available to achieve energy conservation and emissions reduction with a lower cost. It is also one of the key highlights of the policy innovation and accelerating of emissions reduction efforts of China'

s Twelfth Five Year Plan. In the latter half of 2011, the National Development and Reform Commission commenced carbon trading pilot programs in seven provinces and municipalities. The year of

2013 is the ?rst year of carbon trading by the pilots and has a signi?cant demonstration effect for China'

s future carbon pricing policies. Given the development status and level of China'

s carbon market, and drawing from the existing experiences around the world and expert advice, Greenovation Hub set out to establish a multi-dimensional assessment framework to evaluate the performance of China'

s carbon market. The framework consists of four aspects, including scheme design, scheme implementation, market performance, transparency and stakeholder engagement. Speci?c indicators are applied in each aspect in order to analyze and evaluate the operation of carbon trading. The report summarizes the publicly available information related to the seven pilots and China'

s voluntary emissions market up to November 5, 2013. Due to the prolonged launch schedule of the ETS pilots and limited availability of data, the report is mainly a qualitative study. According to the analysis, the risks and challenges related to the Chinese carbon market include: the quality and suf?ciency of emission statistics is not yet satisfactory;

the cap setting is at risk of being too loose and this ?exibility could potentially have a negative impact on the market e.g. ex-post adjustment;

the consideration of reserves for emission growth space and the interactions with other policies relevant to national energy development and pollutant control still need to be improved. In particular, emission allowance allocation methods applied to these seven pilots mainly use a free allowance approach and grandfathering based on the historical emissions, and several pilots are making positive attempts to try benchmarking and auctioning approaches. Another key challenge is that the power sector is faced with structural challenges such as the government control over electricity prices. The particular choice of double regulating the upstream and downstream (both the direct emissions from the power sector and indirect emissions of electricity and heating of industries are covered in each pilot region) and its implications still need careful assessment and examination. The legal basis and punishment/compliance system seem to be inadequate in terms of the existing practices. Monitoring Report and Verification (MRV) mechanisms, management of third-party qualification and market risk control also need further improvement. In addition, specific provisions are lacking for the use and management of revenues (both existing and potential) generated by the carbon market. Based on international experiences and the present piloting stage of the ETS in China, the carbon market'

s development should be a continuous process of identifying and correcting shortcomings and mistakes as well as a process of continuous participation of stakeholders, to collectively explore ideas, review experiences and improve policy design and implementation. The potential imperfection and room for improvement of policy actually increases the need for information disclosure and transparency. The timely and accurate disclosure of information is an important premise for promoting market evaluation and problem solving. By far, the Chinese carbon market is still not satisfactory with regards to information disclosure and data accuracy, and it also largely lacks public and stakeholder engagement mechanism or channels. As an important supplement to the Cap and Trade System, the Chinese Certi?ed Emission Reduction (CCER) market was established in parallel, which offers opportunity for further development as well as challenges to China'

s carbon offset projects. In order to reach the balance between the supply and demand of offset projects, appropriate management programs need to be formulated to ensure that the carbon offset mechanism can effectively and ef?ciently promote carbon emissions reduction with a low cost while taking into consideration multiple factors such as social and environmental safeguards, sustainable development and technology transfer. The r........