二氧化碳排放力爭于2030年前達到峰值，努力爭取2060年前實現(xiàn)碳中和，是黨和國家的重大戰(zhàn)略部署和莊嚴的國際社會承諾。當前我國仍處在工業(yè)化和城鎮(zhèn)化快速發(fā)展時期，盡管在綠色發(fā)展和生態(tài)文明建設(shè)方面取得了重大進展，但生態(tài)形勢仍較嚴峻，高碳排放的產(chǎn)業(yè)和能源結(jié)構(gòu)沒有根本改變，仍然是全球最大碳排放國，應(yīng)對全球氣候變化的責任重大，實現(xiàn)“雙碳”目標任務(wù)艱巨——對此，建立碳交易市場體系是大勢所趨、必不可少。
碳交易即溫室氣體排放權(quán)交易，指一方憑購買合同向另一方支付以獲得既定量的溫室氣體排放權(quán)的行為。而碳交易市場體系是支持碳交易的一系列政策、準則和方法。
目前，我國碳交易市場的主要產(chǎn)業(yè)由碳配額、國家核證自愿減排量（CCER）、金融工具三部分組成，采用的是以碳配額為核心，CCER 為輔的交易體系，具體來看：
碳配額即碳排放權(quán)的配額，是我國目前最重要的碳交易產(chǎn)品，目前主要運用在火電相關(guān)的企業(yè)中。預計到2025年，電力、石化、化工、建材、鋼鐵、有色、造紙、電力、航空等重點排放行業(yè)將全部進入碳配額交易體系。
碳配額由國家生態(tài)環(huán)境部按照各省級環(huán)境廳上報的區(qū)域內(nèi)重點排放單位，按照當年的 排放總量控制和階段性目標，經(jīng)過國務(wù)院批準之后，由各級政府制定某行業(yè)溫室氣體排放的總量上限，然后授權(quán)或出售給企業(yè)有限額規(guī)定的排放許可證。在規(guī)定期限內(nèi)，如果企業(yè)排放量超出許可證的上限，就必須在碳交易市場上購買排放配額；如果企業(yè)排放量低于上限，可以在市場上出售多余的配額。
此外，《碳排放權(quán)交易管理辦法（試行）》規(guī)定，全國碳排放權(quán)交易市場的交易主體是“機構(gòu)和個人”，尚不存在行政區(qū)劃之間的碳配額交易。碳配額交易市場通過設(shè)定碳排放價格，用利益調(diào)節(jié)機制促使企業(yè)增強低碳減排的內(nèi)在動力，同時推動投資者向清潔低碳產(chǎn)業(yè)進行投資傾斜，最終實現(xiàn)控制碳排放總量的目的。
全國碳排放權(quán)交易市場（China Carbon Emission Trade Exchange，CCETE）是碳配額交易的場所。自2011年北京、天津、上海等地開展碳排放權(quán)交易試點工作以來，2021年7月16日，CCETE正式啟動，交易中心設(shè)在上海，登記中心設(shè)在武漢，采用掛牌協(xié)議轉(zhuǎn)讓、大宗協(xié)議轉(zhuǎn)讓以及單向競價三種交易方式。
需要注意的是，由于碳配額在碳交易中是主要交易產(chǎn)品，出現(xiàn)了許多將“碳排放權(quán)交易市場”與“碳交易市場”簡單劃等號的提法，這是欠缺嚴謹?shù)摹?
核證自愿減排量

CCER指對我國境內(nèi)特定項目的溫室氣體減排效果進行量化核證，并在國家溫室氣體自愿減排交易注冊登記系統(tǒng)中登記的溫室氣體減排量。2012 年，《溫室氣體自愿減排交易管理暫行辦法》出臺，明確備案核證后的 CCER 項目可參與碳交易。
企業(yè)通常通過采用新能源（水電、光伏、風電）以及林業(yè)碳匯等方式自愿減排或者凈化溫室氣體。這種自愿減排量需要提前同發(fā)改委進行申報審批，經(jīng)相關(guān)部門核驗通過之后就可以稱為 CCER。它可以在控排企業(yè)履約時用于抵消部分碳排放使用，不僅可以適當降低企業(yè)的履約成本，同時也能給減排項目帶來一定收益，促進企業(yè)從高碳排放向低碳化發(fā)展。
CCER構(gòu)建了使用減排效果明顯、生態(tài)環(huán)境效益突出的項目所產(chǎn)生的減排信用額度抵消重點排放單位碳排放的通道。如果說碳配額交易的核心邏輯是“轉(zhuǎn)移”，那么CCER的核心是“抵消”。

但是自2012 年 CCER 項目可參與碳交易后，至2017 年 3 月，由于溫室氣體自愿減排交易量小、個別項目不夠規(guī)范等問題，發(fā)改委暫緩CCER項目。直到2020 年 12 月，《碳排放權(quán)交易管理暫行辦法（試行）》明確將 CCER重新納入碳交易市場。2021 年 3 月，生態(tài)環(huán)境部出臺《碳排放權(quán)交易管理暫行條例（草案修改稿）》指出可再生能源、林業(yè)碳匯、甲烷利用三類項目可重啟CCER核證。
三者之中，可再生能源，即由風能、太陽能、水能、生物質(zhì)能、地熱能、海洋能等供電或供熱的項目，大約占CCER總開發(fā)比例的70%。
林業(yè)碳匯是根據(jù)植物碳匯功能開發(fā)的CCER項目。碳匯（Carbon Sink），是指通過植樹造林、植被恢復等措施，吸收大氣中的二氧化碳，從而減少溫室氣體在大氣中濃度的機制，由此衍生出森林碳匯、林業(yè)碳匯、草原碳匯、海洋碳匯等形式。
值得引起注意的是，在2012至2017 的CCER項目中，碳匯項目僅占所有項目比例的3%，這與碳匯項目開發(fā)技術(shù)復雜和開發(fā)周期長密切相關(guān)?，F(xiàn)存與林業(yè)相關(guān)的CCER方法學有5個，其中被使用最多的是AR-CM-001碳匯造林項目方法學，超過總使用次數(shù)的60%。

但是2021年4月中辦國辦印發(fā)的《關(guān)于建立健全生態(tài)產(chǎn)品價值實現(xiàn)機制的意見》提出“健全碳排放權(quán)交易機制，探索碳匯權(quán)益交易試點”，將碳排放權(quán)交易和碳匯權(quán)益交易這兩個層級不對等的概念并列陳述。筆者認為，這是因為林業(yè)碳匯在當下與“綠水青山就是金山銀山”理念結(jié)合，成為鄉(xiāng)村振興和生態(tài)產(chǎn)品價值轉(zhuǎn)化的突破口，極有可能成為CCER重啟后新的風口熱點。
例如2021年7月30日，浙江安吉農(nóng)商銀行依據(jù)《竹林經(jīng)營碳匯項目方法學》對報福鎮(zhèn)統(tǒng)里村楊忠勇承包經(jīng)營的共1030畝毛竹林進行減排計算，預計承包期內(nèi)能減碳7045噸，參考今年7月16日全國碳排放權(quán)交易市場碳排放權(quán)交易價格，得出林地碳匯價值為37.19萬元的結(jié)論，并通過人民銀行征信中心動產(chǎn)融資統(tǒng)一登記公示系統(tǒng)進行質(zhì)押登記和公示，順利投放國內(nèi)首筆竹林碳匯質(zhì)押37萬元貸款，促進竹林生態(tài)價值貨幣化以及竹林碳匯產(chǎn)業(yè)的形成。
再如2021年8月5日，四川省印發(fā)《四川林草碳匯行動方案》，明確推進碳匯項目發(fā)展，支持涼山州鄉(xiāng)村振興、宣漢森林經(jīng)營、天全大熊貓棲息地恢復、龍泉山城市森林、若爾蓋濕地等林草碳匯項目示范。明確推進林草碳匯交易，探索林農(nóng)和牧民小規(guī)模林草資源價值實現(xiàn)路徑，構(gòu)建區(qū)域性林草碳匯自愿市場，積極推動建立包括“碳惠天府”在內(nèi)的區(qū)域碳減排機制，5年內(nèi)基本建立林草碳匯高質(zhì)量發(fā)展體系
當下我國碳交易的金融工具尚在萌芽期，但是在碳的現(xiàn)貨商品交易日趨完善的情況下，發(fā)展市場型金融工具將會發(fā)揮更大的作用。大力發(fā)展排放權(quán)質(zhì)押、碳期貨、碳期權(quán)以及掛鉤排放權(quán)的結(jié)構(gòu)性金融產(chǎn)品將會是推進全國碳交易市場的重點建設(shè)工作之一，并且能夠促使碳交易市場的多樣化以及穩(wěn)定性。
例如福建三明于2021年3月出臺《三明市林業(yè)碳票管理辦法（試行）》，創(chuàng)新探索了具有功能的“碳票”。碳票就是林地林木的碳減排量收益權(quán)的憑證，相當于樹林的固碳釋氧功能可以作為資產(chǎn)進行交易的“身份證”，與林業(yè)碳匯的底層機制相同。但是三明碳票的創(chuàng)新之一，是其具備質(zhì)押、流轉(zhuǎn)功能，購置碳票的企業(yè)可以將碳票抵押貸款，進一步盤活碳資產(chǎn)；創(chuàng)新之二，是拓寬了碳匯的適應(yīng)性，根據(jù)現(xiàn)有的林業(yè)碳匯項目方法學，生態(tài)公益林、天然林、重點區(qū)位商品林等都不能開發(fā)林業(yè)碳匯項目，但在三明，只要是權(quán)屬清晰的林地、林木都可以申請?zhí)计薄Ｒ虼?，三明碳票通過賦予林業(yè)碳匯一定金融功能，進一步增強林業(yè)碳匯市場的活力。
綜上，我國碳交易市場體系的碳配額、國家核證自愿減排量（CCER）、金融工具三部分都在蓬勃發(fā)展。但還是要看到，與歐盟成熟的碳交易市場相比，我國碳交易市場建設(shè)起步晚，金融化程度和市場參與度不足，規(guī)模小且交易品種少，政策配套體系不夠完善，仍處于初步發(fā)展階段，還需通過合理設(shè)計碳交易市場管理模式、大力培育碳交易市場的供需雙方、完善相關(guān)法律法規(guī)及政策配套、加強碳交易市場國際合作等層面給予政策支持和市場保障，不斷發(fā)展并逐步成熟。

It is a major strategic plan of the Party and the country and a solemn commitment of the international community to strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. Current our country is still in the period of rapid industrialization and urbanization development, though in the green development and ecological civilization construction has made significant progress, but the ecological situation is serious, high carbon emissions of industrial and energy structure is no fundamental change, is still the world's largest carbon emitter, a great responsibility to address global climate change, achieve "double carbon" a difficult task, to this, The establishment of carbon trading market system is an inevitable trend.

Carbon trading is the trading of greenhouse gas emission rights, which refers to the behavior that one party pays the other party to obtain the emission rights of greenhouse gas by purchasing the contract. The carbon trading market system is a series of policies, standards and methods to support carbon trading.

At present, the main industries of China's carbon trading market are composed of carbon quota, national certified voluntary Emission Reduction (CCER), and financial instruments. The trading system is based on carbon quota and supplemented by CCER. To be specific,

Carbon quota is the quota of carbon emission right, which is the most important carbon trading product in China, and is mainly used in thermal power related enterprises. It is expected that by 2025, all key emitting industries such as electric power, petrochemical, chemical, building materials, steel, nonferrous metals, paper making, electric power and aviation will enter the carbon cap-and-trade system.

Carbon quotas by the national ecological environment according to the provincial environment agency reported major emissions unit of area, according to the total emission control and milestones, after the approval of the State Council, shall be formulated by the governments at all levels in a industry the amount of greenhouse gas emissions caps, then authorization or sold to firms have limits of the prescribed discharge permit. If companies emit more than the limit of their permits within a specified period, they must buy permits in the carbon market;If companies emit less than the cap, they can sell the surplus quota on the market.

In addition, the Measures for the Administration of Carbon Emission Trading (Trial) stipulates that the trading subjects of the national carbon emission trading market are "institutions and individuals", and there is no carbon quota trading between administrative divisions. By setting the carbon emission price, the carbon quota trading market encourages enterprises to enhance the intrinsic motivation of low-carbon emission reduction with the benefit regulation mechanism, and meanwhile promotes investors to invest in clean and low-carbon industries, so as to achieve the goal of controlling the total carbon emission.

China Carbon Emission Trade Exchange (CCETE) is the venue for Carbon quota trading.Since the pilot work of carbon emission right trading was carried out in Beijing, Tianjin, Shanghai and other places in 2011, CCETE was officially launched on July 16, 2021. The trading center is located in Shanghai and the registration center is located in Wuhan, adopting three trading methods: listing agreement transfer, bulk agreement transfer and one-way bidding.

It should be noted that since carbon quota is the main trading product in carbon trading, there are many expressions that simply equate "carbon emission right trading market" with "carbon trading market", which is not rigorous.

Verify voluntary emission reductions

CCER refers to the greenhouse gas emission reduction effect of specific projects in China that is quantified and verified and registered in the National Greenhouse Gas Voluntary Emission reduction Transaction Registration system. In 2012, the Interim Measures for the Management of Voluntary Emission Reduction Trading of Greenhouse Gases was issued, making it clear that CCER projects registered and certified can participate in carbon trading.

Companies voluntarily reduce or clean up greenhouse gases by adopting new energy sources (hydropower, photovoltaic, wind power) and forestry carbon sequestration. Such voluntary emission reduction needs to be reported and approved by the National Development and Reform Commission in advance, and can be called CCER after verification by relevant departments. It can be used to offset part of carbon emissions in the implementation of emission control enterprises, which can not only properly reduce the implementation cost of enterprises, but also bring some benefits to emission reduction projects and promote the development of enterprises from high carbon emissions to low carbon.

CCER constructs a channel to offset the carbon emissions of key emission units with emission reduction credits generated by projects with obvious emission reduction effects and outstanding ecological and environmental benefits. If the core logic of carbon quota trading is "transfer", then the core of CCER is "offset".

However, since THE CCER project was allowed to participate in carbon trading in 2012, from March 2017, the NDRC suspended the CCER project due to the small amount of voluntary greenhouse gas emission reduction trading volume and the lack of standardization of individual projects. Until December 2020, the Interim Measures on the Management of Carbon Emission Right Trading (Trial) explicitly included CCER back into the carbon trading market. In March 2021, the Ministry of Ecology and Environment issued the Interim Regulations on the Management of Carbon Emission Trading (Revised Draft), which pointed out that renewable energy, forestry carbon sequestration and methane utilization projects could restart CCER certification.

Of the three, renewable energy -- projects powered or heated by wind, solar, hydro, biomass, geothermal and Marine -- accounts for about 70 percent of CCER's total development.

Forestry carbon sink is a CCER project developed according to the function of plant carbon sink.Carbon Sink refers to the mechanism by which Carbon dioxide in the atmosphere is absorbed through afforestation, vegetation restoration and other measures, so as to reduce the concentration of greenhouse gases in the atmosphere. Thus, forest Carbon Sink, forestry Carbon Sink, grassland Carbon Sink, ocean Carbon Sink and other forms are derived.

It is worth noting that in CCER projects from 2012 to 2017, carbon sequestration projects only accounted for 3% of all projects, which is closely related to the complex technology and long development cycle of carbon sequestration projects. There are five existing CCER methodologies related to forestry, among which ar-CM-001 carbon sequestration afforestation project methodology is the most used, accounting for more than 60% of the total use times.

However, the Opinions on Establishing and Improving the Value Realization Mechanism of Ecological Products issued by the General Office of the CPC Central Committee and The General Office of the State Council in April 2021 proposed to "improve the carbon emission right trading mechanism and explore the pilot carbon sink equity trading", stating the concepts of the two levels of carbon emission right trading and carbon sink equity trading are not equal. In the author's opinion, this is because forestry carbon sink, combined with the concept of "clear water and green mountains are gold and silver mountains", has become a breakthrough for rural revitalization and value transformation of ecological products, and is likely to become a new hot spot after CCER restarts.

For example, on July 30, 2021, Zhejiang Anji Rural Commercial Bank calculated the carbon emission reduction of a total of 1030 mu of Bamboo forest contracted by Yang Zhongyong in Tongli Village, Baofu Town according to "Bamboo Forest Management Carbon Sink Project Methodology". It is estimated that the carbon emission can be reduced by 7045 tons during the contract period. Based on the carbon emission trading price in the national carbon emission trading market on July 16, 2021, The conclusion was drawn that the carbon sink value of forestland was 371,900 yuan, and the pledge registration and publicity were carried out through the unified registration and publicity system of movable property financing of the Credit Investigation Center of the People's Bank of China. The first bamboo carbon sink pledge loan of 370,000 yuan was successfully launched in China, which promoted the bamboo ecological value monetary and the formation of bamboo carbon sink industry.

For example, on August 5, 2021, Sichuan province issued the Sichuan Forest and Grass Carbon Sequestration Action Plan, which clearly promoted the development of carbon sequestration projects and supported the demonstration of forest and grass carbon sequestration projects in Liangshan County, Xuanhan Forest management, Tianquan Giant panda habitat restoration, Longquanshan Urban forest and Zoige wetland. We will clearly promote the trading of forest and grass carbon sinks, explore ways for farmers and herdsmen to realize the value of small-scale forest and grass resources, establish a regional voluntary market for forest and grass carbon sinks, actively promote the establishment of a regional carbon reduction mechanism including "Carbon benefits tianfu", and basically establish a high-quality development system for forest and grass carbon sinks within five years

At present, China's carbon trading financial instruments are still in their infancy, but in the case of increasingly perfect carbon spot commodity trading, the development of market-based financial instruments will play a greater role. Vigorously developing emission pledge, carbon futures, carbon options and structured financial products linked to emission rights will be one of the key construction works to promote the national carbon trading market, and can promote the diversification and stability of the carbon trading market.

For example, In March 2021, Fuzhou Sanming Co., Ltd. issued Sanming Forestry Carbon Ticket Management Measures (Trial), innovatively exploring functional "carbon tickets". Carbon stamp is the certificate of the right to profit from carbon emission reduction of forest trees, equivalent to the "ID card" that the carbon sequestration and oxygen release function of forest can be traded as assets, which is the same as the underlying mechanism of forestry carbon sink.However, one of the innovations of Sanming carbon ticket is that it has the function of pledge and circulation. Enterprises that purchase carbon tickets can mortgage their carbon tickets to further invigorate their carbon assets. The second innovation is to broaden the adaptability of carbon sink. According to the existing methodology of forest carbon sink project, ecological public welfare forest, natural forest, and commodity forest in key locations cannot be developed for forest carbon sink project, but in Sanming, as long as the forest land and forest with clear ownership can apply for carbon credits. Therefore, Sanming carbon ticket further enhances the vitality of forestry carbon sink market by endowing forestry carbon sink with certain financial functions.

To sum up, the carbon quota, CCER and financial instruments of China's carbon trading market system are booming.However, it should be noted that compared with the mature carbon trading market in the EU, China's carbon trading market is still in the initial stage of development due to its lack of financial degree and market participation, small scale and trading varieties, and incomplete policy supporting system. It is also necessary to provide policy support and market guarantee through reasonable design of carbon trading market management mode, vigorously cultivate both supply and demand sides of carbon trading market, improve relevant laws and regulations and policy matching, strengthen international cooperation of carbon trading market, and so on, so as to continuously develop and gradually mature.