【作者】 韩芳；

【导师】 任成印；

【作者基本信息】 河北经贸大学 ， 法律硕士（专业学位）， 2025， 硕士

【摘要】 面对当前全球气候变暖所带来的严峻挑战,我国作为温室气体排放大国,正积极采取措施,力图通过实施碳排放权交易制度来寻求解决之道。从区域碳市场试点到全国碳市场正式运行,以碳排放权作为担保标的的融资需求呈现出蓬勃增长之势。这种新型的融资方式不仅克服了企业在传统融资渠道中遇到的诸多障碍,更扩大了企业融资担保标的的范围,为碳排放权交易市场的繁荣发展注入了强劲的新动力。首先,本文通过深入分析碳排放权的法律属性及融资担保现状,发现现行法律制度面临以下困境。第一,在法律规范层面,主要为地方性法规且法律位阶低,导致无法在全国范围内提供统一的法律保障。第二,在担保方式上,典型担保中的碳抵押、碳质押等规定较为混乱,而非典型担保中的碳回购交易的担保地位亦不明确。第三,在担保设立环节,法律对于登记是生效要件还是对抗要件缺乏明确规定,且全国各地对于登记机构的规定也各不相同。第四,在监督保障方面,碳排放权的特殊性决定了担保从设立至实现过程中可能面临一系列价值贬损的风险。与此同时,缺乏有效的协调和监管手段,以及对交易平台的监管不足,导致难以有效应对这些风险。第五,在担保的实现方面,一方面,法定交易主体数量较少且地域性限制较多;另一方面,通过交易所直接划转的合法性,以及法院在碳排放权强制执行的拍卖中应具备何种身份,仍然有待进一步明确。其次,针对上述困境,本文主张通过高位阶立法构建统一规范体系,并明确碳排放权的法律属性。在担保方式上,建议采用质押作为典型担保方式,并明确碳回购的非典型担保地位。在担保设立上,建议采取登记生效主义,确保碳排放权质押的每一步操作都在法律框架内有序进行,并通过“冻结”碳排放权来强化登记的公信力与执行力。此外,应建立全国统一的登记机构,以有效整合登记资源,提高登记信息的准确性与时效性。在监督保障方面,本文建议完善监督保全机制,以防范碳排放权价值贬损,通过补充担保物、建立价格干预机制等措施来减轻价格波动带来的风险。另外,要健全监管机制,建立跨部门联合监管体系,加强对交易平台的监督与管理。最后,要保障碳排放权融资担保的有效实现,扩大交易主体范围,改进实现方式,并赋予法院在必要时直接处置碳资产的权限,以推动碳排放权交易市场的持续健康发展。更多还原

【Abstract】 In the face of the severe challenges brought by the current global warming,China,as a major emitter of greenhouse gases,is actively taking measures and seeking solutions through the implementation of a legal framework for carbon emissions trading.From the pilot phase of regional carbon markets to the formal operation of the national carbon market,the demand for financing with carbon emission rights as the subject of guarantee has shown a booming growth trend.This new financing method not only overcomes many obstacles encountered by enterprises in traditional financing channels,but also expands the scope of corporate financing guarantee targets,injecting strong new momentum into the prosperous development of the carbon emissions trading market.First of all,through the in-depth analysis of the legal attributes of carbon emission rights and the current practices of financing guarantees,this thesis identifies the following dilemmas in the existing legal framework.First,at the level of legal norms,it is mainly local regulations and the legal hierarchy is low,which makes it impossible to provide unified legal protection nationwide.Second,in terms of guarantee methods,the provisions on carbon emission rights mortgage and pledge in typical guarantees are chaotic,while the guarantee status of carbon repurchase transactions in atypical guarantees is not clear.Third,in the establishment of guarantees,the law lacks clear provisions on whether registration is an effective element or a confrontation element,and the provisions for registration agencies are also different across the country.Fourth,in terms of supervision and guarantee,the particularity of carbon emission rights determines that the guarantee may face a series of risks of value depreciation from its establishment to its realization.At the same time,the lack of effective coordination and regulatory tools,as well as inadequate supervision of trading platforms,makes it difficult to effectively address these risks.Fifth,in terms of the realization of the guarantee,on the one hand,the number of legally recognized trading entities remains relatively limited,and their operations are subject to substantial geographic constraints;on the other hand,the legality of the direct transfer through exchanges and the role of the court in the auction of carbon emission rights enforcement still need to be further clarified.Secondly,in response to the aforementioned challenges,this thesis proposes constructing a unified regulatory system through high-level legislation and clarifying the legal attributes of carbon emission rights.In terms of guarantee methods,it is suggested to adopt pledge as the typical guarantee method,and clarify the atypical guarantee status of carbon repurchase.In the establishment of the guarantee,it is recommended to adopt the registration entry into force doctrine to ensure that every step of the pledge of carbon emission rights is carried out in compliance with the legal framework,and to strengthen the credibility and execution of the registration by"freezing"carbon emission rights.In addition,a unified national registration agency should be established to effectively integrate registration resources and improve the accuracy and timeliness of registration information.In terms of supervision and protection,this thesis proposes improving the supervision and safeguarding mechanism to prevent the devaluation of carbon emission rights.Measures such as supplementary collateral and the establishment of price intervention mechanisms are recommended to mitigate risks arising from price fluctuations.Moreover,it is necessary to improve the supervision mechanism,establish a cross-departmental joint supervision system,and strengthen the supervision and management of trading platforms.Finally,it is necessary to ensure the effective realization of carbon emission right financing guarantee,expand the scope of trading subjects,improve the way of realization,and give the court the authority to directly dispose of carbon assets when necessary,so as to support the sustained and robust growth of the carbon emission right trading market.更多还原