二氧化碳排放力争于2030年前达到峰值，努力争取2060年前实现碳中和，是党和国家的重大战略部署和庄严的国际社会承诺。当前我国仍处在工业化和城镇化快速发展时期，尽管在绿色发展和生态文明建设方面取得了重大进展，但生态形势仍较严峻，高碳排放的产业和能源结构没有根本改变，仍然是全球最大碳排放国，应对全球气候变化的责任重大，实现“双碳”目标任务艰巨——对此，建立碳交易市场体系是大势所趋、必不可少。
碳交易即温室气体排放权交易，指一方凭购买合同向另一方支付以获得既定量的温室气体排放权的行为。而碳交易市场体系是支持碳交易的一系列政策、准则和方法。
目前，我国碳交易市场的主要产业由碳配额、国家核证自愿减排量（CCER）、金融工具三部分组成，采用的是以碳配额为核心，CCER 为辅的交易体系，具体来看：
碳配额即碳排放权的配额，是我国目前最重要的碳交易产品，目前主要运用在火电相关的企业中。预计到2025年，电力、石化、化工、建材、钢铁、有色、造纸、电力、航空等重点排放行业将全部进入碳配额交易体系。
碳配额由国家生态环境部按照各省级环境厅上报的区域内重点排放单位，按照当年的 排放总量控制和阶段性目标，经过国务院批准之后，由各级政府制定某行业温室气体排放的总量上限，然后授权或出售给企业有限额规定的排放许可证。在规定期限内，如果企业排放量超出许可证的上限，就必须在碳交易市场上购买排放配额；如果企业排放量低于上限，可以在市场上出售多余的配额。
此外，《碳排放权交易管理办法（试行）》规定，全国碳排放权交易市场的交易主体是“机构和个人”，尚不存在行政区划之间的碳配额交易。碳配额交易市场通过设定碳排放价格，用利益调节机制促使企业增强低碳减排的内在动力，同时推动投资者向清洁低碳产业进行投资倾斜，最终实现控制碳排放总量的目的。
全国碳排放权交易市场（China Carbon Emission Trade Exchange，CCETE）是碳配额交易的场所。自2011年北京、天津、上海等地开展碳排放权交易试点工作以来，2021年7月16日，CCETE正式启动，交易中心设在上海，登记中心设在武汉，采用挂牌协议转让、大宗协议转让以及单向竞价三种交易方式。
需要注意的是，由于碳配额在碳交易中是主要交易产品，出现了许多将“碳排放权交易市场”与“碳交易市场”简单划等号的提法，这是欠缺严谨的。
核证自愿减排量

CCER指对我国境内特定项目的温室气体减排效果进行量化核证，并在国家温室气体自愿减排交易注册登记系统中登记的温室气体减排量。2012 年，《温室气体自愿减排交易管理暂行办法》出台，明确备案核证后的 CCER 项目可参与碳交易。
企业通常通过采用新能源（水电、光伏、风电）以及林业碳汇等方式自愿减排或者净化温室气体。这种自愿减排量需要提前同发改委进行申报审批，经相关部门核验通过之后就可以称为 CCER。它可以在控排企业履约时用于抵消部分碳排放使用，不仅可以适当降低企业的履约成本，同时也能给减排项目带来一定收益，促进企业从高碳排放向低碳化发展。
CCER构建了使用减排效果明显、生态环境效益突出的项目所产生的减排信用额度抵消重点排放单位碳排放的通道。如果说碳配额交易的核心逻辑是“转移”，那么CCER的核心是“抵消”。

但是自2012 年 CCER 项目可参与碳交易后，至2017 年 3 月，由于温室气体自愿减排交易量小、个别项目不够规范等问题，发改委暂缓CCER项目。直到2020 年 12 月，《碳排放权交易管理暂行办法（试行）》明确将 CCER重新纳入碳交易市场。2021 年 3 月，生态环境部出台《碳排放权交易管理暂行条例（草案修改稿）》指出可再生能源、林业碳汇、甲烷利用三类项目可重启CCER核证。
三者之中，可再生能源，即由风能、太阳能、水能、生物质能、地热能、海洋能等供电或供热的项目，大约占CCER总开发比例的70%。
林业碳汇是根据植物碳汇功能开发的CCER项目。碳汇（Carbon Sink），是指通过植树造林、植被恢复等措施，吸收大气中的二氧化碳，从而减少温室气体在大气中浓度的机制，由此衍生出森林碳汇、林业碳汇、草原碳汇、海洋碳汇等形式。
值得引起注意的是，在2012至2017 的CCER项目中，碳汇项目仅占所有项目比例的3%，这与碳汇项目开发技术复杂和开发周期长密切相关。现存与林业相关的CCER方法学有5个，其中被使用最多的是AR-CM-001碳汇造林项目方法学，超过总使用次数的60%。

但是2021年4月中办国办印发的《关于建立健全生态产品价值实现机制的意见》提出“健全碳排放权交易机制，探索碳汇权益交易试点”，将碳排放权交易和碳汇权益交易这两个层级不对等的概念并列陈述。笔者认为，这是因为林业碳汇在当下与“绿水青山就是金山银山”理念结合，成为乡村振兴和生态产品价值转化的突破口，极有可能成为CCER重启后新的风口热点。
例如2021年7月30日，浙江安吉农商银行依据《竹林经营碳汇项目方法学》对报福镇统里村杨忠勇承包经营的共1030亩毛竹林进行减排计算，预计承包期内能减碳7045吨，参考今年7月16日全国碳排放权交易市场碳排放权交易价格，得出林地碳汇价值为37.19万元的结论，并通过人民银行征信中心动产融资统一登记公示系统进行质押登记和公示，顺利投放国内首笔竹林碳汇质押37万元贷款，促进竹林生态价值货币化以及竹林碳汇产业的形成。
再如2021年8月5日，四川省印发《四川林草碳汇行动方案》，明确推进碳汇项目发展，支持凉山州乡村振兴、宣汉森林经营、天全大熊猫栖息地恢复、龙泉山城市森林、若尔盖湿地等林草碳汇项目示范。明确推进林草碳汇交易，探索林农和牧民小规模林草资源价值实现路径，构建区域性林草碳汇自愿市场，积极推动建立包括“碳惠天府”在内的区域碳减排机制，5年内基本建立林草碳汇高质量发展体系
当下我国碳交易的金融工具尚在萌芽期，但是在碳的现货商品交易日趋完善的情况下，发展市场型金融工具将会发挥更大的作用。大力发展排放权质押、碳期货、碳期权以及挂钩排放权的结构性金融产品将会是推进全国碳交易市场的重点建设工作之一，并且能够促使碳交易市场的多样化以及稳定性。
例如福建三明于2021年3月出台《三明市林业碳票管理办法（试行）》，创新探索了具有功能的“碳票”。碳票就是林地林木的碳减排量收益权的凭证，相当于树林的固碳释氧功能可以作为资产进行交易的“身份证”，与林业碳汇的底层机制相同。但是三明碳票的创新之一，是其具备质押、流转功能，购置碳票的企业可以将碳票抵押贷款，进一步盘活碳资产；创新之二，是拓宽了碳汇的适应性，根据现有的林业碳汇项目方法学，生态公益林、天然林、重点区位商品林等都不能开发林业碳汇项目，但在三明，只要是权属清晰的林地、林木都可以申请碳票。因此，三明碳票通过赋予林业碳汇一定金融功能，进一步增强林业碳汇市场的活力。
综上，我国碳交易市场体系的碳配额、国家核证自愿减排量（CCER）、金融工具三部分都在蓬勃发展。但还是要看到，与欧盟成熟的碳交易市场相比，我国碳交易市场建设起步晚，金融化程度和市场参与度不足，规模小且交易品种少，政策配套体系不够完善，仍处于初步发展阶段，还需通过合理设计碳交易市场管理模式、大力培育碳交易市场的供需双方、完善相关法律法规及政策配套、加强碳交易市场国际合作等层面给予政策支持和市场保障，不断发展并逐步成熟。

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.