Home » Establish Green Stock Index and Develop Carbon Emissions Futures Trading

Establish Green Stock Index and Develop Carbon Emissions Futures Trading

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According to news from Xinhua News Agency on September 12, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council recently issued the “Opinions on Deepening the Reform of the Ecological Protection Compensation System.” The “Opinions” proposes to research and develop financing tools based on water rights, pollution rights, carbon emission rights and other resources and environmental rights, establish green stock indexes, and develop carbon emission rights futures trading.

The “Opinions” pointed out that the ecological protection compensation system, as an important part of the ecological civilization system, is an important means to implement ecological protection rights and responsibilities, mobilize the enthusiasm of all parties to participate in ecological protection, and promote the construction of ecological civilization. It is necessary to accelerate the improvement of an ecological protection compensation system that integrates effective markets and promising governments, balances classification compensation and comprehensive compensation, coordinated vertical and horizontal compensation, and strengthens incentives and hardening constraints.

The “Opinions” proposed that by 2025, the ecological protection and compensation system that is compatible with economic and social development will be basically complete. The classification compensation system based on the cost of ecological protection is becoming more and more perfect, the comprehensive compensation system with the basic orientation of improving the public service guarantee ability is constantly improved, and the market-oriented and diversified compensation pattern based on the principle of beneficiary payment has taken shape. The whole society The enthusiasm for participating in ecological protection has increased significantly, and the situation of benign interaction between ecological protectors and beneficiaries has basically taken shape. By 2035, the ecological protection and compensation system that meets the requirements of ecological civilization construction in the new era will be basically finalized.

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The “Opinions” require that focus on important ecological environment elements, improve the classification compensation system; focus on the national ecological security focus, improve the comprehensive compensation system; play the role of the market mechanism to accelerate the promotion of diversified compensation; improve supporting measures in related fields to enhance reform coordination; establish a firm foundation Awareness of ecological protection responsibility, and strengthen incentives and constraints.

In terms of improving the market transaction mechanism, the “Opinions” proposed that an initial allocation system for water rights, pollution rights, and carbon emission rights should be established on the premise of rational and scientific total control. Gradually carry out market-oriented environmental rights trading. Encourage inter-regional based on the total amount of water taken and rights and interests of the region, through water rights transactions to solve the new demand for water. Clarify the right to use water resources of the water users, and encourage the right holders to transfer the right to take water with compensation on the basis of economical use of water resources. Accelerate the construction of a national energy rights and carbon emission rights trading market. Improve the carbon emission right offset mechanism based on the national voluntary greenhouse gas emission reduction trading mechanism, and incorporate the voluntary emission reduction projects of forestry, renewable energy, methane utilization and other fields with ecological and social benefits into the national carbon emission right market place.

Regarding the expansion of market-oriented financing channels, the “Opinions” clarified that the scope of pilot areas for green finance reform and innovation will be expanded, and the ecological protection compensation financing mechanism and model innovation will be an important pilot content. Promote the financial model of the ecological industry chain.EncourageBankIndustry financial institutions provide green projects that meet the characteristics of green project financingCreditservice. Encourage qualified non-financial enterprises and institutions to issue green bonds.EncourageinsuranceInstitutional development, innovation and greeninsuranceProducts participate in ecological protection compensation.

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In terms of exploring diversified compensation methods, the “Opinions” pointed out that support the development of ecological and environmental protection education and training in areas with important ecological functions, guide the development of characteristic and advantageous industries, and expand the production of green products. Speed ​​up the development of ecological agriculture and circular agriculture. Promote pilot projects of ecological environment-oriented development model projects. Encourage localities to organically integrate environmental pollution prevention and control, ecosystem protection and restoration projects with the development of ecological industries, improve residents’ participation methods, and establish a continuous benefit-sharing mechanism. Establish and improve the franchise management system for operating projects in the control areas of nature reserves. Explore the compensation mechanism for the transfer and disposal of hazardous waste across regions.

Regarding the function of adjusting fiscal and taxation policies, the “Opinions” propose to play the role of resource tax, environmental protection tax and other related taxes and fees for ecological and environmental protection, as well as the regulatory role of land, mineral, ocean and other natural resource asset income management systems. Continue to promote water resource tax reform. Implement preferential tax policies for energy conservation and environmental protection, new energy, ecological construction and other related fields. Gradually explore the ecological and environmental protection assessment of budget expenditures. Implement government green procurement policies, establish green procurement guidance mechanisms, increase green product procurement, and support green technological innovation and the development of green building materials and green buildings.

(Source: China Securities Journal)

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