The national carbon emission trading system was launched, and the pattern of decentralized trading in my country's seven pilot provinces and cities has since changed. Different from ordinary commodity trading, carbon emission rights trading is an innovative product that combines the government's mandatory emission reduction system with a market-based trading mechanism. Therefore, it requires the cooperation of the government and the market to “two hands” to promote the realization of “dual carbon” in my country. Targets, economic growth, price stability, energy-saving emission reduction technology development and other multiple goals.

The price signal of carbon emission rights is an important factor in corporate decision-making

For emission reduction companies, when the estimated carbon emissions exceed carbon emission quotas, there are four main ways to solve them: one is to achieve emission reductions by limiting production by themselves. This method will bring greater economic costs. Profits will be reduced, economic growth will slow down on the macro level, and inflationary pressures due to insufficient supply of goods will have to be endured. The second is to purchase carbon emission rights from companies with allowances, change the subject of quota use, and form a compensation mechanism between companies that compulsory emission reduction. At this time, the total carbon emissions of both parties in the transaction are equal to the total amount of carbon emission allowances. The third is self-developed or purchased energy-saving and emission-reduction technologies or the use of clean energy, which will directly bring about emission reduction effects, accelerate the realization of "carbon peaks", and have a small impact on the economy. In the long run, this is the fundamental way to achieve the "dual carbon" goal. The fourth is to purchase the emission reductions of carbon offset projects such as the National Certified Voluntary Emission Reduction (CCER) and the Provincial Carbon Inclusive Certified Carbon Reduction (PHCER) to realize the hedge against carbon emissions and carbon offsets to form carbon emissions and carbon emissions. Offset the compensation mechanism between enterprises, which helps to achieve "carbon neutrality." There is a certain substitution relationship between these four channels. Changes in the price of carbon emission rights will change the cost relationship of the four channels. The more advantageous it is to purchase carbon offset projects. It can be seen that the price signal of carbon emission rights is an important factor in corporate decision-making, and it is directly related to the way, approach and effect of achieving the "dual carbon" goal.

However, the price signal of carbon emission rights also has limitations or particularities. First, technological innovation such as energy saving and emission reduction is a long-term process, with long cycles, high costs and large uncertainties, while the price signal of carbon emission rights is short and fluctuating. , Affected by market scale, trading system and other reasons, the signal may have "failure", distorting the allocation of resources. Second, the carbon emission trading market is a product of the combination of government's mandatory emission reduction control and market mechanism, and its price signals are inevitably affected by administrative factors such as relevant policies and regulations. Therefore, the scientific nature of policy formulation and the standardization of the implementation process are directly related to the rationality of carbon emission prices.