气候变化领域集成服务门户(CCPortal): The legal governance of the carbon market: challenges and application of private law in China

CCPortal

DOI	10.1080/17583004.2023.2288591
	The legal governance of the carbon market: challenges and application of private law in China
	Chen, Bo; Yuan, Kang; Wen, Xuwu
发表日期	2024
ISSN	1758-3004
EISSN	1758-3012
起始页码	15
结束页码	1
卷号	15 期号:1
英文摘要	The carbon market has gained widespread consensus as an important means to address the climate change. The legal system of the carbon market is the cornerstone of the stable operation, which currently relies on a top-down model promoted by the government. A question worth considering is, as the carbon trading is based on the market mechanism that depends on the autonomy of will, what kind of role does private law play in the legal system of the carbon market? This study sorts out various risks of the carbon market and point out that they are mainly originated from information asymmetry and the principal-agent problem. These two reasons of market risks indicate the imbalance of rights and obligations among market participants. Precisely, private law is a significant way to achieve equal and fair transactions between private entities. This paper conducts empirical analysis on China's carbon market and finds that the carbon brokerage is based on the principal-agent relationship, the carbon asset management is belonging to the trust relationship, and the information consulting is according to the contract of mandate. The conclusion shows that information asymmetry and the principal-agent problem can be prevented and mitigated by the rights of intervention and option, fiduciary duty, and fault liability. Private law can rebalance rights and obligations between private entities of the carbon market. In addition, there are also limitations of private law, so the recommendation is to make a diversified mechanism of the legal governance to achieve a robust development of the carbon market.
英文关键词	Carbon market; private law; principal-agent; trust
语种	英语
WOS研究方向	Environmental Sciences & Ecology
WOS类目	Environmental Sciences ; Environmental Studies
WOS记录号	WOS:001114735000001
来源期刊	CARBON MANAGEMENT
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/298208
作者单位	Wuhan University; Zhejiang University of Finance & Economics
推荐引用方式 GB/T 7714	Chen, Bo,Yuan, Kang,Wen, Xuwu. The legal governance of the carbon market: challenges and application of private law in China[J],2024,15(1).
APA	Chen, Bo,Yuan, Kang,&Wen, Xuwu.(2024).The legal governance of the carbon market: challenges and application of private law in China.CARBON MANAGEMENT,15(1).
MLA	Chen, Bo,et al."The legal governance of the carbon market: challenges and application of private law in China".CARBON MANAGEMENT 15.1(2024).