The Development and Perfection of the Financial Attributes of Carbon Markets

As the core tool of market-oriented emission reduction mechanisms, the perfection of the financial attributes of carbon markets is crucial for achieving the "dual carbon" goals. After the launch of the national carbon market, it faces issues such as low trading activity and insufficient price discovery functions, urgently needing to enhance market efficiency by strengthening financial attributes. This topic, based on international experience and domestic practice, systematically analyzes the connotation, functions, and necessity of the development of financial attributes of carbon markets, and combines with mature market cases such as the European Union to analyze the shortcomings of China's carbon market in aspects such as liquidity, price discovery, and risk management, and proposes a phased construction path. The research adopts theoretical analysis, empirical testing, and international comparison methods, and in response to the practical concerns of government departments, financial institutions, and controlled emission enterprises, it proposes suggestions such as improving the legal framework, introducing diverse entities, and developing carbon financial derivatives, aiming to provide policy references for building a multi-level, high-efficiency carbon market.