A study of legal attributes of carbon emission rights in carbon trading

Clean Development Mechanism (CDM) has given birth to an international carbon trading market prosperity, which provides developing countries with valuable opportunity to address climate change issues right along with economic development and environmental improvement to achieve sustainable development. However, most studies of CDM focus on economics, and few on its legal problems. CDM involves too many aspects. And the clear legal attribute of trading object is the basis of progress of the transaction and also the start point of legal protection. Therefore, this paper in accordance with the inherent principle of property rights economics, and environmental economics in CDM, only discusses CDM carbon emission right legal interpretation and its attribution. The paper recommends that in order to ensure and promote the carbon emission right trading, carbon emission right should be attributed into the system of real rights to be regulated by Real Right Law. In this way, carbon emission right can gain exclusive power of possession and use, which can achieve a clear right definition of environmental goods in line with Coase's theory to protect Chinese profi't in carbon trading market and promote the development of the carbon trading market further. Copyright © 2009 生態經濟(英文版)編輯部.