Legal Considerations on Establishing China's Carbon Emissions Trading Law

As one of the most effective market tools,carbon emissions trading scheme has gained worldwide recognition.However,China's carbon emissions trading scheme is still at its initial trial stage. Although some Chinese provinces and cities have established emission trading markets,the lack of an effective national carbon emission trading law has jeopardized the formation and development of those emission trading markets. It is clear that a solid legal foundation is a must-have for the existence of carbon emissions trading markets,which sets up the emission trading rules,ensures the normal function of the trading markets,and punishes any illegal trading behavior. Given the growing pressure facing China to reduce carbon emissions,it is high time to set up China's carbon emissions trading law,which reflects both China's domestic situation and follows the international standards. By learning the experiences of the European Union's and the US' carbon emission trading laws,this article aims to offer some useful advice on the route to China's carbon emissions trading law with Chinese characteristics.