Page 124 - Research on Financial Development Mechanism and Path of Forestry Carbon Sequestration in Developing Countries under Double Carbon Targets

Research on Financial Development Mechanism and Path of Forestry Carbon
Sequestration in Developing Countries under Double Carbon Targets

the 1990 level, officially opening the era of carbon control.
Exploration period (1991-2017), multi-domain collaborative carbon reduction re-
quirements, carbon trading market to lay the foundation. After the signing of the Maas-
tricht Treaty in 1992, the EU was formally established and the environmental policy
was formally determined, with emphasis on energy, land consolidation and utilization,
water resources management and other areas. In 2000, the European Union put forward
the first European climate change plan, vigorously developing and utilizing new energy
sources, and at the same time developing a carbon emission trading market to promote
carbon emission reduction in EU member states. Since 2005, the EU region has begun
to establish a multinational carbon emissions trading system (EU-ETS). In 2012, the
seventh EU Environmental Action Plan called for the integration of carbon reduction
into various sectors, and the carbon control governance in various areas was gradually
deepened.
During the formative period (2018 to date), the goal of carbon neutralization was
clear and the carbon border management policy was implemented. In 2018, the EU
adopted the EU 2050 Strategic Long-term Vision, which sets the goal of building a
modern, competitive, prosperous and climate-neutral economy by 2050. In 2019, the
European Commission issued the “European Green Agreement”, setting a higher goal
of “taking the lead in achieving carbon neutrality in the world by 2050”. At the same
time, the Commission formally proposed the CBAM mechanism, which, by imposing
tariffs on imported goods with carbon emissions that do not meet the EU standards in
the production process, will prevent the integrity and effectiveness of its climate policy
from being undermined by the “carbon leakage”. At the same time, it will also protect
the competitiveness of EU enterprises, and the tone of low-carbon border management
will be formally established.
The reason for the introduction of CBAM: to protect the competitiveness of do-
mestic enterprises, and to add import tax revenue. Under the background of the histor-
ical differences in the economic development level and carbon emissions of various
countries or regions in the world, the carbon reduction policies of various countries are
different, and the carbon prices in various carbon markets are quite different. With the
tightening of EU’s emission reduction policy, the carbon quota is reduced and its price
is correspondingly increased, which leads to: 1) the competitiveness of EU enterprises
is reduced; 2) European enterprises move out, i.e. “carbon leakage”. In this case, the
first means is to issue a higher proportion of free carbon quotas for specific industries,
and the implementation of the carbon border adjustment mechanism is an important

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