从“承诺”到“财产”视角论碳信用财产权的创设与构造

From the Perspective of “Commitment” to “Property” to Discuss the Creation and Construction of Carbon Credit Property Rights

摘要: 2024年全国温室气体自愿减排交易市场启动后，碳信用交易、质押、清缴等实践日益活跃，但其法律属性悬而未决。本文证成碳信用构成民法上无形财产权，并揭示其独特构造。碳信用并非对已完成减排事实的简单登记，而是项目业主面向未来计入期持续维持减排水平并承担逆转风险之信用承诺的国家法律确认。基于注册登记系统的设权效力，碳信用具备可特定化、可支配、独立经济价值等客体特征，应纳入无形财产范畴。其权能宜采法律控制权、流转权与抵消权的功能性三权能构造，以替代传统四权能体系的机械套用。其特殊性根植于承诺本质，表现为公法与私法深度嵌合及强监管下的受限财产权形态。登记公信力与风险分担技术维持碳信用权利的稳定性。将碳信用纳入财产权体系予以教义学分析，既为无形财产权类型化提供新样本，也为碳市场交易、担保融资、破产隔离等私法制度奠定权利基础。

Abstract: After the launch of the national greenhouse gas voluntary emission reduction trading market in 2024, practices such as carbon credit trading, pledge, and clearing have become increasingly active, but their legal attributes remain unresolved. This paper proves that carbon credit constitutes intangible property rights in civil law and reveals its unique structure. Carbon credit is not a simple registration of the completed emission reduction facts, but a national legal confirmation of the credit commitment of the project owner to maintain the emission reduction level and bear the risk of reversal in the future credit period. Based on the effectiveness of the registration system, carbon credit has the object characteristics of being specific, disposable, and independent economic value, and should be included in the category of intangible property. Its power should adopt the functional three-power structure of legal control right, circulation right and offset right to replace the mechanical application of the traditional four-power system. Its particularity is rooted in the nature of commitment, which is manifested in the deep integration of public law and private law and the form of restricted property rights under strong supervision. Registration credibility and risk sharing technology maintain the stability of carbon credit rights. Incorporating carbon credit into the property rights system for doctrinal analysis not only provides a new sample for the classification of intangible property rights, but also lays the foundation for private law systems such as carbon market transactions, secured financing, and bankruptcy isolation.