颜拥,赵萍,叶吉超,谢天佑,王慕宾,潘梓彬,赵俊华
YAN Yong,ZHAO Ping,YE Jichao,XIE Tianyou,WANG Mubin,PAN Zibin,ZHAO Junhua

• 1:河海大学能源与电气学院
• 2:国网浙江省电力有限公司电力科学研究院
• 3:国网浙江省电力有限公司丽水供电公司
• 4:深圳人工智能与机器人研究院

摘要(Abstract)：

气候问题已受到全球关注，建立和发展碳交易市场是各国实现低碳转型的重要措施。然而，碳交易市场作为新型市场，面临着数据信任和流动性不足的问题。首先，分析了订单簿模式、询价单模式和拍卖模式等传统交易模式，指出其无法有效解决流动性不足的问题；随后，借鉴虚拟能源货币的概念，通过区块链将碳资产数字化，解决碳资产和交易平台的数据信任问题；然后，提出了一种基于自动做市商的碳交易模式，提高市场流动性；最后，研发了基于自动做市商的碳交易系统原型，并且通过案例分析验证了所提模式的有效性。
The climate issue has attracted attention all over the world. Building and developing the carbon trading market is an important measure for countries to realize low-carbon transition. However, as a new kind of market, the carbon trading market faces the problems of insufficient data trust and liquidity. Firstly, traditional trading modes, such as order book, inquiry, and auction modes are analyzed, pointing out that they cannot solve the problem of insufficient liquidity. Then, by drawing on the concept of virtual energy currency, carbon assets are digitized through blockchain to solve the problem of trust in carbon assets and trading platforms. After that, a carbon trading mode based on automated market maker is proposed to increase the liquidity of the market. Finally, a carbon trading prototype system based on automated market maker is developed and the effectiveness of the proposed mode is analyzed by case studies.

关键词(KeyWords)： 碳市场;碳交易;区块链;自动做市商;能源虚拟货币
carbon market;carbon trading;blockchain;automated market maker;energy virtual currency

Abstract:

Keywords:

基金项目(Foundation): 国网浙江省电力有限公司科技项目（5211LS21N002）

作者(Author): 颜拥,赵萍,叶吉超,谢天佑,王慕宾,潘梓彬,赵俊华
YAN Yong,ZHAO Ping,YE Jichao,XIE Tianyou,WANG Mubin,PAN Zibin,ZHAO Junhua

DOI: 10.19585/j.zjdl.202309009

参考文献(References)：

• [1] KWEKU D,BISMARK O,MAXWELL A,et al.Greenhouse effect:greenhouse gases and their impact on global warming[J]. Journal of Scientific Research and Reports,2018,17(6):1-9.
• [2]何建坤.《巴黎协定》新机制及其影响[J].世界环境，2016(1):16-18.HE Jiankun.The new mechanism of Paris agreement and its influence[J].World Environment,2016(1):16-18.
• [3]庄贵阳，朱仙丽.《欧洲绿色协议》：内涵、影响与借鉴意义[J].国际经济评论，2021(1):116-133.ZHUANG Guiyang,ZHU Xianli. European green agreement:connotation, influence and reference significance[J].International Economic Review,2021(1):116-133.
• [4] CALEL R. Carbon markets:a historical overview[J].Wiley Interdisciplinary Reviews:Climate Change,2013,4(2):107-119.
• [5]王科，李思阳.中国碳市场回顾与展望（2022）[J].北京理工大学学报（社会科学版），2022,24(2):33-42.WANG Ke,LI Siyang. China’s carbon market:reviews and prospects(2022)[J]. Journal of Beijing Institute of Technology(Social Sciences Edition),2022,24(2):33-42.
• [6]邓茂芝，任心原，高淮，等.中国试点碳排放权交易市场流动性研究[J].华东经济管理，2019,33(9):54-60.DENG Maozhi,REN Xinyuan,GAO Huai,et al.Research on the liquidity of China’s pilot carbon trading markets[J].East China Economic Management,2019,33(9):54-60.
• [7]李文献.电子商务环境下证券交易的安全性策略及应用技术研究[D].合肥：合肥工业大学，2003.LI Wenxian.Research on security strategy and application technology of securities trading in e-commerce environment[D].Hefei:Hefei University of Technology,2003.
• [8]刘嵩，晏强.移动证券交易安全风险防护实践[J].金融电子化，2014(1):76-78.LIU Song,YAN Qiang.Practice of security risk protection in mobile securities trading[J]. Financial Computerizing,2014(1):76-78.
• [9]颜拥，陈星莺，文福拴，等.从能源互联网到能源区块链：基本概念与研究框架[J].电力系统自动化，2022,46(2):1-14.YAN Yong,CHEN Xingying,WEN Fushuan,et al.From energy Internet to energy blockchain:basic concept and research framework[J].Automation of Electric Power Systems,2022,46(2):1-14.
• [10]王胜寒，郭创新，冯斌，等.区块链技术在电力系统中的应用：前景与思路[J].电力系统自动化，2020,44(11):10-24.WANG Shenghan,GUO Chuangxin,FENG Bin,et al.Application of blockchain technology in power systems:prospects and ideas[J].Automation of Electric Power Systems,2020,44(11):10-24.
• [11]崔树银，陆奕，常啸.考虑信用评分机制的电力碳排放交易区块链模型[J].电力建设，2019,40(1):104-111.CUI Shuyin,LU Yi,CHANG Xiao.Research on model of blockchain-enabled power carbon emission trade considering credit scoring mechanism[J].Electric Power Construction,2019,40(1):104-111.
• [12]吉斌，昌力，陈振寰，等.基于区块链技术的电力碳排放权交易市场机制设计与应用[J].电力系统自动化，2021,45(12):1-10.JI Bin,CHANG Li,CHEN Zhenhuan,et al. Blockchain technology based design and application of market mechanism for power carbon emission allowance trading[J].Automation of Electric Power Systems,2021,45(12):1-10.
• [13] YUAN L L,DONG J,WANG N,et al.Blockchain-based carbon allowance trading market construction[C]//2021IEEE Sustainable Power and Energy Conference(iSPEC),December 23-25,2021,Nanjing,China:245-248.
• [14] PAN Y T,ZHANG X S,WANG Y,et al.Application of blockchain in carbon trading[J]. Energy Procedia,2019,158:4286-4291.
• [15] SONG Y Z,LIU T S,YE B,et al.Improving the liquidity of China’s carbon market:insight from the effect of carbon price transmission under the policy release[J].Journal of Cleaner Production,2019,239:118049.
• [16]上海环境能源交易所.关于全国碳排放权交易相关事项的公告[EB/OL].[2021-06-22]. https：//www. cneeex.com/c/2021-06-22/491198.shtml.
• [17]吴林祥.我国证券市场引入做市商制度的思考[J].证券市场导报，2005(1):72-77.WU Linxiang. Reflection on introducing market making system in China securities market[J]. Securities Market Herald,2005(1):72-77.
• [18]康奈尔大学.美国期权交易中的做市商制度[EB/OL].[2013-01-01]. http：//rdbk1. ynlib. cn:6251/qw/Paper/485802.
• [19] MOHAN V.Automated market makers and decentralized exchanges:a DeFi primer[J].Financial Innovation,2022,8(1):20.
• [20] HERTZOG E,BENARTZI G.Bancor protocol[J].Continuous Liquidity for Cryptographic Tokens through their Smart Contracts,2020,1(1):1-22.
• [21] FAN Z,MARMOLEJO-COSSíO F J,ALTSCHULER B,et al.Differential liquidity provision in uniswap v3 and implications for contract design[C]//Proceedings of the Third ACM International Conference on AI in Finance,November 2-4,2022,New York,USA:9-17.
• [22] XU J H,PARUCH K,COUSAERT S,et al.SoK:decentralized exchanges(DEX)with automated market maker(AMM)protocols[EB/OL].[2021-03-23].https：//arxiv.org/abs/2103.12732.
• [23] WANG Q,LI R J,WANG Q,et al. Non-fungible token(NFT):overview,evaluation,opportunities and challenges[EB/OL].[2021-05-16].https：//arxiv.org/abs/2105.07447.
• [24]李乔宇.鲸探拓展“大文化”收藏边界[N].证券日报，2022-01-29(A03).
• [25]何德旭，姚博.人民币数字货币法定化的实践、影响及对策建议[J].金融评论，2019,11(5):38-50.HE Dexu,YAO Bo.Legalization of RMB digital currency:practice,influence and policy[J].Chinese Review of Financial Studies,2019,11(5):38-50.