\u6b50\u76df\u78b3\u6392\u653e\u4ea4\u6613\u5236\u5ea6\uff08EU ETS\uff0c\u8b93\u4f01\u696d\u8cb7\u8ce3\u300c\u6392\u653e\u914d\u984d\u300d\u4f86\u8986\u84cb\u78b3\u6392\u653e\u7684\u653f\u7b56\uff09\u7b2c\u4e00\u968e\u6bb5\uff08ETS I\uff09\u64ec\u8b70\u6539\u9769\uff0c\u5305\u62ec\u66f4\u65b0\u300c\u5e02\u5834\u7a69\u5b9a\u5132\u5099\u300d\uff08Market Stability Reserve\uff0c\u7c21\u7a31MSR\uff1b\u7528\u4f86\u8abf\u7bc0\u5e02\u5834\u4e0a\u914d\u984d\u4f9b\u61c9\u3001\u6e1b\u5c11\u50f9\u683c\u5927\u8d77\u5927\u843d\u7684\u6a5f\u5236\uff09\u3001\u7c4c\u5283\u300c\u53bb\u78b3\u57fa\u91d1\u300d\uff08decarbonisation fund\uff1b\u7528\u8cc7\u52a9\u4f01\u696d\u6e1b\u6392\u548c\u8f49\u578b\u7684\u57fa\u91d1\uff09\uff0c\u4ee5\u53ca\u6539\u7528\u65b0\u65b9\u6cd5\u8a08\u7b97\u300c\u57fa\u6e96\u503c\u300d\uff08benchmark values\uff1b\u7528\u4f86\u8a08\u7b97\u4f01\u696d\u53ef\u7372\u300c\u514d\u8cbb\u914d\u984d\u300d\u7684\u53c3\u8003\u6392\u653e\u6c34\u5e73\uff09\u3002<\/p>\n
\u300c\u5f8c\u5099\u57fa\u6e96\u503c\u300d\uff08fallback benchmark values\uff1b\u7576\u7f3a\u4e4f\u8db3\u5920\u6578\u64da\/\u884c\u696d\u57fa\u6e96\u6642\u63a1\u7528\u7684\u66ff\u4ee3\u57fa\u6e96\uff09\u57282026\u81f32030\u5e74\u5c07\u8f032021\u81f32025\u5e74\u4e0b\u8abf34%\u3002\u9019\u610f\u5473\u6b50\u6d32\u7684\u92c1\u56de\u6536\u5546\u53ca\u6c27\u5316\u92c1\u7cbe\u7149\u5ee0\uff08refineries\uff1b\u628a\u539f\u6599\u52a0\u5de5\u6210\u92c1\u88fd\u7a0b\u4e0a\u6e38\u7522\u54c1\u7684\u5de5\u5ee0\uff09\u9700\u8981\u8cfc\u8cb7\u66f4\u591a\u6392\u653e\u914d\u984d\u3002<\/p>\n
\u5408\u898f\u6210\u672c\uff08compliance costs\uff1b\u70ba\u7b26\u5408\u6cd5\u898f\u800c\u4ed8\u51fa\u7684\u6210\u672c\uff0c\u4e3b\u8981\u662f\u8cb7\u914d\u984d\uff09\u4e0a\u5347\u6703\u58d3\u7e2e\u5229\u6f64\uff0c\u56e0\u92c1\u50f9\u6309\u5168\u7403\u5e02\u5834\u5b9a\u50f9\uff0c\u6210\u672c\u672a\u5fc5\u80fd\u8f49\u5ac1\u3002\u6b50\u6d32\u92c1\u696d\u5354\u6703\uff08European Aluminium\uff09\u8b66\u544a\uff0c\u6b64\u8209\u53ef\u80fd\u524a\u5f31\u6b50\u6d32\u92c1\u56de\u6536\u7684\u7af6\u722d\u529b\u3002<\/p>\n
\u96a8\u77402026\u81f32030\u5e74\u7684\u6b50\u76df\u6392\u653e\u4ea4\u6613\u5236\u5ea6\u6539\u9769\u6b63\u5f0f\u751f\u6548\uff0c\u6b50\u6d32\u92c1\u751f\u7522\u5546\u6b63\u9762\u5c0d\u66f4\u5927\u58d3\u529b\u3002\u514d\u8cbb\u78b3\u914d\u984d\uff08free carbon allowances\uff1b\u653f\u5e9c\u514d\u8cbb\u5206\u914d\u7684\u6392\u653e\u984d\u5ea6\uff09\u5927\u5e45\u524a\u6e1b\uff0c\u8feb\u4f7f\u4f01\u696d\u70ba\u6392\u653e\u8cfc\u8cb7\u66f4\u591a\u8a31\u53ef\uff08permits\uff1b\u5373\u6392\u653e\u914d\u984d\uff09\u3002\u9019\u6703\u76f4\u63a5\u63a8\u9ad8\u71df\u904b\u6210\u672c\uff0c\u800c\u6b50\u76df\u4ee5\u5916\u7684\u7af6\u722d\u5c0d\u624b\u672a\u5fc5\u627f\u53d7\u540c\u985e\u6210\u672c\u3002<\/p>\n
\u76f8\u95dc\u58d3\u529b\u5df2\u5728\u78b3\u5e02\u5834\u53cd\u6620\u3002\u6b50\u76df\u78b3\u6392\u653e\u914d\u984d\uff08EUA\uff1bEU Allowance\uff0c\u6bcf\u5f35\u4ee3\u8868\u53ef\u6392\u653e\u4e00\u5b9a\u91cf\u4e8c\u6c27\u5316\u78b3\uff09\u671f\u8ca8\u8fd1\u671f\u5347\u7a7f\u6bcf\u567892\u6b50\u5143\uff0c\u5c6c\u6578\u6708\u9ad8\u4f4d\uff0c\u53cd\u6620\u5404\u884c\u696d\u958b\u59cb\u70ba\u4eca\u5e74\u9918\u4e0b\u6642\u9593\u9396\u5b9a\u6240\u9700\u914d\u984d\u3002\u7531\u65bc\u92c1\u6309\u5168\u7403\u5b9a\u50f9\uff0c\u6b50\u6d32\u7cbe\u7149\u5546\u96e3\u4ee5\u628a\u6210\u672c\u4e0a\u8abf\u8f49\u5ac1\u3002<\/p>\n
\u5c0d\u884d\u751f\u5de5\u5177\uff08derivatives\uff1b\u671f\u6b0a\u3001\u671f\u8ca8\u7b49\u4ee5\u8cc7\u7522\u50f9\u683c\u70ba\u57fa\u790e\u7684\u91d1\u878d\u5408\u7d04\uff09\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u9019\u9020\u6210\u660e\u986f\u7684\u5730\u5340\u5dee\u8ddd\uff0c\u610f\u5473\u53ef\u8003\u616e\u770b\u6de1\u6b50\u6d32\u92c1\u751f\u7522\u5546\uff0c\u76f8\u5c0d\u5176\u5168\u7403\u540c\u696d\u3002\u53ef\u7814\u7a76\u5f9e\u300c\u6b50\u6d32\u5de5\u696d\u80a1\u300d\u8dd1\u8f38\u300c\u66f4\u5ee3\u6cdb\u5546\u54c1\u6307\u6578\u300d\uff08broader commodity index\uff1b\u53cd\u6620\u591a\u7a2e\u5546\u54c1\u50f9\u683c\u8868\u73fe\u7684\u6307\u6578\uff09\u4e2d\u53d7\u60e0\u7684\u7b56\u7565\u3002<\/p>\n
\u502b\u6566\u91d1\u5c6c\u4ea4\u6613\u6240\uff08LME\uff09\u7684\u5168\u7403\u92c1\u50f9\u73fe\u7d04\u6bcf\u56782,550\u7f8e\u5143\uff0c\u4e3b\u8981\u7531\u5168\u7403\u4f9b\u6c42\u5e36\u52d5\uff0c\u800c\u975e\u9019\u4e9b\u6b50\u6d32\u7279\u5b9a\u6210\u672c\u3002\u5169\u8005\u812b\u7bc0\u610f\u5473\u8ca1\u52d9\u58d3\u529b\u6b63\u7531\u751f\u7522\u5546\u5229\u6f64\u5438\u6536\uff0c\u4ee4\u5176\u80a1\u4efd\u672a\u4f86\u5e7e\u5b63\u66f4\u6613\u51fa\u73fe\u76c8\u5229\u4e0d\u53ca\u9810\u671f\u7684\u98a8\u96aa\u3002<\/p>\n
\u56de\u98672025\u5e74\uff0c\u7576\u57fa\u6e96\u6539\u9769\u88ab\u8a0e\u8ad6\u6642\uff0cNorsk Hydro\u7b49\u53d7\u5f71\u97ff\u4f01\u696d\u80a1\u50f9\u5df2\u51fa\u73fe\u521d\u6b65\u6ce2\u52d5\u3002\u96a8\u7740\u63aa\u65bd\u843d\u5730\uff0c\u5e02\u5834\u6216\u66f4\u9577\u671f\u5730\u53cd\u6620\u6301\u7e8c\u6210\u672c\u58d3\u529b\u3002\u514d\u8cbb\u914d\u984d\u4e0b\u8abf34%\u5c6c\u660e\u78ba\u5e45\u5ea6\uff0c\u53ef\u7d0d\u5165\u76c8\u5229\u9810\u6e2c\u6a21\u578b\u3002<\/p>\n
\u56e0\u6b64\uff0c\u4ea4\u6613\u8005\u53ef\u8a55\u4f30\u70ba\u6700\u53d7\u5f71\u97ff\u7684\u6b50\u6d32\u92c1\u4f01\u8cb7\u5165\u300c\u8a8d\u6cbd\u671f\u6b0a\u300d\uff08put options\uff1b\u5728\u6307\u5b9a\u671f\u9650\u5167\u4ee5\u884c\u4f7f\u50f9\u8ce3\u51fa\u6a19\u7684\u7684\u6b0a\u5229\uff0c\u7528\u4f5c\u5c0d\u6c96\u6216\u62bc\u6ce8\u4e0b\u8dcc\uff09\uff0c\u6216\u7814\u7a76\u78b3\u914d\u984d\u7684\u300c\u65e5\u66c6\u50f9\u5dee\u300d\uff08calendar spreads\uff1b\u8cb7\u8ce3\u4e0d\u540c\u5230\u671f\u6708\u4efd\u7684\u671f\u8ca8\/\u671f\u6b0a\uff0c\u4ee5\u62bc\u6ce8\u671f\u8ca8\u66f2\u7dda\u8b8a\u5316\uff09\u3002\u5e02\u5834\u9810\u671fEUA\u9700\u6c42\u4fdd\u6301\u5f37\u52c1\uff0c\u800c\u6b50\u6d32\u751f\u7522\u5546\u76c8\u5229\u4e0b\u6ed1\uff1b\u300c\u6210\u672c\u4e0a\u5347\u300d\u8207\u300c\u7522\u54c1\u50f9\u683c\u53d7\u9650\u300d\u7684\u80cc\u99b3\uff0c\u5c07\u662f\u4e3b\u8981\u4ea4\u6613\u4e3b\u984c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u6b50\u76dfEU ETS\u6539\u9769\u524a\u6e1b\u514d\u8cbb\u78b3\u914d\u984d\uff0c\u92c1\u696d\u78b3\u6210\u672c\u6025\u5347\uff0c\u6b50\u6d32\u751f\u7522\u5546\u58d3\u529b\u52a0\u5287\uff1b\u50f9\u683c\u3001\u6295\u8cc7\u8207\u7522\u80fd\u6216\u53d7\u885d\u64ca\uff0c\u5e02\u5834\u6ce2\u52d5\u4e00\u89f8\u5373\u767c\uff0c\u9700\u7559\u610f\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-47201","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/47201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=47201"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/47201\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=47201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=47201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=47201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}