{"id":83177,"date":"2024-12-23T23:15:29","date_gmt":"2024-12-23T16:15:29","guid":{"rendered":"https:\/\/tcvn.gov.vn\/?p=83177"},"modified":"2024-12-23T23:22:14","modified_gmt":"2024-12-23T16:22:14","slug":"thi-truong-carbon-chau-au-thuc-trang-va-khuyen-nghi-chinh-sach","status":"publish","type":"post","link":"https:\/\/tcvn.gov.vn\/thi-truong-carbon-chau-au-thuc-trang-va-khuyen-nghi-chinh-sach\/23\/12\/2024\/","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng Carbon ch\u00e2u \u00c2u: Th\u1ef1c tr\u1ea1ng v\u00e0 khuy\u1ebfn ngh\u1ecb ch\u00ednh s\u00e1ch"},"content":{"rendered":"\n

H\u1ec7 th\u1ed1ng Th\u01b0\u01a1ng m\u1ea1i Kh\u00ed th\u1ea3i Li\u00ean minh Ch\u00e2u \u00c2u (EU ETS), th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 th\u1ecb tr\u01b0\u1eddng carbon c\u1ee7a EU l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c ch\u1ed1ng bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu v\u00e0 gi\u1ea3m ph\u00e1t th\u1ea3i kh\u00ed nh\u00e0 k\u00ednh c\u1ee7a EU. Ra m\u1eaft v\u00e0o n\u0103m 2005, \u0111\u00e2y l\u00e0 th\u1ecb tr\u01b0\u1eddng carbon \u0111\u1ea7u ti\u00ean tr\u00ean th\u1ebf gi\u1edbi v\u00e0 v\u1eabn l\u00e0 th\u1ecb tr\u01b0\u1eddng l\u1edbn nh\u1ea5t v\u1ec1 ph\u1ea1m vi bao ph\u1ee7. Trong th\u1ecb tr\u01b0\u1eddng n\u00e0y, c\u00e1c b\u00ean tham gia s\u1ebd c\u00f3 h\u1ea1n m\u1ee9c d\u00e0nh cho vi\u1ec7c ph\u00e1t th\u1ea3i kh\u00ed nh\u00e0 k\u00ednh. C\u00e1c t\u1ed5 ch\u1ee9c \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u ph\u1ea3i b\u00e1o c\u00e1o v\u1ec1 l\u01b0\u1ee3ng ph\u00e1t th\u1ea3i h\u00e0ng n\u0103m v\u00e0 \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau gi\u1ea3m l\u01b0\u1ee3ng kh\u00ed nh\u00e0 k\u00ednh, h\u1ea1n ng\u1ea1ch c\u1ee7a m\u1ed7i t\u1ed5 ch\u1ee9c c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c gi\u1ea3m xu\u1ed1ng theo th\u1eddi gian. C\u00e1c c\u00f4ng ty c\u00f3 t\u1ed5ng l\u01b0\u1ee3ng kh\u00ed th\u1ea3i d\u01b0\u1edbi h\u1ea1n ng\u1ea1ch c\u00f3 th\u1ec3 b\u00e1n l\u01b0\u1ee3ng ph\u00e1t th\u1ea3i c\u00f2n th\u1eeba cho nh\u1eefng c\u00f4ng ty v\u01b0\u1ee3t qu\u00e1 h\u1ea1n m\u1ee9c, t\u1ea1o ra \u0111\u1ed9ng l\u1ef1c t\u00e0i ch\u00ednh \u0111\u1ec3 c\u1eaft gi\u1ea3m kh\u00ed th\u1ea3i.<\/strong><\/p>\n\n\n

Gi\u00e1 th\u1ecb tr\u01b0\u1eddng gi\u1ea3m, bi\u1ebfn \u0111\u1ed9ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t<\/span><\/strong><\/p>\n

Trong b\u00e1o c\u00e1o th\u1ecb tr\u01b0\u1eddng c\u1ee7a C\u01a1 quan Ch\u1ee9ng kho\u00e1n v\u00e0 Th\u1ecb tr\u01b0\u1eddng Ch\u00e2u \u00c2u (ESMA) n\u0103m 2023, gi\u00e1 h\u1ea1n ng\u1ea1ch ph\u00e1t th\u1ea3i EU (EUA) nh\u00ecn chung \u0111\u00e3 gi\u1ea3m so v\u1edbi n\u0103m tr\u01b0\u1edbc (Gi\u00e1 giao ngay trung b\u00ecnh n\u0103m 2023 – 83EUR\/tCO2; 2022 \u2013 81EUR\/tCO2). M\u1eb7c d\u00f9 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c 100 EUR tr\u00ean 1 t\u1ea5n ph\u00e1t th\u1ea3i CO2 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng (tCO2) ngay \u0111\u1ea7u n\u0103m 2023 (th\u00e1ng 2\/2023), nh\u01b0ng \u0111\u1ebfn cu\u1ed1i n\u0103m, gi\u00e1 EUA gi\u1ea3m xu\u1ed1ng c\u00f2n d\u01b0\u1edbi 70 EUR\/tCO2 v\u00e0 t\u0103ng d\u1ea7n tr\u1edf l\u1ea1i trong n\u1eeda \u0111\u1ea7u n\u0103m 2024.<\/p>\n

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S\u1ef1 suy gi\u1ea3m n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb ba y\u1ebfu t\u1ed1 ch\u00ednh. Th\u1ee9 nh\u1ea5t, s\u1ef1 suy tho\u00e1i kinh t\u1ebf tr\u00ean to\u00e0n EU r\u1ed9ng h\u01a1n so v\u1edbi n\u0103m 2022 v\u00e0 m\u1ee9c ti\u00eau th\u1ee5 n\u0103ng l\u01b0\u1ee3ng th\u1ea5p h\u01a1n \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn nhu c\u1ea7u \u0111\u1ed1i v\u1edbi EUA.<\/p>\n

Th\u1ee9 hai, trong b\u1ed1i c\u1ea3nh gi\u00e1 kh\u00ed \u0111\u1ed1t t\u1ef1 nhi\u00ean gi\u1ea3m, vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i nhi\u00ean li\u1ec7u tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n trong l\u0129nh v\u1ef1c s\u1ea3n xu\u1ea5t n\u0103ng l\u01b0\u1ee3ng v\u00e0 d\u1eabn \u0111\u1ebfn vi\u1ec7c gi\u1ea3m s\u1ea3n xu\u1ea5t \u0111i\u1ec7n t\u1eeb than. C\u00f9ng v\u1edbi s\u1ef1 gia t\u0103ng \u0111\u00e1ng k\u1ec3 trong s\u1ea3n xu\u1ea5t n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, \u0111i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn l\u01b0\u1ee3ng kh\u00ed nh\u00e0 k\u00ednh th\u1ea5p h\u01a1n.<\/p>\n

Th\u1ee9 ba, ch\u01b0\u01a1ng tr\u00ecnh ngh\u1ecb s\u1ef1 v\u1ec1 ch\u00ednh s\u00e1ch kh\u00ed h\u1eadu c\u1ee7a EU \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 EUA theo hai c\u00e1ch. C\u1ea3i c\u00e1ch ETS c\u1ee7a EU – bao g\u1ed3m vi\u1ec7c gi\u1ea3m m\u1ee9c tr\u1ea7n c\u1ee7a ETS nhanh h\u01a1n gi\u00fap n\u00e2ng gi\u00e1 EUA l\u00ean m\u1ee9c cao k\u1ef7 l\u1ee5c v\u00e0o th\u00e1ng 2. M\u1eb7t kh\u00e1c, ch\u01b0\u01a1ng tr\u00ecnh t\u0103ng t\u1ed1c n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o c\u1ee7a EU (REPowerEU), d\u1eabn \u0111\u1ebfn vi\u1ec7c \u0111\u1ea5u gi\u00e1 tr\u01b0\u1edbc h\u1ea1n ng\u1ea1ch ph\u00e1t th\u1ea3i \u0111\u1ec3 t\u00e0i tr\u1ee3 cho qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng c\u00f3 t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c \u0111\u1ebfn gi\u00e1.<\/p>\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai thanh kho\u1ea3n cao nh\u1ea5t front-year h\u1ebft h\u1ea1n \u0111\u1ecbnh k\u1ef3 v\u00e0o th\u00e1ng 12 \u0111\u01b0\u1ee3c giao d\u1ecbch g\u1ea7n v\u1edbi gi\u00e1 giao ngay EUA trong su\u1ed1t n\u0103m 2023. C\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u00f3 th\u1eddi h\u1ea1n d\u00e0i h\u01a1n \u0111\u01b0\u1ee3c giao d\u1ecbch cao h\u01a1n gi\u00e1 giao ngay, nh\u01b0 ph\u1ea3n \u00e1nh trong \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t k\u1ef3 h\u1ea1n d\u1ed1c l\u00ean (CMR.3). Tuy nhi\u00ean, do l\u1ee3i su\u1ea5t gi\u1ea3m v\u00e0o n\u0103m 2023 (th\u00e0nh ph\u1ea7n ch\u00ednh c\u1ee7a chi ph\u00ed l\u01b0u tr\u1eef (cost of carrying) h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai EUA), \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t k\u1ef3 h\u1ea1n c\u0169ng ph\u1eb3ng ra.<\/p>\n

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Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 trong qu\u00e1 kh\u1ee9 v\u1eabn \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t trong n\u0103m 2023 (1,9%) v\u00e0 n\u1eeda \u0111\u1ea7u n\u0103m 2024, gi\u1ea3m \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c n\u0103m 2022 (3,3%). C\u1ea3 hai th\u01b0\u1edbc \u0111o th\u1ed1ng k\u00ea m\u1ee9c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 trong qu\u00e1 kh\u1ee9 v\u00e0 trong ng\u00e0y giao d\u1ecbch \u0111\u1ec1u gi\u1ea3m trong n\u0103m 2023 (CMR.5 v\u00e0 CMR.6).<\/p>\n

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Cung t\u0103ng tr\u00f9ng v\u1edbi c\u1ea7u gi\u1ea3m<\/span><\/strong><\/p>\n

N\u0103m 2023 1.127 tri\u1ec7u t\u1ea5n CO2 \u0111\u00e3 \u0111\u01b0\u1ee3c b\u00f9 tr\u1eeb theo EU ETS. Con s\u1ed1 n\u00e0y \u0111\u00e3 gi\u1ea3m 16% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, ch\u1ee7 y\u1ebfu do l\u01b0\u1ee3ng kh\u00ed nh\u00e0 k\u00ednh \u0111\u00e3 th\u1ea9m tra t\u1eeb s\u1ea3n xu\u1ea5t \u0111i\u1ec7n gi\u1ea3m 24%. B\u00ean c\u1ea1nh \u0111\u00f3, 560 tri\u1ec7u EUA \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 mi\u1ec5n ph\u00ed (gi\u1ea3m 1% so v\u1edbi 2022) v\u00e0 523 tri\u1ec7u EUA \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 (t\u0103ng 7% so v\u1edbi 2022), t\u1ed5ng m\u1ee9c t\u0103ng ngu\u1ed3n cung h\u00e0ng n\u0103m l\u00e0 3%. Do \u0111\u00f3, nhu c\u1ea7u v\u01b0\u1ee3t qu\u00e1 ngu\u1ed3n cung 43 tri\u1ec7u EUA v\u00e0 t\u1ed5ng s\u1ed1 l\u01b0\u1ee3ng h\u1ea1n ng\u1ea1ch \u0111ang l\u01b0u h\u00e0nh (TNAC) gi\u1ea3m 2% xu\u1ed1ng c\u00f2n 1,1 t\u1ef7. Trong khi \u0111\u00f3, so v\u1edbi m\u1ee9c gi\u1ea3m c\u1ee7a TNAC n\u0103m 2022, con s\u1ed1 n\u00e0y l\u00e0 22% (CMR.1).<\/p>\n

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S\u1ed1 l\u01b0\u1ee3ng h\u1ea1n ng\u1ea1ch \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 t\u0103ng<\/span><\/strong><\/p>\n

N\u0103m 2023, t\u1ed5ng c\u1ed9ng 523 tri\u1ec7u h\u1ea1n ng\u1ea1ch ph\u00e1t th\u1ea3i \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 tr\u00ean S\u00e0n giao d\u1ecbch n\u0103ng l\u01b0\u1ee3ng ch\u00e2u \u00c2u (EEX), t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng n\u0103m l\u00e0 44 t\u1ef7 Euro. \u0110i\u1ec1u n\u00e0y th\u1ec3 hi\u1ec7n m\u1ee9c t\u0103ng 7% so v\u1edbi n\u0103m tr\u01b0\u1edbc \u0111\u00f3 v\u1ec1 s\u1ed1 l\u01b0\u1ee3ng EUA \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1. S\u1ef1 gia t\u0103ng n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c l\u01b0\u1eddng tr\u01b0\u1edbc theo ph\u1ea3n \u1ee9ng c\u1ee7a EU \u0111\u1ed1i v\u1edbi t\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u0103ng l\u01b0\u1ee3ng do chi\u1ebfn tranh Nga – Ukraine (REPowerEU), \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 m\u1ed9t ph\u1ea7n b\u1edfi EU ETS. D\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd c\u00f3 th\u00eam 20 t\u1ef7 euro EUA \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 t\u1eeb n\u0103m 2023 \u0111\u1ebfn n\u0103m 2026, theo sau \u0111\u00f3 l\u00e0 th\u1eaft ch\u1eb7t ngu\u1ed3n cung nhanh h\u01a1n t\u1eeb n\u0103m 2026 tr\u1edf \u0111i.<\/p>\n

T\u1ed5ng c\u1ed9ng c\u00f3 223 cu\u1ed9c \u0111\u1ea5u gi\u00e1 di\u1ec5n ra trong su\u1ed1t n\u0103m 2023 v\u1edbi s\u1ed1 l\u01b0\u1ee3ng trung b\u00ecnh h\u00e0ng th\u00e1ng l\u00e0 43 tri\u1ec7u EUA (3,6 t\u1ef7 euro). L\u01b0\u1ee3ng h\u1ea1n ng\u1ea1ch \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 v\u00e0o th\u00e1ng 8 v\u00e0 th\u00e1ng 12 gi\u1ea3m h\u01a1n so v\u1edbi m\u1eb7t b\u1eb1ng chung, ph\u1ea3n \u00e1nh th\u1eddi gian ngh\u1ec9 l\u1ec5 v\u00e0 m\u00f9a h\u00e8 th\u01b0\u1eddng \u00edt ho\u1ea1t \u0111\u1ed9ng h\u01a1n (CMR.7).<\/p>\n

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L\u01b0\u1ee3ng \u0111\u0103ng k\u00fd c\u1ee7a c\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 v\u01b0\u1ee3t m\u1ee9c d\u00f9 c\u00f3 h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi s\u1ed1 l\u01b0\u1ee3ng tham gia<\/span><\/strong><\/p>\n

C\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 thu h\u00fat trung b\u00ecnh 20 ng\u01b0\u1eddi tham gia, trong \u0111\u00f3 c\u00f3 15 ng\u01b0\u1eddi \u0111\u1ea5u gi\u00e1 th\u00e0nh c\u00f4ng (CMR.8). Kho\u1ea3ng 40% l\u01b0\u1ee3t \u0111\u1ea5u gi\u00e1 l\u00e0 th\u00e0nh c\u00f4ng, gi\u1ea3m 4 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (pp) so v\u1edbi n\u0103m tr\u01b0\u1edbc. T\u1ea5t c\u1ea3 c\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 \u0111\u1ec1u v\u01b0\u1ee3t m\u1ee9c \u0111\u0103ng k\u00fd v\u1edbi t\u1ef7 l\u1ec7 bao ph\u1ee7 trung b\u00ecnh l\u00e0 202%, gi\u1ea3m 13pp so v\u1edbi n\u0103m 2022 (CMR.12).<\/p>\n

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Kho\u1ea3ng 80% EUA \u0111\u01b0\u1ee3c mua b\u1edfi c\u00e1c t\u1ed5 ch\u1ee9c kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 tu\u00e2n th\u1ee7 tr\u1ef1c ti\u1ebfp trong EU ETS (c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng, c\u00f9ng v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c phi t\u00e0i ch\u00ednh kh\u00e1c, CMR.9). Tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y bao g\u1ed3m c\u00e1c t\u1ed5 ch\u1ee9c thu\u1ed9c c\u00e1c t\u1eadp \u0111o\u00e0n c\u00f3 c\u00e1c c\u00f4ng ty con kh\u00e1c c\u00f3 ngh\u0129a v\u1ee5 tu\u00e2n th\u1ee7.<\/p>\n

Theo m\u1ed9t cu\u1ed9c kh\u1ea3o s\u00e1t, c\u00e1c t\u1ed5 ch\u1ee9c c\u1ea7n tu\u00e2n th\u1ee7 \u00edt tham gia v\u00e0o c\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 h\u01a1n ch\u1ee7 y\u1ebfu l\u00e0 do s\u1ef1 ti\u1ec7n l\u1ee3i v\u00e0 hi\u1ec7u qu\u1ea3 v\u1ec1 chi ph\u00ed do c\u00e1c trung gian t\u00e0i ch\u00ednh cung c\u1ea5p (mua h\u1ea1n ng\u1ea1ch thay m\u1eb7t cho h\u1ecd), do kh\u1ed1i l\u01b0\u1ee3ng ho\u1eb7c t\u1ea7n su\u1ea5t mua EUA th\u1ea5p v\u00e0 h\u1ea1n ch\u1ebf v\u1ec1 m\u1eb7t chuy\u00ean m\u00f4n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.\u00a0H\u01a1n m\u1ed9t n\u1eeda s\u1ed1 h\u1ea1n ng\u1ea1ch \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 \u0111\u01b0\u1ee3c mua b\u1edfi c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i \u0110\u1ee9c (57%), ti\u1ebfp theo l\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i V\u01b0\u01a1ng qu\u1ed1c Anh (17%) thu\u1ed9c c\u00e1c nh\u00f3m xuy\u00ean bi\u00ean gi\u1edbi l\u1edbn c\u00f3 c\u01a1 s\u1edf l\u1eafp \u0111\u1eb7t trong ph\u1ea1m vi EU ETS (CMR.10).<\/p>\n

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\u0110\u1ed9 t\u1eadp trung cao<\/span><\/strong><\/p>\n

Th\u1ecb tr\u01b0\u1eddng s\u01a1 c\u1ea5p v\u1eabn ch\u1ee7 y\u1ebfu t\u1eadp trung v\u1edbi ch\u1ec9 44 b\u00ean tham gia ho\u1ea1t \u0111\u1ed9ng – so v\u1edbi kho\u1ea3ng 10.000 c\u01a1 s\u1edf c\u00f3 ngh\u0129a v\u1ee5 tu\u00e2n th\u1ee7.<\/p>\n

V\u00e0o n\u0103m 2023, ch\u1ec9 ri\u00eang m\u01b0\u1eddi b\u00ean tham gia \u0111\u00e3 mua 90% EUA \u0111\u01b0\u1ee3c \u0111\u1ea5u gi\u00e1 (CMR.11). Trong m\u1ed7i cu\u1ed9c \u0111\u1ea5u gi\u00e1, ba ng\u01b0\u1eddi mua h\u00e0ng \u0111\u1ea7u th\u01b0\u1eddng \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u1eeb 50% \u0111\u1ebfn 80% t\u1ed5ng l\u01b0\u1ee3ng h\u1ea1n ng\u1ea1ch.<\/p>\n

B\u00e1o c\u00e1o ESMA 2022 nh\u1ea5n m\u1ea1nh r\u1eb1ng h\u1ea7u h\u1ebft nh\u1eefng ng\u01b0\u1eddi tham gia \u0111\u1ea5u gi\u00e1 \u0111\u00f3ng vai tr\u00f2 l\u00e0 ng\u01b0\u1eddi b\u00e1n r\u00f2ng c\u00e1c h\u1ea1n ng\u1ea1ch ph\u00e1t th\u1ea3i tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p v\u00e0 m\u1ed9t s\u1ed1 b\u00ean c\u00f3 th\u1ec3 mua EUA t\u1eeb c\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ng\u01b0\u1eddi m\u00f4i gi\u1edbi thay m\u1eb7t cho kh\u00e1ch h\u00e0ng c\u1ee7a h\u1ecd.<\/p>\n

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Giao d\u1ecbch tr\u00ean s\u00e0n \u1ed5n \u0111\u1ecbnh<\/span><\/strong><\/p>\n

N\u0103m 2023, t\u1ed5ng c\u1ed9ng 9,3 t\u1ef7 t\u1ea5n kh\u00ed th\u1ea3i t\u01b0\u01a1ng \u0111\u01b0\u01a1ng CO2 (tCO2) trong c\u00e1c h\u1ee3p \u0111\u1ed3ng EUA \u0111\u00e3 \u0111\u01b0\u1ee3c mua tr\u00ean c\u00e1c \u0111i\u1ec3m giao d\u1ecbch c\u1ee7a EU, tr\u1ecb gi\u00e1 648 t\u1ef7 EUR. H\u1ea7u h\u1ebft giao d\u1ecbch t\u1ea1i \u0111\u1ecba \u0111i\u1ec3m di\u1ec5n ra th\u00f4ng qua c\u00e1c h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh t\u01b0\u01a1ng lai (ho\u1eb7c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai mini), chi\u1ebfm 99% c\u00e1c giao d\u1ecbch v\u00e0 81% t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch (CMR.17). Ch\u1ec9 c\u00f3 m\u1ed9t s\u1ed1 \u00edt giao d\u1ecbch l\u00e0 qua c\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn (8.707), chi\u1ebfm g\u1ea7n 18% t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0o n\u0103m 2023 (1,7 t\u1ef7 tCO2 ho\u1eb7c 0,9 t\u1ef7 EUR).<\/p>\n

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C\u00e1c t\u00e1c nh\u00e2n ch\u00ednh tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p EUA l\u00e0 c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng, tham gia v\u00e0o 56% (5,2 t\u1ef7 tCO2 ho\u1eb7c 408 t\u1ef7 EUR) t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c giao d\u1ecbch. B\u00ean c\u1ea1nh \u0111\u00f3, nh\u1ea5t qu\u00e1n v\u1edbi b\u00e1o c\u00e1o ESMA 2022, giao d\u1ecbch EUA ch\u1ee7 y\u1ebfu t\u1eadp trung trong c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Hoa K\u1ef3 (chi\u1ebfm 34% kh\u1ed1i l\u01b0\u1ee3ng), ti\u1ebfp theo l\u00e0 V\u01b0\u01a1ng qu\u1ed1c Anh (24%), \u0110\u1ee9c (14%) v\u00e0 H\u00e0 Lan (8%).<\/p>\n

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Nh\u00ecn chung, giao d\u1ecbch c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh EUA trong n\u0103m 2023 \u1ed5n \u0111\u1ecbnh, kh\u00f4ng c\u00f3 bi\u1ebfn \u0111\u1ed9ng l\u1edbn n\u00e0o. Tuy nhi\u00ean, s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y (CMR.13) cho th\u1ea5y c\u00f3 ba giai \u0111o\u1ea1n ch\u00ednh m\u00e0 l\u01b0\u1ee3ng ho\u1ea1t \u0111\u1ed9ng gia t\u0103ng. M\u1ed9t l\u00e0 v\u00e0o th\u00e1ng 6, c\u00f3 th\u1ec3 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u1ee6y ban Ch\u00e2u \u00c2u c\u00f4ng b\u1ed1 G\u00f3i t\u00e0i ch\u00ednh xanh. Hai giai \u0111o\u1ea1n c\u00f2n l\u1ea1i l\u00e0 v\u00e0o th\u00e1ng 3 v\u00e0 th\u00e1ng 12, khi c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai thanh kho\u1ea3n cao nh\u1ea5t h\u1ebft h\u1ea1n. Ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch gia t\u0103ng c\u0169ng \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh qua kh\u1ed1i l\u01b0\u1ee3ng tCO2 l\u1edbn h\u01a1n v\u00e0 gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c trao \u0111\u1ed5i.<\/p>\n

C\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 ngh\u0129a v\u1ee5 tu\u00e2n th\u1ee7 l\u1edbn th\u01b0\u1eddng mua c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh \u0111\u1ec3 kh\u00f3a gi\u00e1 EUA v\u00e0 h\u1ea1n ch\u1ebf r\u1ee7i ro b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y gi\u00fap h\u1ecd ki\u1ec3m so\u00e1t d\u00f2ng ti\u1ec1n trong su\u1ed1t c\u1ea3 n\u0103m. C\u00e1c t\u1ed5 ch\u1ee9c tu\u00e2n th\u1ee7 th\u01b0\u1eddng mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u00e1ng 12. Sau khi mua, h\u1ecd c\u00f3 hai l\u1ef1a ch\u1ecdn ch\u00ednh. H\u1ecd c\u00f3 th\u1ec3 gi\u1eef ch\u00fang cho \u0111\u1ebfn khi h\u1ebft h\u1ea1n v\u00e0 nh\u1eadn h\u00e0ng v\u1eadt l\u00fd. Ngo\u00e0i ra, h\u1ecd c\u00f3 th\u1ec3 chuy\u1ec3n v\u1ecb tr\u00ed c\u1ee7a m\u00ecnh sang th\u00e1ng 3 (tr\u00f9ng v\u1edbi th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 h\u00e0ng n\u0103m v\u1ec1 l\u01b0\u1ee3ng kh\u00ed th\u1ea3i GHG \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh c\u1ee7a c\u00e1c \u0111\u01a1n v\u1ecb tu\u00e2n th\u1ee7) ho\u1eb7c sang h\u1ee3p \u0111\u1ed3ng th\u00e1ng 12 n\u0103m sau.<\/p>\n

Trong ph\u00e2n kh\u00fac giao d\u1ecbch tr\u00ean s\u00e0n giao d\u1ecbch c\u1ee7a th\u1ecb tr\u01b0\u1eddng, m\u1ed9t s\u1ed1 chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch c\u1ee5 th\u1ec3 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh. \u0110\u1ea7u ti\u00ean, c\u00f3 b\u1eb1ng ch\u1ee9ng v\u1ec1 ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch t\u1eeb c\u00e1c c\u00f4ng ty giao d\u1ecbch t\u1ea7n su\u1ea5t cao (HFT) v\u00e0 m\u1ed9t s\u1ed1 trung gian t\u00e0i ch\u00ednh tham gia v\u00e0o giao d\u1ecbch thu\u1eadt to\u00e1n. D\u1ef1a tr\u00ean s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch, hai trong s\u1ed1 ba ng\u01b0\u1eddi mua t\u00edch c\u1ef1c nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng l\u00e0 c\u00e1c c\u00f4ng ty HFT, bao g\u1ed3m m\u1ed9t c\u00f4ng ty c\u00f3 tr\u1ee5 s\u1edf b\u00ean ngo\u00e0i EU.<\/p>\n

Th\u1ee9 hai, 39% t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean s\u00e0n giao d\u1ecbch (3,6 t\u1ef7 t\u1ea5n CO2 ho\u1eb7c 198 t\u1ef7 EUR t\u1eeb 498.000 giao d\u1ecbch) c\u00f3 ngu\u1ed3n g\u1ed1c t\u1eeb c\u00e1c giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 – c\u0169ng c\u00f3 th\u1ec3 li\u00ean quan \u0111\u1ebfn c\u00e1c chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean giao d\u1ecbch thu\u1eadt to\u00e1n. \u0110\u00e2y l\u00e0 c\u00e1c giao d\u1ecbch k\u1ebft h\u1ee3p mua v\u00e0 b\u00e1n \u0111\u1ed3ng th\u1eddi nhi\u1ec1u h\u01a1n m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh. C\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n ph\u1ee5 thu\u1ed9c v\u00e0o nhau nh\u01b0 m\u1ed9t ‘g\u00f3i’ v\u1edbi m\u1ee5c ti\u00eau t\u1ea1o ra r\u1ee7i ro kh\u00f4ng \u0111\u1ecbnh h\u01b0\u1edbng v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u00e1o h\u1ea1n EUA.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ed3 s\u01a1 r\u1ee7i ro th\u1ea5p c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, nh\u1eefng ng\u01b0\u1eddi t\u00ecm ki\u1ebfm m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai h\u1ee3p \u0111\u1ed3ng thay v\u00ec c\u00f4ng c\u1ee5 c\u01a1 s\u1edf c\u1ee7a s\u1ea3n ph\u1ea9m ph\u00e1i sinh; ho\u1eb7c khi c\u00e1c b\u00ean \u0111\u1ed1i t\u00e1c chuy\u1ec3n v\u1ecb th\u1ebf c\u1ee7a h\u1ecd t\u1eeb n\u0103m n\u00e0y sang n\u0103m kh\u00e1c. C\u00e1c m\u1ee9c ch\u00eanh l\u1ec7ch n\u00e0y t\u1eadp trung v\u00e0o c\u00e1c h\u1ee3p \u0111\u1ed3ng cu\u1ed1i n\u0103m thanh kho\u1ea3n cao nh\u1ea5t.<\/p>\n

Ch\u00eanh l\u1ec7ch t\u1eeb th\u00e1ng 12 n\u0103m tr\u01b0\u1edbc \u0111\u1ebfn th\u00e1ng 12 n\u0103m sau chi\u1ebfm h\u01a1n 80% t\u1ed5ng s\u1ed1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c giao d\u1ecbch, trong \u0111\u00f3 ch\u00eanh l\u1ec7ch t\u1eeb n\u0103m 2023 \u0111\u1ebfn n\u0103m 2024 chi\u1ebfm kho\u1ea3ng 60%. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ch\u00eanh l\u1ec7ch c\u00f2n l\u1ea1i l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n cu\u1ed1i th\u00e1ng \u0111\u1ebfn cu\u1ed1i n\u0103m (v\u00ed d\u1ee5: th\u00e1ng 3 n\u0103m 2023 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2023) v\u00e0 ch\u00eanh l\u1ec7ch gi\u1eefa h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng ng\u00e0y v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai cu\u1ed1i th\u00e1ng (ch\u1ee7 y\u1ebfu l\u00e0 v\u00e0o th\u00e1ng 12).<\/p>\n

M\u1ed9t lo\u1ea1i chi\u1ebfn l\u01b0\u1ee3c kh\u00e1c \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong b\u00e1o c\u00e1o ESMA 2022 li\u00ean quan \u0111\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ‘mua v\u00e0 n\u1eafm gi\u1eef’ \u0111ang t\u00ecm ki\u1ebfm m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac theo h\u01b0\u1edbng d\u00e0i h\u1ea1n. Tuy nhi\u00ean, t\u00e0i s\u1ea3n do c\u00e1c qu\u1ef9 theo d\u00f5i EUA qu\u1ea3n l\u00fd \u0111\u00e3 gi\u1ea3m \u0111\u00e1ng k\u1ec3 k\u1ec3 t\u1eeb n\u0103m 2022, c\u00f9ng v\u1edbi s\u1ef1 \u0111i xu\u1ed1ng c\u1ee7a gi\u00e1 c\u1ea3. Cu\u1ed1i c\u00f9ng, c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 ngh\u0129a v\u1ee5 tu\u00e2n th\u1ee7 l\u1edbn h\u01a1n nh\u1eadn \u0111\u01b0\u1ee3c \u00edt ho\u1eb7c kh\u00f4ng c\u00f3 kho\u1ea3n tr\u1ee3 c\u1ea5p \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u1ef1 do c\u00f3 xu h\u01b0\u1edbng mua c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro trong t\u01b0\u01a1ng lai \u0111\u1ed1i v\u1edbi gi\u00e1 carbon.<\/p>\nNgo\u00e0i s\u00e0n giao d\u1ecbch: Ho\u1ea1t \u0111\u1ed9ng t\u0103ng v\u00e0o cu\u1ed1i n\u0103m<\/span><\/strong>\n

Giao d\u1ecbch qua th\u1ecb tr\u01b0\u1eddng pi t\u1eadp trung (OTC) ch\u1ec9 chi\u1ebfm m\u1ed9t ph\u1ea7n nh\u1ecf trong t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trong EUA. C\u00f3 524.000 giao d\u1ecbch OTC v\u00e0o n\u0103m 2023, trong \u0111\u00f3 864 tri\u1ec7u t\u1ea5n CO2 (ho\u1eb7c 72,5 t\u1ef7 EUR) \u0111\u01b0\u1ee3c trao \u0111\u1ed5i, t\u1ee9c l\u00e0 ch\u01b0a \u0111\u1ebfn m\u1ed9t ph\u1ea7n m\u01b0\u1eddi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean s\u00e0n giao d\u1ecbch. T\u01b0\u01a1ng quan t\u00edch c\u1ef1c (0,51) gi\u1eefa s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean s\u00e0n v\u00e0 ngo\u00e0i s\u00e0n giao d\u1ecbch m\u1ed7i ng\u00e0y ch\u1ec9 ra s\u1ef1 \u0111\u1ed3ng bi\u1ebfn \u0111\u1ed9ng v\u1eeba ph\u1ea3i c\u1ee7a ho\u1ea1t \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng trong hai ph\u00e2n kh\u00fac th\u1ecb tr\u01b0\u1eddng.<\/p>\n

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Giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng giao ngay \u0111\u00e3 th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch OTC t\u0103ng v\u00e0o th\u00e1ng 12 (CMR.20), v\u1edbi 44 tri\u1ec7u t\u1ea5n CO2 \u0111\u01b0\u1ee3c trao \u0111\u1ed5i so v\u1edbi m\u1ee9c trung b\u00ecnh h\u00e0ng th\u00e1ng l\u00e0 9,5 tri\u1ec7u t\u1ea5n CO2 trong ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a n\u0103m. M\u1ed9t l\u1eddi gi\u1ea3i th\u00edch kh\u1ea3 thi l\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c tu\u00e2n th\u1ee7 c\u00f3 l\u01b0\u1ee3ng kh\u00ed th\u1ea3i th\u1ea5p v\u00e0\/ho\u1eb7c c\u00f3 \u0111\u01b0\u1ee3c ph\u1ea7n l\u1edbn h\u1ea1n m\u1ee9c c\u1ee7a h\u1ecd th\u00f4ng qua ph\u00e2n b\u1ed5 mi\u1ec5n ph\u00ed c\u00f3 xu h\u01b0\u1edbng mua h\u1ea1n m\u1ee9c giao ngay \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho l\u01b0\u1ee3ng kh\u00ed th\u1ea3i thi\u1ebfu h\u1ee5t, th\u01b0\u1eddng l\u00e0 g\u1ea7n ng\u00e0y h\u1ebft h\u1ea1n c\u1ee7a h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh EUA.<\/p>\n

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Ph\u1ea7n l\u1edbn t\u1ed5ng giao d\u1ecbch (48%) di\u1ec5n ra trong c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 ho\u1eb7c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng ho\u1eb7c gi\u1eefa c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c phi t\u00e0i ch\u00ednh kh\u00e1c (19%) (CMR.21). \u0110\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn, c\u00f3 b\u1eb1ng ch\u1ee9ng trong d\u1eef li\u1ec7u cho th\u1ea5y c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng l\u1edbn mua c\u00e1c c\u00f4ng c\u1ee5 t\u1eeb c\u00e1c th\u00e0nh vi\u00ean thanh to\u00e1n b\u00f9 tr\u1eeb \u0111\u1ec3 b\u00e1n cho c\u00e1c \u0111\u1ed1i t\u00e1c phi t\u00e0i ch\u00ednh.<\/p>\n

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Chu k\u1ef3 v\u1ecb th\u1ebf ph\u00e1i sinh<\/span><\/strong><\/p>\n

C\u00e1c v\u1ecb th\u1ebf trong c\u00e1c ph\u00e1i sinh EUA tu\u00e2n theo m\u1ed9t m\u00f4 h\u00ecnh th\u01b0\u1eddng xuy\u00ean ph\u1ea3n \u00e1nh chu k\u1ef3 tu\u00e2n th\u1ee7 h\u00e0ng n\u0103m c\u1ee7a EU ETS. C\u00e1c t\u1ed5 ch\u1ee9c tu\u00e2n th\u1ee7 v\u00e0 t\u1ed5 ch\u1ee9c phi t\u00e0i ch\u00ednh kh\u00e1c c\u00e0ng ng\u00e0y c\u00e0ng tham gia nhi\u1ec1u h\u01a1n v\u00e0o c\u00e1c v\u1ecb th\u1ebf mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai trong su\u1ed1t c\u1ea3 n\u0103m \u0111\u1ec3 chu\u1ea9n b\u1ecb cho ng\u00e0y n\u1ed9p t\u00edn ch\u1ec9 EUA v\u00e0o n\u0103m sau. C\u00e1c v\u1ecb th\u1ebf n\u00e0y \u0111\u01b0\u1ee3c kh\u1edbp v\u1edbi m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng t\u01b0\u01a1ng \u1ee9ng c\u00e1c v\u1ecb th\u1ebf b\u00e1n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai do c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0 ng\u00e2n h\u00e0ng n\u1eafm gi\u1eef (CMR.29).<\/p>\n

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S\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf th\u01b0\u1eddng \u0111\u1ea1t \u0111\u1ec9nh v\u00e0o gi\u1eefa th\u00e1ng 12 theo ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch (xem ph\u1ea7n tr\u01b0\u1edbc) khi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c giao d\u1ecbch nhi\u1ec1u nh\u1ea5t (‘next-Dec’) h\u1ebft h\u1ea1n. N\u0103m 2023, s\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf EUA \u0111\u1ea1t \u0111\u1ec9nh \u1edf m\u1ee9c 1,7 tri\u1ec7u v\u00e0o ng\u00e0y 15 th\u00e1ng 12 (CMR.25), bao g\u1ed3m 650.000 v\u1ecb th\u1ebf trong h\u1ee3p \u0111\u1ed3ng Dec-23. M\u1ed9t s\u1ed1 v\u1ecb th\u1ebf \u0111\u01b0\u1ee3c chuy\u1ec3n sang k\u1ef3 h\u1ea1n m\u1edbi khi h\u1ee3p \u0111\u1ed3ng th\u00e1ng 12 \u0111\u00e1o h\u1ea1n, d\u1eabn \u0111\u1ebfn s\u1ef1 gia t\u0103ng s\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf trong c\u00e1c h\u1ee3p \u0111\u1ed3ng kh\u00e1c v\u1edbi ng\u00e0y h\u1ebft h\u1ea1n mu\u1ed9n h\u01a1n (CMR.26). Tuy nhi\u00ean, t\u1ed5ng s\u1ed1 v\u1ecb th\u1ebf \u0111\u00e3 gi\u1ea3m xu\u1ed1ng m\u1ee9c th\u1ea5p l\u00e0 1,1 tri\u1ec7u v\u00e0o cu\u1ed1i th\u00e1ng 12 khi nhi\u1ec1u t\u1ed5 ch\u1ee9c nh\u1eadn b\u00e0n giao c\u00e1c t\u00edn ch\u1ec9 ph\u00e1t th\u1ea3i EUA.<\/p>\n

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Cho \u0111\u1ebfn nay, c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u00e1ng 3 th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00e1c \u0111\u01a1n v\u1ecb tu\u00e2n th\u1ee7 s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t ‘kho\u1ea3n b\u1ed5 sung’. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p h\u1ecd mua th\u00eam EUA gi\u1eefa th\u1eddi \u0111i\u1ec3m h\u1ee3p \u0111\u1ed3ng th\u00e1ng 12 \u0111\u00e1o h\u1ea1n v\u00e0 h\u1ea1n n\u1ed9p t\u00edn ch\u1ec9 EUA v\u00e0o th\u00e1ng 4, nh\u1eb1m ph\u00f9 h\u1ee3p v\u1edbi l\u01b0\u1ee3ng kh\u00ed th\u1ea3i nh\u00e0 k\u00ednh c\u1ee7a n\u0103m tr\u01b0\u1edbc \u0111\u00f3. Tuy nhi\u00ean, v\u1edbi vi\u1ec7c h\u1ea1n n\u1ed9p t\u00edn ch\u1ec9 chuy\u1ec3n sang th\u00e1ng 9 t\u1eeb n\u0103m 2024, m\u1ed9t s\u1ed1 thanh kho\u1ea3n d\u01b0\u1eddng nh\u01b0 \u0111ang chuy\u1ec3n h\u01b0\u1edbng: trong khi h\u1ee3p \u0111\u1ed3ng th\u00e1ng 3\/2023 chi\u1ebfm 42% t\u1ed5ng s\u1ed1 v\u1ecb th\u1ebf ph\u00e1i sinh v\u00e0o ng\u00e0y 1 th\u00e1ng 1 n\u0103m 2023, h\u1ee3p \u0111\u1ed3ng th\u00e1ng 3\/2024 ch\u1ec9 chi\u1ebfm 24% v\u00e0o ng\u00e0y 29 th\u00e1ng 12 n\u0103m 2023. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn s\u1ef1 t\u1eadp trung l\u1edbn h\u01a1n v\u00e0o h\u1ee3p \u0111\u1ed3ng th\u00e1ng 12 ti\u1ebfp theo (next-Dec) nh\u01b0ng \u0111\u1ed3ng th\u1eddi c\u0169ng t\u1ea1o ra c\u00e1c v\u1ecb th\u1ebf m\u1edbi trong c\u00e1c h\u1ee3p \u0111\u1ed3ng s\u1ebd \u0111\u00e1o h\u1ea1n v\u00e0o th\u00e1ng 6, th\u00e1ng 8 v\u00e0 th\u00e1ng 9 (CMR.24).<\/p>\n

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Nh\u1eefng b\u00ean n\u1eafm gi\u1eef v\u1ecb th\u1ebf<\/span><\/strong><\/p>\n

Th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong H\u1ec7 th\u1ed1ng Th\u01b0\u01a1ng m\u1ea1i Kh\u00ed th\u1ea3i c\u1ee7a EU (EU ETS) b\u1eb1ng c\u00e1ch t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00e1c t\u1ed5 ch\u1ee9c tu\u00e2n th\u1ee7 mua t\u00edn ch\u1ec9 ph\u00e1t th\u1ea3i EUAs t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c trung gian t\u00e0i ch\u00ednh. C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng theo s\u00e1t di\u1ec5n bi\u1ebfn gi\u00e1 c\u1ee7a EUAs v\u00e0 ng\u00e0y c\u00e0ng gia t\u0103ng v\u1ecb th\u1ebf b\u00e1n r\u00f2ng (net short) trong n\u0103m 2023 khi gi\u00e1 t\u00edn ch\u1ec9 gi\u1ea3m (CMR.30). Trong n\u0103m 2023, trung b\u00ecnh c\u00f3 406 qu\u1ef9 \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef v\u1ecb th\u1ebf h\u00e0ng ng\u00e0y, ph\u00f9 h\u1ee3p v\u1edbi b\u00e1o c\u00e1o n\u0103m 2022 c\u1ee7a ESMA. Con s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi 206 t\u1ed5 ch\u1ee9c tu\u00e2n th\u1ee7 v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c phi t\u00e0i ch\u00ednh kh\u00e1c, c\u00f9ng v\u1edbi 118 c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0 ng\u00e2n h\u00e0ng (CMR.27).<\/p>\n

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Trong nh\u00f3m c\u00e1c t\u1ed5 ch\u1ee9c phi t\u00e0i ch\u00ednh, c\u00e1c t\u1ed5 ch\u1ee9c c\u1ee7a \u0110\u1ee9c chi\u1ebfm 39% s\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf. C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng n\u1eafm gi\u1eef c\u00e1c v\u1ecb th\u1ebf nh\u1ecf h\u01a1n nhi\u1ec1u v\u00e0 ch\u1ec9 chi\u1ebfm 6% t\u1ed5ng s\u1ed1 v\u1ecb th\u1ebf, so v\u1edbi 53% do c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0 ng\u00e2n h\u00e0ng n\u1eafm gi\u1eef (CMR.28). Kho\u1ea3ng 75% c\u00e1c v\u1ecb th\u1ebf c\u1ee7a qu\u1ef9 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Qu\u1ea7n \u0111\u1ea3o Cayman v\u00e0 Bermuda, trong khi c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0 ng\u00e2n h\u00e0ng t\u1ea1i M\u1ef9 v\u00e0 Anh chi\u1ebfm 52% t\u1ed5ng s\u1ed1 v\u1ecb th\u1ebf.<\/p>\n

K\u1ebft lu\u1eadn<\/span><\/strong><\/p>\n

T\u1ed5ng quan, t\u01b0\u01a1ng t\u1ef1 v\u1edbi b\u00e1o c\u00e1o ESMA n\u0103m 2022, b\u00e1o c\u00e1o ph\u00e2n t\u00edch n\u0103m 2023 kh\u00f4ng ph\u00e1t hi\u1ec7n b\u1ea5t k\u1ef3 v\u1ea5n \u0111\u1ec1 \u0111\u00e1ng k\u1ec3 n\u00e0o trong ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng carbon EU.<\/p>\n

Gi\u00e1 trong h\u1ec7 th\u1ed1ng th\u01b0\u01a1ng m\u1ea1i ph\u00e1t th\u1ea3i EU ETS \u0111\u00e3 gi\u1ea3m k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m 2023, trung b\u00ecnh \u1edf m\u1ee9c 83 EUR\/t\u1ea5n CO\u2082 trong n\u0103m. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 nhu c\u1ea7u t\u00edn ch\u1ec9 EUA th\u1ea5p h\u01a1n do ho\u1ea1t \u0111\u1ed9ng c\u00f4ng nghi\u1ec7p y\u1ebfu, gi\u00e1 kh\u00ed t\u1ef1 nhi\u00ean gi\u1ea3m, qu\u00e1 tr\u00ecnh kh\u1eed carbon c\u1ee7a ng\u00e0nh n\u0103ng l\u01b0\u1ee3ng ch\u00e2u \u00c2u, v\u00e0 ngu\u1ed3n cung t\u0103ng sau quy\u1ebft \u0111\u1ecbnh \u0111\u1ea5u gi\u00e1 th\u00eam t\u00edn ch\u1ec9 \u0111\u1ec3 t\u00e0i tr\u1ee3 cho k\u1ebf ho\u1ea1ch REPowerEU. C\u00e1c th\u01b0\u1edbc \u0111o v\u1ec1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 n\u1ed9i ng\u00e0y (intraday) v\u00e0 bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed v\u1eabn duy tr\u00ec \u1edf m\u1ee9c th\u1ea5p trong su\u1ed1t giai \u0111o\u1ea1n quan s\u00e1t.<\/p>\n

C\u00e1c ph\u00e1t hi\u1ec7n li\u00ean quan \u0111\u1ebfn t\u1ed5 ch\u1ee9c th\u1ecb tr\u01b0\u1eddng EU ETS c\u0169ng ph\u00f9 h\u1ee3p v\u1edbi b\u00e1o c\u00e1o n\u0103m 2022 c\u1ee7a ESMA. Th\u1ecb tr\u01b0\u1eddng s\u01a1 c\u1ea5p EUA v\u1eabn c\u00f3 \u0111\u1ed9 t\u1eadp trung cao, v\u1edbi kho\u1ea3ng 10 b\u00ean tham gia mua 90% kh\u1ed1i l\u01b0\u1ee3ng \u0111\u1ea5u gi\u00e1, ph\u1ea3n \u00e1nh s\u1ef1 \u01b0u ti\u00ean c\u1ee7a ph\u1ea7n l\u1edbn c\u00e1c nh\u00e0 v\u1eadn h\u00e0nh EU ETS trong vi\u1ec7c mua t\u00edn ch\u1ec9 t\u1eeb c\u00e1c trung gian t\u00e0i ch\u00ednh. Ph\u1ea7n l\u1edbn giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua ph\u00e1i sinh, ph\u1ea3n \u00e1nh chu k\u1ef3 tu\u00e2n th\u1ee7 h\u00e0ng n\u0103m c\u1ee7a EU ETS, trong \u0111\u00f3 c\u00e1c c\u00f4ng ty thu\u1ed9c khu v\u1ef1c phi t\u00e0i ch\u00ednh gi\u1eef v\u1ecb th\u1ebf mua (long position) \u0111\u1ec3 ph\u1ee5c v\u1ee5 m\u1ee5c \u0111\u00edch tu\u00e2n th\u1ee7, trong khi c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 c\u00f4ng ty \u0111\u1ea7u t\u01b0 gi\u1eef v\u1ecb th\u1ebf b\u00e1n (short position).<\/p>\n

Ph\u1ea3n \u00e1nh c\u1ea5u tr\u00fac n\u00e0y, h\u1ea7u h\u1ebft c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng ho\u1eb7c c\u00f4ng ty \u0111\u1ea7u t\u01b0 th\u00f4ng qua c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai chu\u1ea9n h\u00f3a tr\u00ean s\u00e0n giao d\u1ecbch, v\u1edbi c\u00e1c giao d\u1ecbch ph\u00e1i sinh trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi c\u00e1c c\u00f4ng ty c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i M\u1ef9 v\u00e0 Anh. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u00e1ng 12 ti\u1ebfp theo (next-Dec) v\u1eabn l\u00e0 lo\u1ea1i \u0111\u01b0\u1ee3c giao d\u1ecbch nhi\u1ec1u nh\u1ea5t, v\u1edbi c\u00e1c k\u1ef3 h\u1ea1n kh\u00e1c v\u00e0 giao d\u1ecbch giao ngay (spot trading) th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng ty phi t\u00e0i ch\u00ednh s\u1eed d\u1ee5ng \u0111\u1ec3 “b\u1ed5 sung” nhu c\u1ea7u t\u00edn ch\u1ec9 EUA.<\/p>\n

T\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng quanh th\u1eddi \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n c\u1ee7a c\u00e1c h\u1ee3p \u0111\u1ed3ng c\u00f3 t\u00ednh thanh kho\u1ea3n cao nh\u1ea5t (v\u00e0o th\u00e1ng 3 v\u00e0 th\u00e1ng 12), v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch OTC (ngo\u00e0i s\u00e0n) c\u0169ng t\u0103ng, bao g\u1ed3m s\u1ef1 gia t\u0103ng ho\u1ea1t \u0111\u1ed9ng trong giao d\u1ecbch giao ngay v\u00e0 quy\u1ec1n ch\u1ecdn (options). M\u1ed1i t\u01b0\u01a1ng quan cao gi\u1eefa s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch OTC v\u00e0 giao d\u1ecbch tr\u00ean s\u00e0n cho th\u1ea5y c\u00f3 s\u1ef1 k\u1ebft n\u1ed1i gi\u1eefa th\u1ecb tr\u01b0\u1eddng tr\u00ean s\u00e0n v\u00e0 ngo\u00e0i s\u00e0n giao d\u1ecbch.<\/p>\n

Khuy\u1ebfn ngh\u1ecb ch\u00ednh s\u00e1ch<\/span><\/h1>\n

B\u00e1o c\u00e1o n\u0103m 2022 c\u1ee7a ESMA bao g\u1ed3m danh s\u00e1ch c\u00e1c khuy\u1ebfn ngh\u1ecb ch\u00ednh s\u00e1ch nh\u1eb1m g\u00f3p ph\u1ea7n c\u1ea3i thi\u1ec7n t\u00ednh minh b\u1ea1ch v\u00e0 vi\u1ec7c gi\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng carbon c\u1ee7a EU. Ph\u1ea7n l\u1edbn c\u00e1c khuy\u1ebfn ngh\u1ecb n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n (to\u00e0n ph\u1ea7n ho\u1eb7c m\u1ed9t ph\u1ea7n). Tuy nhi\u00ean, vi\u1ec7c s\u1eed d\u1ee5ng M\u00e3 \u0111\u1ecbnh danh ph\u00e1p nh\u00e2n (LEI) trong S\u1ed5 \u0111\u0103ng k\u00fd Li\u00ean minh \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ch\u1ee7 t\u00e0i kho\u1ea3n v\u1eabn c\u00f2n r\u1ea5t h\u1ea1n ch\u1ebf, cho th\u1ea5y c\u1ea7n c\u00f3 th\u00eam n\u1ed7 l\u1ef1c t\u1eeb ph\u00eda c\u01a1 quan qu\u1ea3n l\u00fd qu\u1ed1c gia nh\u1eb1m \u0111\u1ea3m b\u1ea3o th\u1ef1c hi\u1ec7n k\u1ecbp th\u1eddi y\u00eau c\u1ea7u \u0111\u0103ng k\u00fd LEI. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng v\u00e0o n\u0103m 2024 khi s\u1ed1 l\u01b0\u1ee3ng ch\u1ee7 t\u00e0i kho\u1ea3n d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng do vi\u1ec7c m\u1edf r\u1ed9ng H\u1ec7 th\u1ed1ng th\u01b0\u01a1ng m\u1ea1i ph\u00e1t th\u1ea3i c\u1ee7a EU (EU ETS) sang c\u00e1c l\u0129nh v\u1ef1c m\u1edbi.<\/p>\n

Nh\u00ecn chung, kh\u00f4ng c\u00f3 v\u1ea5n \u0111\u1ec1 l\u1edbn m\u1edbi n\u00e0o \u0111\u01b0\u1ee3c n\u00eau ra t\u1eeb g\u00f3c \u0111\u1ed9 ch\u00ednh s\u00e1ch, m\u1eb7c d\u00f9 vi\u1ec7c ph\u00e2n t\u00edch s\u00e2u h\u01a1n v\u1ec1 m\u1ed9t s\u1ed1 kh\u00eda c\u1ea1nh b\u1ed5 sung c\u00f3 th\u1ec3 c\u1ea7n thi\u1ebft trong t\u01b0\u01a1ng lai khi ESMA d\u1ef1 ki\u1ebfn ti\u1ebfp t\u1ee5c theo d\u00f5i c\u00e1c di\u1ec5n bi\u1ebfn tr\u00ean th\u1ecb tr\u01b0\u1eddng carbon. Trong b\u1ed1i c\u1ea3nh r\u00e0 so\u00e1t Quy \u0111\u1ecbnh v\u1ec1 C\u00f4ng c\u1ee5 T\u00e0i ch\u00ednh Th\u1ecb tr\u01b0\u1eddng (MiFIR), ESMA s\u1ebd t\u1ed5 ch\u1ee9c tham v\u1ea5n c\u00f4ng khai v\u1ec1 vi\u1ec7c s\u1eeda \u0111\u1ed5i Quy t\u1eafc K\u1ef9 thu\u1eadt Ti\u00eau chu\u1ea9n (RTS) 22 nh\u1eb1m c\u1ea3i thi\u1ec7n vi\u1ec7c b\u00e1o c\u00e1o d\u1eef li\u1ec7u giao d\u1ecbch.<\/p>\n

Tuy nhi\u00ean, vi\u1ec7c x\u00e1c \u0111\u1ecbnh chu\u1ed7i giao d\u1ecbch v\u1eabn l\u00e0 v\u1ea5n \u0111\u1ec1 kh\u00f3 kh\u0103n v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch \u0111\u00e3 ph\u1ea3i \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 \u0111\u1ec3 ti\u1ebfn h\u00e0nh ph\u00e2n t\u00edch ch\u00ednh x\u00e1c h\u01a1n. Do \u0111\u00f3, qu\u00e1 tr\u00ecnh tham v\u1ea5n s\u1ebd t\u00ecm ki\u1ebfm \u00fd ki\u1ebfn t\u1eeb ng\u00e0nh v\u1ec1 vi\u1ec7c li\u1ec7u c\u00f3 c\u1ea7n l\u00e0m r\u00f5 th\u00eam vi\u1ec7c b\u00e1o c\u00e1o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u00e0 chu\u1ed7i giao d\u1ecbch hay kh\u00f4ng. Sau khi ho\u00e0n thi\u1ec7n s\u1eeda \u0111\u1ed5i, ESMA k\u00eau g\u1ecdi \u1ee6y ban xem x\u00e9t \u0111\u1ea7y \u0111\u1ee7 kh\u00eda c\u1ea1nh chu\u1ed7i giao d\u1ecbch khi th\u00f4ng qua RTS 22 \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i do ESMA \u0111\u1ec1 xu\u1ea5t, \u0111\u1eb7c bi\u1ec7t x\u00e9t \u0111\u1ebfn nh\u1eefng t\u00e1c \u0111\u1ed9ng m\u00e0 n\u00f3 s\u1ebd c\u00f3 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng carbon.<\/p>\n

Th\u00f9y D\u01b0\u01a1ng (QUACERT)<\/strong><\/p>\n

(Ngu\u1ed3n: ESMA Market Report 2024)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

H\u1ec7 th\u1ed1ng Th\u01b0\u01a1ng m\u1ea1i Kh\u00ed th\u1ea3i Li\u00ean minh Ch\u00e2u \u00c2u (EU ETS), th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 th\u1ecb tr\u01b0\u1eddng carbon c\u1ee7a EU l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c ch\u1ed1ng bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu v\u00e0 gi\u1ea3m ph\u00e1t th\u1ea3i kh\u00ed nh\u00e0 k\u00ednh c\u1ee7a EU. Ra m\u1eaft v\u00e0o n\u0103m 2005, \u0111\u00e2y l\u00e0 th\u1ecb tr\u01b0\u1eddng carbon \u0111\u1ea7u ti\u00ean tr\u00ean th\u1ebf […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[22,27],"tags":[],"acf":{"linh-vuc":"\u0110\u00e1nh gi\u00e1 s\u1ef1 ph\u00f9 h\u1ee3p"},"_links":{"self":[{"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/posts\/83177"}],"collection":[{"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/comments?post=83177"}],"version-history":[{"count":3,"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/posts\/83177\/revisions"}],"predecessor-version":[{"id":83181,"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/posts\/83177\/revisions\/83181"}],"wp:attachment":[{"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/media?parent=83177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/categories?post=83177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tcvn.gov.vn\/wp-json\/wp\/v2\/tags?post=83177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}