随着碳定价日渐成为各国应对气候挑战并实现市场化减排的重要途径,欧盟排放交易体系(EUETS)作为碳定价机制中相对成熟、完善的排放交易实践受到各方广泛关注。经历了第一、第二两个交易期后,尽管EUETS在体制和市场建设方面取得了较大成绩,但运行过程中暴露的问题也反映出EUETS内在的制度缺陷。2013年EUETS进入第三交易期,为解决交易体系的制度缺陷并提升整个交易体系的减排效率和可信度,欧盟修订了配额交易指令,对交易制度进行重大变革。本文在回顾EUETS各阶段总体运行的基础上,着重对EUETS第三交易期的重大变化、严峻挑战以及结构性改革方向进行阐述和分析,并提出对我国碳市场建设的启示。 With carbon pricing increasingly becoming an important way for countries to tackle climate challenges and achieve market-based emission reductions, the EU ETS has drawn much attention from all parties as a relatively mature and complete emission trading practice in the carbon pricing mechanism. After the first and the second two trading periods, although the EUETS has made great achievements in system and market construction, the problems exposed during the operation also reflect the inherent institutional defects of the EUETS. In 2013, EUETS entered the third trading phase. In order to solve the system defects of the trading system and enhance the emission reduction efficiency and credibility of the entire trading system, the EU revised quota trading orders and made major changes to the trading system. On the basis of reviewing the overall operation of all stages of EUETS, this paper focuses on the major changes, severe challenges and the direction of structural reform in the third trading period of EUETS, and puts forward the enlightenment on the construction of China’s carbon market.