欧盟与英国正处于对接双方碳排放市场协议的最后阶段此举将提升流动性，并最终为企业在碳边境税方面节省数百万欧元。
The European Union and the UK are in the final stages of a deal to link their emissions markets, a move that would boost liquidity and eventually save companies millions of euros in carbon border taxes.
知情人士透露，这项预计在本月晚些时候的一次关键峰会上宣布的协议，将允许碳配额在两个排放系统之间进行交易，此前英国在脱欧后启动自己的总量控制与交易计划已近六年。谈判代表已经敲定了有关排放上限、供应控制和免费配额的细节。金融衍生品的处理方式是目前唯一尚未解决的问题。
The agreement, to be announced at a key summit later this month, would enable carbon permits to be traded across the two emissions systems, almost six years after Britain started its own cap-and-trade program in the wake of Brexit. Negotiators have already ironed out details on emissions caps, supply controls and free permits, according to people with knowledge of the matter. The treatment of financial derivatives is the only outstanding issue.
欧盟碳市场是该地区实现碳减排目标的关键途径。该市场于2005年启动，对涵盖钢铁、水泥、化肥、电力生产和航空等行业的约1万家设施施加了逐步缩减的排放限制。一旦对接，将允许双方市场相互承认用于合规的配额，这对于在两个地区都有业务运营的公司将有所帮助。
The EU’s carbon market is the region’s key way to meet its carbon reduction goals. Started in 2005, the market imposes gradually shrinking emissions limits on around 10,000 facilities in sectors from steel and cement to fertilizers, power production and aviation. Once linked, it will allow mutual recognition of permits from both markets for compliance, helpful for companies with operations in both regions.
彭博社上个月报道称，这项对接协议将成为11月20日英欧领导人会议的主要成果之一，同时公布的还将包括为两地间往来学生匹配大学学费等。其他达成一致的领域包括：承诺将贸易措施对钢铁和电动汽车等弱势行业的影响降至最低，以及深化在网络威胁方面的合作。
The linkage deal is set to be one of the main deliverables at the Nov. 20 meeting of UK and EU leaders, alongside matching university tuition fees for students traveling between the two. Other areas of agreement include committing to minimizing the effect of their trade measures on vulnerable sectors like steel and electric cars, and deepening cooperation on cyber threats, Bloomberg reported last month.
欧盟委员会遵循不对未决文件置评的长期政策，拒绝就该协议发表评论。
The European Commission declined to comment on the agreement, in line with its long-standing policy of not commenting on draft documents.
知情人士表示，该协议不会自动免除双方各自的碳边境调节机制（CBAM），该机制对某些进口产品征收碳成本，以保护本地生产商免受气候规则较宽松地区竞争对手的影响。相反，一旦双方满足其国内法中规定的某些条件，该协议将为豁免铺平道路。
The agreement will not automatically exempt the parties from their respective Carbon Border Adjustment Mechanisms, which put emissions costs on certain imported products to shield local producers against competitors from regions with laxer climate rules. Instead, it will pave the way for a waiver once the parties fulfill certain condition embedded in their domestic laws, the people said.
欧盟法律为这一举措设定了两个要求：与欧盟碳排放交易体系（ETS）完全对接，以及进行不含优惠减免的有效碳定价。一旦满足这些条件，欧盟将通过一项授权法案，将英国列入碳边境调节机制条例适用范围之外的国家名单。
The EU law sets two requirements for such a move: full linkage with its ETS and effective carbon pricing without preferential rebates. Once those are met, the EU will add the UK to a list of countries outside of the CBAM regulation scope via a delegated act.
虽然欧盟碳边境税已于今年开始实施，首个合规期限设定在9月，但英国的机制将于2027年初启动。
While the EU carbon border tax became operational this year, with the first compliance deadline set for September, the UK mechanism is to kick off at the start of 2027.
自从双方去年承诺建立对接以来，英国碳价格对欧盟碳排放交易体系市场的折价已经缩小。英国12月碳合约周五收于每吨64.81英镑，而基准欧盟配额价格为86.55欧元。
UK carbon prices have already narrowed their discount to the EU ETS market since the two parties committed last year to establishing a link. The UK carbon contract for December closed at a £64.81 per ton on Friday while benchmark EU allowances were at €86.55.
荷兰银行高级能源经济学家穆塔兹·阿尔塔格利比（Moutaz Altaghlibi）在11月5日的一份报告中写道，随着英国配额向欧盟配额靠拢，未来两年价格差距可能会进一步缩小。这意味着英国企业将不得不为配额支付更多费用。
The price gap could shrink further over the next two years, as UK allowances move closer to EU permits, Moutaz Altaghlibi, Senior Energy Economist at ABN Amro wrote in a note on Nov. 5. That would mean UK firms having to pay more for permits.
他表示：“对接这些系统还应该改善流动性，使欧洲各地的碳价格更趋一致，并降低英欧贸易中与碳边境调节机制相关的成本和繁文缛节。”
“Linking the systems should also improve liquidity, make carbon prices more consistent across Europe, and reduce CBAM-related costs and paperwork for trade between the UK and EU,” he said.
尽管重新对接碳市场的想法已经讨论多年，但英国现任首相安迪·伯内姆（Andy Burnham）也正致力于在更广泛层面上让英国拉近与欧洲的关系。
Although the idea of re-linking carbon markets has been discussed for years, Britain’s current Prime Minister Andy Burnham is also working to bring the UK closer to Europe on a broader level.
知情人士称，该协议的一个关键参数将是英国碳排放交易体系中的排放上限。欧盟预计将在2028至2030年期间承认英国系统中的排放上限。从2031年起，英国的年度配额发放量将上限设定为欧盟碳排放交易体系中发放配额的7.1%。
A key parameter in the agreement will be the cap on emissions in the UK ETS. The EU is set to recognize emissions caps in the British system in the 2028-2030 period, according to people with knowledge of the issue. From 2031, the annual UK issuance will be capped at 7.1% of permits to be issued in the EU ETS.
英国还将建立自己的市场稳定储备（MSR），这是一个欧盟已拥有十多年的机制，用于自动控制碳配额供应并缓解已经出现并对价格造成压力的配额过剩问题。当协议生效时，该储备将以至少29.5万万（原文如此：2950万）份配额起步。
The UK will also create its own Market Stability Reserve, a mechanism that the EU has had for more than a decade to automatically control the supply of carbon permits and alleviate a glut of allowances that emerged and weighed on prices. It will start with at least 29.5 million allowances when the deal enters into force.
在2030年之前，将做出有关调整的决定，以确保英国市场稳定储备中的配额数量在2029年至少相当于欧盟碳排放交易体系储备中配额的6.7%。
Before the start of 2030, a decision will be taken on adjustments to ensure that the amount of permits in the UK MSR corresponds to at least 6.7% of allowances in the EU ETS reserve in 2029.
作为协议草案的一部分，谈判代表还同意随着时间推移保持规则的一致性，英国有义务将欧洲规则纳入其法律。
As part of the draft deal, negotiators have also agreed to keep rules aligned over time, with Britain obliged to integrate European rules into its law.
该协议需要得到英国和欧盟的批准，这一程序涉及欧洲议会和欧盟理事会中的成员国。协议将在即将召开的峰会的另外两项成果——一项关于动植物卫生检疫规范的卫生与植物检疫（SPS）协议以及一项关于青年流动计划（被称为YES）的解决方案——的最后一次通报一个月后生效。双方也可以选择在协议生效前临时适用该协议。
The deal will need to be ratified by both the UK and the EU, in a procedure that involves the European Parliament and member states in the EU Council. It will enter into force a month after the last notification regarding the two other deliverables of the upcoming summit: an SPS agreement on sanitary and phytosanitary standards and a solution on a youth mobility scheme, known as YES. The parties may also choose to apply the deal on a provisional basis before its entry into force.