低炭素 綠色成長 인프라 構築을 위한 온실가스 排出權 去來制度에 관한 硏究 － 排出權의 法的 性格과 資本市場法上 爭點을 中心으로 －

The 1997 Kyoto Protocol introduced three new flexible mechanisms to assist developed country parties in achieving their agreed emission limitation on commitments under the UN Framework Convention on Climate Change: joint implementation(JI), the clean development mechanism(CDM) and international emissions trading(IET). Since Korea's total volume of greenhouse gas emission reached the ninth largest in the world, it seems to be inevitable for Korea to be designated as Annex I country(developed country) in 2013. In order to meet those challenges Korea enacted the Basic Act of Low Carbon and Green Development in 2010 and introduced the Draft to Greenhouse Gas Emission Transaction Act in 2011. This article deals with legal issues on the Draft to Greenhouse Gas Emission Transaction Act. It reviews the definitions of emission allowance which are adopted under international rules and domestic legislation. Also it analyzes the legal nature of emission allowance and compares each legal opinion’s merits and demerits. Especially this article discusses whether the emission allowance has property rights or not. Also legal issues under the Capital Market and Financial Investment Business Act are analyzed. Especially whether the emission allowance meets the requirements for financial instrument, securities, derivatives, consolidated derivatives.