There are two points of view on the nature of right to emit GHGs: a new type of regulatory tools or a special property right. In the legislative practice, right to emit GHGs is mainly deemed as a tool for governmental regulation. From the perspective of ecosystem services, right to emit GHGs is the right to access ecosystem services, and should be treated as a property right. According to view of new property rights, right to emit GHGs is a regulatory right of public and private attribute to address the tragedy of commons in climate domain.