This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in Chi...This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.展开更多
Countries in the world have taken a variety of means to control carbon emissions based on the serious situation of global warming,the concept of low-carbon economy and the provisions about emissions in the United Nati...Countries in the world have taken a variety of means to control carbon emissions based on the serious situation of global warming,the concept of low-carbon economy and the provisions about emissions in the United Nations Framework Convention on Climate Change(UNFCCC) and the Kyoto Protocol.With the measures of emissions reductions,the system of carbon emissions trading is taking shape.It is necessary for China as the big natural resources consumption country to establish its own carbon emissions trading system.By introducing the carbon emissions trading system of the European Union,America and Japan,and analyzing the market and policies been formed,the carbon emissions trading system in China can be established from the initial configuration of the emissions rights,the subject and object of carbon emissions trading,establishing the carbon emissions trading exchange and supervising and regulating the carbon emissions trading.展开更多
Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emis...Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved.展开更多
Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot coverin...Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.展开更多
Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green ...Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green economy.Taking China’s carbon emission trading pilot as a natural experiment,the dual difference method was used to explore the carbon emission reduction effect of the pilot carbon emission trading policy on the pilot areas in China based on the panel data of 30 provinces,autonomous regions and municipalities in China from 2000 to 2019.Propensity score matching,parallel trend test and placebo test were conducted to improve the robustness of the empirical results.It is found that carbon emission trading pilot policies significantly promote carbon emission reduction in pilot areas compared with non-pilot areas.This conclusion from the benchmark regression passed the robustness test,and the carbon reduction effect showed an increasing trend year by year.With the mediation effect test,the carbon emission reduction mechanism of the pilot policy was studied.The results show that the carbon trading pilot policy reduces the carbon dioxide emission in the pilot area by promoting the upgrading of industrial structure and technological progress.展开更多
Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits...Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits,the relevant trading mechanism has been far from perfect.The perfect mechanism for international carbon emissions trading should be a revealing preference game.In other words,only if all players in this game truly show their information and preferences can the Nash outcome be Pareto efficient and fair.China should actively participate in the international carbon emissions trading game;promote efficiency,justice,rationality,and the quality of being manipulation-free in the carbon emissions market;and play a more important role in perfecting the international carbon emissions trading mechanism.展开更多
With the Kyoto Protocol entering into effect in many countries one after another,carbon trading has come into being and developed quickly.China is the main supplier of carbon emissions rights in the world,but such tra...With the Kyoto Protocol entering into effect in many countries one after another,carbon trading has come into being and developed quickly.China is the main supplier of carbon emissions rights in the world,but such transactions are still in the stage of Clean Development Mechanism (CDM) projects without its own trading system,which is not conducive for China to win the rights of carbon pricing in the international market.Low-carbon and emissions reduction is the international trend nowadays,and therefore,it is particularly necessary and urgent to investigate the issue of carbon trading in China.In this paper,the authors have reviewed Putty-Clay Vintage,which is a model of production function for carbon trading,revealing the main points,contributions and shortcomings of the model.Combined with China's national conditions,the authors have investigated the application of this model in China's carbon trading from four different angles,including enterprise production optimization,financial market development,national macro-economy,and the allocation of emission quota.This study aims to provide China's enterprises with an analytical framework when participating in carbon trading in the future and it is beneficial for them to make optimal production planning when considering the cost of carbon emissions reduction.展开更多
Based on the practical experiences of Guangdong carbon emissions trading pilot, the key issues such as cap setting, allowance alloca- tion, system defects, regulatory integration and MRV mechanisms were analyzed in th...Based on the practical experiences of Guangdong carbon emissions trading pilot, the key issues such as cap setting, allowance alloca- tion, system defects, regulatory integration and MRV mechanisms were analyzed in this paper from the localization perspective. A number of solu- tions and policy recommendations were also proposed in this study in order to solve these barriers.展开更多
In this paper,a novel multi-objective optimization model of integrated energy systems(IESs)is proposed based on the ladder-type carbon emission trading mechanism and refined load demand response strategies.First,the c...In this paper,a novel multi-objective optimization model of integrated energy systems(IESs)is proposed based on the ladder-type carbon emission trading mechanism and refined load demand response strategies.First,the carbon emission trading mechanism is introduced into the optimal scheduling of IESs,and a ladder-type carbon emission cost calculation model based on rewards and penalties is established to strictly control the carbon emissions of the system.Then,according to different response characteristics of electric load and heating load,a refined load demand response model is built based on the price elasticity matrix and substitutability of energy supply mode.On these basis,a multi-objective optimization model of IESs is established,which aims to minimize the total operating cost and the renewable energy source(RES)curtailment.Finally,based on typical case studies,the simulation results show that the proposed model can effectively improve the economic benefits of IESs and the utilization efficiency of RESs.展开更多
This study uses an input-output model presenting the embodied carbon emission in the importexport procedure, as well as the responsibility allocation between China's 35 sectors and 7 main trade partners from 1995 ...This study uses an input-output model presenting the embodied carbon emission in the importexport procedure, as well as the responsibility allocation between China's 35 sectors and 7 main trade partners from 1995 to 2011. Results indicate that the amount of carbon emissions in China's industrial sectors is immense and that the industrial sectors are in serious imbalance. Such imbalance exists mainly in textiles, basic and fabricated metal, electrical and optical equipment,and machinery, among others. Based on the consumer-responsibility principle, the responsibility of 29 departments is reduced. Correspondingly, foreign sectors become more responsible.America, as China's largest trading partner, should account for most of the total responsibility,followed by developed countries such as Japan, South Korea, and Germany.展开更多
As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. Th...As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China＇ s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models＇ results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development： trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward.展开更多
The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation ...The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.展开更多
Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the n...Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.展开更多
With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between c...With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.展开更多
In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internaliza...In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internalization,it is necessary to make innovations on the market mechanism and system,find the value of environmental capital,establish a new mode of economic growth based on environmental capital,and then transform the environmental capital,an exogenous factor of economic growth,into an endogenous factor.Of this,the key of market mechanism and system innovation is the financial innovation that is based on environmental capital and negative externality;the government defines the initial property right of environmental resources and establishes environment energy trading market,so as to guide enterprises to trade environmental resources(represented by carbon emission permit trading) based on the Clean Development Mechanism,and to vigorously develop environmental finance and carbon finance.展开更多
The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios： separated provincial markets and a linked inte...The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios： separated provincial markets and a linked inter- provincial market. The carbon abatement effects of separated and linked markets are compared using two pilot provinces of Hubei and Guangdong based on a computable general equilibrium model termed Sino- TERMCo2. Simulation results show that the linked market can improve social welfare and reduce carbon emission intensity for the nation as well as for the Hubei-Guangdong bloc compared to the separated market. However, the combined system also distributes welfare more unevenly and thus increases social inequity. On the policy ground, the current results suggest that a well-constructed, nation- wide carbon market complemented with adequate welfare transfer policies can be employed to replace the current top-down abatement target disaggregation practice.展开更多
This study focuses on the validity of carbon emission trading policies(CETP).CETP aims to adjusting the consumption structure of clean energy and promoting the transformation of green technology to achieve regional CO...This study focuses on the validity of carbon emission trading policies(CETP).CETP aims to adjusting the consumption structure of clean energy and promoting the transformation of green technology to achieve regional CO2 and SO2 reduction.Using difference-in-difference(DID)and spatial panel model,we estimated the abatement effect of CETP,the influence mechanism of regional CO2 and SO2 policies,environmental and economic compatibility with provincial panel data in China from 2005 to 2017.The results show that the CETP can effectively decrease regional CO2 and SO2 emissions in pilot areas by 19.1%and 37.0%respectively when considering spatial correlation of CO2 and SO2 emissions.From 2014 to 2017,the values of CO2 reduction effect are−0.139,−0.146,−0.187 and−0.206 respectively,indicating the abatement effect increases gradually.CETP can promote 6.1%of the ratio of clean energy consumption and 4.6%of the rate of green technology.In addition,further benefit analysis shows that CETP can improve 12.4%of regional economic output and residents'health by reducing regional CO2 and SO2 emissions,and effectively benefit high-quality economic growth.展开更多
The only joint effort area of provincial and municipal governments resides in Guangdong Province and Shenzhen City in China's carbon emission trading system(ETS) pilots,which characterize the national carbon ETS p...The only joint effort area of provincial and municipal governments resides in Guangdong Province and Shenzhen City in China's carbon emission trading system(ETS) pilots,which characterize the national carbon ETS plots.The present study on the operating experience from this area has important reference value for the national carbon ETS.Analysis and comparison of the key elements show many differences in coverage,total allowance,allowance allocation,and MRV mechanism between Guangdong and Shenzhen carbon ETS.The present study provides the following explanation:(1)the design characteristics of carbon ETS(e.g.coverage,total quotas,the allocation,and MRV mechanism) depend on the local geographical conditions and policy goals.The differences of economic structure in Guangdong Province and Shenzhen City result in different coverage,which then result in differences in other management elements.(2)The operating state of the carbon market is affected by overall design of carbon ETS:in the case of tighter total allowance,lower proportion of China Certified Emission Reductions,and harsher punishment,the carbon market is relatively active,which intends to produce carbon financial market.Based on deep analysis of operation characteristics of carbon ETS in Guangdong and Shenzhen,the present study suggests that(1)the allowance should be allocated freely at the beginning stage and then gradually transited to the voluntary paid auction;(2)the allowances assigned to companies shall be linked up with their energy-saving objectives;(3)the output fluctuations and economic influence on the allowance allocation should be properly handled to maintain the fairness and consistence of allowance allocation standards;(4)stable public expectation is one of the key elements to maintain the regular operation of carbon ETS;(5)constrained carbon emission behavior outside ETS can contribute to social justice;and(6)the improvement of professional skills of relevant personnel in the enterprise and independent third party can enhance carbon emissions data reliability.展开更多
In this paper, regulatory and optimum programming model has been adopted. Considering the costs of emission reduction, supervision and penalty, we went all out to analyze the optimal decision of cost efficiency of reg...In this paper, regulatory and optimum programming model has been adopted. Considering the costs of emission reduction, supervision and penalty, we went all out to analyze the optimal decision of cost efficiency of regulators when implementing these three policy instruments: carbon emission standards, carbon emission trading permissions, and carbon taxes as well. Its result has indicated: In strict accordance with control target of total carbon emissions, regulators are willing to render social and economic cost able to achieve the goal of optimal cost efficiency by regulating carbon emission standards and supervising marginal cost caused by variations in the probability; fortunately, under the conditions of low supervisory cost and certain criteria which is met, the implementation of carbon emission trading permissions could provide social and economic cost with opportunities to realize that objective; through comparative analysis, carbon emission trading permissions have the advantages of higher efficiency than carbon emission standards on the premise of incomplete information. During the implementation of carbon taxes strategy, when there exists uncertainty information in the enterprises reduction behaviors, the condition which enterprises can fully comply with is the tax rate level is not higher than marginal penalty function; the tax rate level of enterprises perfect compliance ought not to be lower than the division of marginal penalty cost and marginal supervisory cost. The optimal strategy of enterprises imperfect compliance is that regulators varying the marginal cost of emission standards is equal to varying that of supervisory probability.展开更多
Green technology innovation meets the dual expectation of innovative development and green development perspectives.Under the canonical demand-pull and policy-push theories,a long-term mechanism for green technology i...Green technology innovation meets the dual expectation of innovative development and green development perspectives.Under the canonical demand-pull and policy-push theories,a long-term mechanism for green technology innovation could be formed through upstream policy push and downstream demand-pull.Leveraging China's regional carbon emission trading scheme pilots as a quasi-natural experiment,this paper examines the policy-push and demand-pull effects on innovation in renewable energy patents.The data pertain to the city-level renewable energy patents from 2000 to 2020.Based upon the triple difference-in-difference method,results suggest that both policy-push and demandpull factors exert positive effects on innovation.This paper further explores the practical and theoretical implications of green technology innovation under the new development perspective.展开更多
基金supports from the National Natural Science Foundation of China(under Grants No.72073105,71903002,and 71774122)the Natural Science Foundation of Anhui Province,China(under Grant No.1908085QG309)are greatly acknowledged.
文摘This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.
基金supported by the Key Project of Sichuan Education Bureau (Grant No 09SA023)the Sichuan Oil and Gas Development Center at Southwest Petroleum University (Grant No SKB09-07)
文摘Countries in the world have taken a variety of means to control carbon emissions based on the serious situation of global warming,the concept of low-carbon economy and the provisions about emissions in the United Nations Framework Convention on Climate Change(UNFCCC) and the Kyoto Protocol.With the measures of emissions reductions,the system of carbon emissions trading is taking shape.It is necessary for China as the big natural resources consumption country to establish its own carbon emissions trading system.By introducing the carbon emissions trading system of the European Union,America and Japan,and analyzing the market and policies been formed,the carbon emissions trading system in China can be established from the initial configuration of the emissions rights,the subject and object of carbon emissions trading,establishing the carbon emissions trading exchange and supervising and regulating the carbon emissions trading.
基金funded jointly by National Science and Technology Major Project under Grant No.2016ZX05016005-003the National Natural Science Foundation of China under Grant No.71173200the Development and Research Center of China Geological Survey under Grant No.12120114056601
文摘Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved.
文摘Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.
基金supported by the National Social Science Fund of China(Grant No.19CJY046)。
文摘Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green economy.Taking China’s carbon emission trading pilot as a natural experiment,the dual difference method was used to explore the carbon emission reduction effect of the pilot carbon emission trading policy on the pilot areas in China based on the panel data of 30 provinces,autonomous regions and municipalities in China from 2000 to 2019.Propensity score matching,parallel trend test and placebo test were conducted to improve the robustness of the empirical results.It is found that carbon emission trading pilot policies significantly promote carbon emission reduction in pilot areas compared with non-pilot areas.This conclusion from the benchmark regression passed the robustness test,and the carbon reduction effect showed an increasing trend year by year.With the mediation effect test,the carbon emission reduction mechanism of the pilot policy was studied.The results show that the carbon trading pilot policy reduces the carbon dioxide emission in the pilot area by promoting the upgrading of industrial structure and technological progress.
基金This work was funded by Humanity and Social Science Youth foundation of Ministry of Education of China:Research on the Practices and Theoretical Innovation of Improving People's Wellbeing in the New Era[Grant number.18YJC710023]Major Projects of Social Science Fund of Jilin University:Research on China's Social Welfare System[Grant number.2019XXJD10]Major Projects of Trade Union of Jilin Province:Research on the Evaluation System of Harmonious Labor Relations[Grant number.2016LD007].
文摘Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits,the relevant trading mechanism has been far from perfect.The perfect mechanism for international carbon emissions trading should be a revealing preference game.In other words,only if all players in this game truly show their information and preferences can the Nash outcome be Pareto efficient and fair.China should actively participate in the international carbon emissions trading game;promote efficiency,justice,rationality,and the quality of being manipulation-free in the carbon emissions market;and play a more important role in perfecting the international carbon emissions trading mechanism.
基金funded by Project of Scientific Research and the Construction of Scientific Research Base of Beijing Municipal Education Commission, "Beijing Carbon Credit Trading Mechanism and Development Strategy"
文摘With the Kyoto Protocol entering into effect in many countries one after another,carbon trading has come into being and developed quickly.China is the main supplier of carbon emissions rights in the world,but such transactions are still in the stage of Clean Development Mechanism (CDM) projects without its own trading system,which is not conducive for China to win the rights of carbon pricing in the international market.Low-carbon and emissions reduction is the international trend nowadays,and therefore,it is particularly necessary and urgent to investigate the issue of carbon trading in China.In this paper,the authors have reviewed Putty-Clay Vintage,which is a model of production function for carbon trading,revealing the main points,contributions and shortcomings of the model.Combined with China's national conditions,the authors have investigated the application of this model in China's carbon trading from four different angles,including enterprise production optimization,financial market development,national macro-economy,and the allocation of emission quota.This study aims to provide China's enterprises with an analytical framework when participating in carbon trading in the future and it is beneficial for them to make optimal production planning when considering the cost of carbon emissions reduction.
基金Supported by the Guangdong Province Social Science Fund(NoGD11CYJ11)the Low Carbon Special Project of Guangdong Province in 2012(No.2012-044)
文摘Based on the practical experiences of Guangdong carbon emissions trading pilot, the key issues such as cap setting, allowance alloca- tion, system defects, regulatory integration and MRV mechanisms were analyzed in this paper from the localization perspective. A number of solu- tions and policy recommendations were also proposed in this study in order to solve these barriers.
基金supported by the Science and Technology Project of State Grid Corporation of China“Key Technologies and Application of Distributed Swarm Intelligent Collaborative Control and Optimization for Energy Internet”(No.52100220002B)。
文摘In this paper,a novel multi-objective optimization model of integrated energy systems(IESs)is proposed based on the ladder-type carbon emission trading mechanism and refined load demand response strategies.First,the carbon emission trading mechanism is introduced into the optimal scheduling of IESs,and a ladder-type carbon emission cost calculation model based on rewards and penalties is established to strictly control the carbon emissions of the system.Then,according to different response characteristics of electric load and heating load,a refined load demand response model is built based on the price elasticity matrix and substitutability of energy supply mode.On these basis,a multi-objective optimization model of IESs is established,which aims to minimize the total operating cost and the renewable energy source(RES)curtailment.Finally,based on typical case studies,the simulation results show that the proposed model can effectively improve the economic benefits of IESs and the utilization efficiency of RESs.
基金the National Social Science Fund of China:"Comparison and Coping Strategies of China's Carbon Emission Reduction Responsibility under Different Carbon Emission Responsibility Principles":[Grant Number 15BGJ054]the Humanities and Social Science Foundation of the Ministry of Education of China:"Research on the Calculations and Countermeasures of China's Foreign Trade Embodied Carbon Emission":[Grant Number13YJAZH122]
文摘This study uses an input-output model presenting the embodied carbon emission in the importexport procedure, as well as the responsibility allocation between China's 35 sectors and 7 main trade partners from 1995 to 2011. Results indicate that the amount of carbon emissions in China's industrial sectors is immense and that the industrial sectors are in serious imbalance. Such imbalance exists mainly in textiles, basic and fabricated metal, electrical and optical equipment,and machinery, among others. Based on the consumer-responsibility principle, the responsibility of 29 departments is reduced. Correspondingly, foreign sectors become more responsible.America, as China's largest trading partner, should account for most of the total responsibility,followed by developed countries such as Japan, South Korea, and Germany.
文摘As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China＇ s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models＇ results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development： trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward.
基金supported by Anhui Provincial Natural Science Foundation(No.2208085UD02)National Natural Science Foundation of China(No.52077061).
文摘The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.
文摘Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.
基金support was obtained from the Fundamental Research Funds for the Central Universities[Grant No.JBK2307090].
文摘With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.
基金Soft Science Project of Shanghai Science and Technology Development Fund,"Policy Research on Low Carbon Economy based on Carbon Finance Innovation and Low Carbon Industrial Chain"(Grant No.:10692103400)Project of the National Natural Science Foundation of China,"Research on Governance Strategy of Blockholders"(Grant No.:70802015)General project of Shanghai Philosophy and Social Sciences Planning,"The Main Factors that Influence China's Transformation of Economic Development Pattern in the Context of Dual Transitions"(Grant No.:2008BJL003).
文摘In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internalization,it is necessary to make innovations on the market mechanism and system,find the value of environmental capital,establish a new mode of economic growth based on environmental capital,and then transform the environmental capital,an exogenous factor of economic growth,into an endogenous factor.Of this,the key of market mechanism and system innovation is the financial innovation that is based on environmental capital and negative externality;the government defines the initial property right of environmental resources and establishes environment energy trading market,so as to guide enterprises to trade environmental resources(represented by carbon emission permit trading) based on the Clean Development Mechanism,and to vigorously develop environmental finance and carbon finance.
文摘The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios： separated provincial markets and a linked inter- provincial market. The carbon abatement effects of separated and linked markets are compared using two pilot provinces of Hubei and Guangdong based on a computable general equilibrium model termed Sino- TERMCo2. Simulation results show that the linked market can improve social welfare and reduce carbon emission intensity for the nation as well as for the Hubei-Guangdong bloc compared to the separated market. However, the combined system also distributes welfare more unevenly and thus increases social inequity. On the policy ground, the current results suggest that a well-constructed, nation- wide carbon market complemented with adequate welfare transfer policies can be employed to replace the current top-down abatement target disaggregation practice.
基金This paper was supported by the Major Projects of National Social Science Fund of China(20ZDA069)the National Natural Science Foundation of China(71573088)the Key Projects of National Social Science Fund of China(15AZD002,17AZD009).
文摘This study focuses on the validity of carbon emission trading policies(CETP).CETP aims to adjusting the consumption structure of clean energy and promoting the transformation of green technology to achieve regional CO2 and SO2 reduction.Using difference-in-difference(DID)and spatial panel model,we estimated the abatement effect of CETP,the influence mechanism of regional CO2 and SO2 policies,environmental and economic compatibility with provincial panel data in China from 2005 to 2017.The results show that the CETP can effectively decrease regional CO2 and SO2 emissions in pilot areas by 19.1%and 37.0%respectively when considering spatial correlation of CO2 and SO2 emissions.From 2014 to 2017,the values of CO2 reduction effect are−0.139,−0.146,−0.187 and−0.206 respectively,indicating the abatement effect increases gradually.CETP can promote 6.1%of the ratio of clean energy consumption and 4.6%of the rate of green technology.In addition,further benefit analysis shows that CETP can improve 12.4%of regional economic output and residents'health by reducing regional CO2 and SO2 emissions,and effectively benefit high-quality economic growth.
基金finally supported by the Ministry of Education of the People's Republic of China(MOE)Project of Humanities and Social Sciences:"Comparison the Advantages and Efficiency of Carbon Tax and Carbon Emission Trading Mechanism"[Grant Number 15YJAZH024]Guangdong Natural Science Foundation project of "Research the Synergic Relationship of Mitigation and Adaptation:Take Guangdong Province as Example"[Grant Number 2014A030313671]"The Impact of Carbon Emission Trading Scheme on Corporate Competitiveness of Power Plants in Guangdong Province"[Grant Number 2016A030313175]
文摘The only joint effort area of provincial and municipal governments resides in Guangdong Province and Shenzhen City in China's carbon emission trading system(ETS) pilots,which characterize the national carbon ETS plots.The present study on the operating experience from this area has important reference value for the national carbon ETS.Analysis and comparison of the key elements show many differences in coverage,total allowance,allowance allocation,and MRV mechanism between Guangdong and Shenzhen carbon ETS.The present study provides the following explanation:(1)the design characteristics of carbon ETS(e.g.coverage,total quotas,the allocation,and MRV mechanism) depend on the local geographical conditions and policy goals.The differences of economic structure in Guangdong Province and Shenzhen City result in different coverage,which then result in differences in other management elements.(2)The operating state of the carbon market is affected by overall design of carbon ETS:in the case of tighter total allowance,lower proportion of China Certified Emission Reductions,and harsher punishment,the carbon market is relatively active,which intends to produce carbon financial market.Based on deep analysis of operation characteristics of carbon ETS in Guangdong and Shenzhen,the present study suggests that(1)the allowance should be allocated freely at the beginning stage and then gradually transited to the voluntary paid auction;(2)the allowances assigned to companies shall be linked up with their energy-saving objectives;(3)the output fluctuations and economic influence on the allowance allocation should be properly handled to maintain the fairness and consistence of allowance allocation standards;(4)stable public expectation is one of the key elements to maintain the regular operation of carbon ETS;(5)constrained carbon emission behavior outside ETS can contribute to social justice;and(6)the improvement of professional skills of relevant personnel in the enterprise and independent third party can enhance carbon emissions data reliability.
基金Supported by the National Natural Science Foundation of China(71503178)
文摘In this paper, regulatory and optimum programming model has been adopted. Considering the costs of emission reduction, supervision and penalty, we went all out to analyze the optimal decision of cost efficiency of regulators when implementing these three policy instruments: carbon emission standards, carbon emission trading permissions, and carbon taxes as well. Its result has indicated: In strict accordance with control target of total carbon emissions, regulators are willing to render social and economic cost able to achieve the goal of optimal cost efficiency by regulating carbon emission standards and supervising marginal cost caused by variations in the probability; fortunately, under the conditions of low supervisory cost and certain criteria which is met, the implementation of carbon emission trading permissions could provide social and economic cost with opportunities to realize that objective; through comparative analysis, carbon emission trading permissions have the advantages of higher efficiency than carbon emission standards on the premise of incomplete information. During the implementation of carbon taxes strategy, when there exists uncertainty information in the enterprises reduction behaviors, the condition which enterprises can fully comply with is the tax rate level is not higher than marginal penalty function; the tax rate level of enterprises perfect compliance ought not to be lower than the division of marginal penalty cost and marginal supervisory cost. The optimal strategy of enterprises imperfect compliance is that regulators varying the marginal cost of emission standards is equal to varying that of supervisory probability.
基金sponsored by the project “Economic and Environmental Assessment of Carbon Emission Trading Scheme:Theory and Evidence from China Firm-Level Data”(No. 72073055) of the National Natural Science Foundation of ChinaQinglan Project of Jiangsu Province
文摘Green technology innovation meets the dual expectation of innovative development and green development perspectives.Under the canonical demand-pull and policy-push theories,a long-term mechanism for green technology innovation could be formed through upstream policy push and downstream demand-pull.Leveraging China's regional carbon emission trading scheme pilots as a quasi-natural experiment,this paper examines the policy-push and demand-pull effects on innovation in renewable energy patents.The data pertain to the city-level renewable energy patents from 2000 to 2020.Based upon the triple difference-in-difference method,results suggest that both policy-push and demandpull factors exert positive effects on innovation.This paper further explores the practical and theoretical implications of green technology innovation under the new development perspective.
