Activity data and emission factors are critical for estimating greenhouse gas emissions and devising effective climate change mitigation strategies. This study developed the activity data and emission factor in the Fo...Activity data and emission factors are critical for estimating greenhouse gas emissions and devising effective climate change mitigation strategies. This study developed the activity data and emission factor in the Forestry and Other Land Use Change (FOLU) subsector in Malawi. The results indicate that “forestland to cropland,” and “wetland to cropland,” were the major land use changes from the year 2000 to the year 2022. The forestland steadily declined at a rate of 13,591 ha (0.5%) per annum. Similarly, grassland declined at the rate of 1651 ha (0.5%) per annum. On the other hand, cropland, wetland, and settlements steadily increased at the rate of 8228 ha (0.14%);5257 ha (0.17%);and 1941 ha (8.1%) per annum, respectively. Furthermore, the results indicate that the “grassland to forestland” changes were higher than the “forestland to grassland” changes, suggesting that forest regrowth was occurring. On the emission factor, the results interestingly indicate that there was a significant increase in carbon sequestration in the FOLU subsector from the year 2011 to 2022. Carbon sequestration increased annually by 13.66 ± 0.17 tCO<sub>2</sub> e/ha/yr (4.6%), with an uncertainty of 2.44%. Therefore, it can be concluded that there is potential for a Carbon market in Malawi.展开更多
The lack of synergy between infrastructure financing mechanisms and mechanisms for combating climate change does not favor the definition of sustainable infrastructure in Cameroon. The definition of a sustainable infr...The lack of synergy between infrastructure financing mechanisms and mechanisms for combating climate change does not favor the definition of sustainable infrastructure in Cameroon. The definition of a sustainable infrastructure could meet the requirements of these mechanisms, thanks to the control of Greenhouse Gas (GHG) emissions during its installation, in relation to a predefined value. However, the promotion of efforts to reduce emissions from new infrastructures is not subject to a local market. This situation is a limit in the implementation of the policies defined in the Nationally Determined Contribution (NDC). This article proposes a framework for promoting reduction efforts for a national carbon market, in favor of hydroelectric infrastructures. Thanks to the Life Cycle Assessment (LCA) environmental assessment tool, we are going to determine the carbon quota for a specific power. The study carried out on the hydroelectric power station of Mekin (HydroMekin) leads us to a reduction effort of 68.2% compared to the threshold defined at 14.057 gCO<sub>2eq</sub>/kWh<sub>e</sub>. The framework, developed, contributes to defining the environmental parameters in the decarbonation strategy during the implementation of new hydroelectric infrastructures and the market carbon design elements special to the construction phase of these infrastructures.展开更多
Currently,the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed tra...Currently,the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed trading systems,how to compare the emission reduction of various markets and other issues.Since the development of the international carbon market is relatively immature with uncertain life expectancy and volatility during its short history,and there is a lack of quantitative data on the long-term record,the market could provide few risk management tools.Meanwhile,with the launches of China's regional carbon trading pilots in seven provinces since 2013 and combined with the national voluntary emission trading system,carbon trading will become an important mechanism for China in achieving its emission reduction target.In the first stage,the carbon finance market is at least faced with mechanism design risks,market supply risks and compliance risks.Therefore,to secure the development of the carbon market and for public interest,relevant government departments of China should identify the risks facing the market and should make the basic principles and goals,such as ensuring effective trading and pricing mechanisms to avoid fraud and price manipulation,and balancing transparency and confidentiality of information.Consequently,the governments should develop a comprehensive carbon finance regulatory system covering regulatory legislation,regulatory institutions and their authorities,regulatory scope as well as regulatory objects.展开更多
Decarbonization of the electricity sector is crucial to mitigate the impacts of climate change and global warming over the coming decades.The key challenges for achieving this goal are carbon emission trading and elec...Decarbonization of the electricity sector is crucial to mitigate the impacts of climate change and global warming over the coming decades.The key challenges for achieving this goal are carbon emission trading and electricity sector regulation,which are also the major components of the carbon and electricity markets,respectively.In this paper,a joint electricity and carbon market model is proposed to investigate the relationships between electricity price,carbon price,and electricity generation capacity,thereby identifying pathways toward a renewable energy transition under the transactional energy interconnection framework.The proposed model is a dynamically iterative optimization model consisting of upper-level and lower-level models.The upper-level model optimizes power generation and obtains the electricity price,which drives the lower-level model to update the carbon price and electricity generation capacity.The proposed model is verified using the Northeast Asia power grid.The results show that increasing carbon price will result in increased electricity price,along with further increases in renewable energy generation capacity in the following period.This increase in renewable energy generation will reduce reliance on carbon-emitting energy sources,and hence the carbon price will decline.Moreover,the interconnection among zones in the Northeast Asia power grid will enable reasonable allocation of zonal power generation.Carbon capture and storage (CCS) will be an effective technology to reduce the carbon emissions and further realize the emission reduction targets in 2030-2050.It eases the stress of realizing the energy transition because of the less urgency to install additional renewable energy capacity.展开更多
China is preparing to establish a nationwide carbon market in 2017, and in order to facilitate this goal, seven pilot carbon markets have been under study for the past few years. This paper summarizes the operation ex...China is preparing to establish a nationwide carbon market in 2017, and in order to facilitate this goal, seven pilot carbon markets have been under study for the past few years. This paper summarizes the operation experience and challenges of the seven pilot carbon markets in China.It has been widely accepted that the essence of a carbon market is to solve environmental problems through market mechanisms, with environmental benefit being the fundamental purpose, market mechanism being the key measure, and policies and regulations being an important guarantee for an orderly carbon market. Therefore, this paper constructs an evaluation index system composed of 34 detailed sub-indexes in three dimensions, such as environmental constraint force, market resource allocation ability, and supporting policies and facility completeness. Through analyzing the operation data from 2013 to 2016, the weights of the sub-indexes are obtained. In addition, the study obtains experts' opinions from over 10 carbon permits exchanges, consultancy firms and research institutions in China, and conducts a comprehensive evaluation on the development degree of the seven pilot carbon markets. Results show that the pilot carbon markets that include private SMEs as the covered entities for emissions control present relatively higher environmental constraint force. But too many covered entities could increase the difficulty of market performance management, while the pilots that include high energy-consuming state-owned enterprises as the entities for emissions control demonstrate a phenomenon of "high market compliance rate with low trading volume". The resource allocation capability of China's carbon market has not been effectively brought into play, and low degree of market participation has become an important constraint factor for market development. Due to the lack of laws and regulations at the national macro-level, the legally binding force of the pilot markets construction is obviously insufficient, and the supporting policies are lacking foresights.Generally, the development of China's pilot carbon markets is still in such a fragmented state as in the aspects of environment, market and policy development, and the market operation has not yet achieved the purpose of solving environmental problems through market mechanisms.Accordingly, policy recommendations pointed out by this study are that tightening the allowance of free quota and progressively increasing the auction proportion, improving legal construction,increasing the services and products of carbon finance and standardizing the order of market transactions, enhancing capacity building of local governments and promoting the participation willingness and capability of emissions control entities, will be necessary.展开更多
Estimating the carbon storage of forests is essential to support climate change mitigation and promote the transition into a low-carbon emission economy.To achieve this goal,voluntary carbon markets(VCMs)are essential...Estimating the carbon storage of forests is essential to support climate change mitigation and promote the transition into a low-carbon emission economy.To achieve this goal,voluntary carbon markets(VCMs)are essential.VCMs are promoted by a spontaneous demand,not imposed by binding targets,as the regulated ones.In Italy,only in Veneto and Piedmont Regions(Northern Italy),VCMs through forestry activities were carried out.Valle Camonica District(Northern Italy,Lombardy Region)is ready for a local VCM,but carbon storage of its forests was never estimated.The aim of this work was to estimate the total carbon storage(TCS;t C ha^−1)of forest biomass of Valle Camonica District,at the stand level,taking into account:(1)aboveground biomass,(2)belowground biomass,(3)deadwood,and(4)litter.We developed a user-friendly model,based on site-specifi c primary(measured)data,and we applied it to a dataset of 2019 stands extracted from 45 Forest Management Plans.Preliminary results showed that,in 2016,the TCS achieved 76.02 t C ha^−1.The aboveground biomass was the most relevant carbon pool(48.86 t C ha^−1;64.27%of TCS).From 2017 to 2029,through multifunctional forest management,the TCS could increase of 2.48 t C ha^−1(+3.26%).In the same period,assuming to convert coppices stands to high forests,an additional TCS of 0.78 t C ha^−1(equal to 2.85 t CO 2 ha^−1)in the aboveground biomass could be achieved without increasing forest areas.The additional carbon could be certifi ed and exchanged on a VCM,contributing to climate change mitigation at a local level.展开更多
The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbo...The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbon market auction mechanism.This article focuses on the five auction mechanisms in Chinese pilot emission trading schemes(ETS),reviews the structures and bidding situation of the five-pilot auction mechanism,extracts the similarities,and analyzes their different features,such as auction mode,bidding scale,participants,pricing mode,auction frequency,and so on.This study conducts an in-depth analysis of the carbon allowance auction mechanism in the Guangdong pilot ETS of China,including its development and the evolution of the key elements,its operational effects,and related disputes.Finally,this study puts forward the trend forecast and suggestions for the Chinese allowance auction mechanism,such as the time window of launching national allowance auctions,the most likely auction mode,carbon pricing,and bidding revenue management.Carbon pricing by auction is the most powerful policy tool for addressing carbon emissions reduction and implementing the Glasgow Climate Pact.展开更多
A new situation has emerged as a result of global climate change following the "Paris Agreement", which gives rise to new opportunities for carbon market. Carbon market as a mechanism to promote low-carbon d...A new situation has emerged as a result of global climate change following the "Paris Agreement", which gives rise to new opportunities for carbon market. Carbon market as a mechanism to promote low-carbon development has been explored both in theoretical research and practical application home and abroad for several years. However, there are still many problems to settle, such as the potential uncertainty to determine and distribute total carbon emissions, price distortions in high-carbon products and services in the market, main bodies responsible for the carbon emission in urban infrastructure, etc. All these have formed a constraint on the further development of carbon market. Through the historical analysis of the actual development of the carbon market, this paper tries to identify practical problems which should be solved urgently, and provides ideas for China to establish a unified national carbon market in 2017, which is not only the national measures to participate in the "Paris Agreement" actively, but also the implementation of China's sustainable development strategy.展开更多
On the basis of resource-based view and managerial cognition,this research aims to explore which and how organizational resources facilitate organizational willingness to participate in carbon market(WTP-CM).In partic...On the basis of resource-based view and managerial cognition,this research aims to explore which and how organizational resources facilitate organizational willingness to participate in carbon market(WTP-CM).In particular,it classifies resources into two dimensions,general resources(GR)and professional resources(PR),and investigates how these two types of resources interact with managerial interpretation and then influence organizational WTP-CM using a sample of 222 Chinese industrial firms.The findings show that environmental talents(PR)and low-carbon technologies(PR)have positive influences on organizational WTP-CM not only directly,but also indirectly through accelerating managers to interpret carbon trading as an opportunity,rather than a threat.On the contrary,only via managerial interpretation can capital reserve(GR)and environmental practices(PR)affect organizational WTP_CM positively.Furthermore,the impact of environmental practices on managerial interpretation does not depend on the performance of environmental practices(i.e.,success or failure).It means,regardless of environmental performance,the cumulation of environmental experience would promote managers to interpret carbon market as an opportunity and then advance their WTP-CM.Last,this partial mediating role of managerial interpretation between organizational resources and WTP-CM varies depending on organizational social position.Compared to centralfirms,peripheralfirms tend to be more responsive to managerial interpretation.The chain from organizational resources,to interpretation of carbon market as an opportunity,andfinally to the willingness to participate is stronger for peripheralfirms than for central ones.展开更多
The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and car...The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.展开更多
The establishment of a global multi-regional carbon market is considered to be a cost effective approach to facilitate global emission abatement and has been widely concerned.The ongoing planned linkage between the Eu...The establishment of a global multi-regional carbon market is considered to be a cost effective approach to facilitate global emission abatement and has been widely concerned.The ongoing planned linkage between the European Union's carbon market and a new emission trading system in Australia in 2015 would be an important attempt to the practice of building up an international carbon market across different regions.To understand the abatement effect of such a global carbon market and to study its energy and economic impact on different market participants,this article adopts a global dynamic computable general equilibrium model with a detailed representation of the interactions between energy and economic systems.Our model includes 20 economic sectors and 19 regions,and describes in detail 17 energy technologies.Bundled with fossil fuel consumptions,the emission permits are considered to be essential inputs in each of the production and consumption activities in the economic system to simulate global carbon market policies.Carbon emission permits are endogenously set in the model,and can be traded between sectors and regions.Considering the current development of the global carbon market,this study takes 2020 as the study period.Four scenarios(reference scenario,independent carbon market scenario,Europe Union(EUh-Australia scenario,and China-EU-Australia scenario) are designed to evaluate the impact of the global carbon market involving China,the EU,and Australia.We find that the carbon price in the three countries varies a lot,from $32/tCO_2 in Australia,to $17.5/tCO_2 in the EU,and to $10/tCO_2 in China.Though the relative emission reduction(3%) in China is lower than that in the EU(9%) and Australia(18%),the absolute emission reduction in China is far greater than that in the EU and Australia.When China is included in the carbon market,which already includes the EU and Australia,the prevailing global carbon price falls from $22 per ton carbon dioxide(CO_2) to $12/tCO_2,due to the relatively lower abatement cost in China.Seventy-one percent of the EU's and eighty-one percent of Australia's domestic reduction burden would be transferred to China,increasing 0.03%of the EU's and 0.06%of Australia's welfare.The emission constraint improves the energy efficiency of China's industry sector by 1.4%,reduces coal consumption by3.3%,and increases clean energy by 3.5%.展开更多
This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly...This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China's carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.展开更多
To sustain the upland conversion program (UCP) in China after the government compensation expires, we suggest an establishment of a domestic carbon market where forest carbon from the UCP can be traded. Taking southwe...To sustain the upland conversion program (UCP) in China after the government compensation expires, we suggest an establishment of a domestic carbon market where forest carbon from the UCP can be traded. Taking southwest China's Yunnan Province as an example, we explored the feasibility of switching the UCP to a carbon offset project. The breakeven carbon price which is equivalent to the opportunity cost of agricultural cultivation was estimated and then compared with the carbon price in the international market. We found that it is feasible to change the UCP to a carbon offset project if the duration is longer than 10 years at a discount rate of 7%, and if the recent bid price (147.2 Yuan·t-1) for Chinese carbon offset project prevails. The feasibility is better for converted land with lower productivity when the project duration is given. For a given site index, the feasibility is lower as pro-ject length is reduced. The results of sensitivity analysis show that the feasibility will be enhanced as the discount rate increases; however, the changes in the price of agricultural products and the amount of sequestered carbon have insignificant effects on the choice of sites and project duration.展开更多
China will set up a national carbon emissions trading market by the end of 2017, which is initially open to individual investors from the initial market for business and institutional investors. In this article, the m...China will set up a national carbon emissions trading market by the end of 2017, which is initially open to individual investors from the initial market for business and institutional investors. In this article, the main influencing factors and mechanism of individual participation in carbon trading market are studied by establishing multiple linear regression model. The study found that age,education level, length of account opening time, and risk attitude are the main factors influencing the participation of individual investors. Environmental awareness and environmental impact are less affected; information transparency and transaction risk also have an impact on the degree of individual investor participation; investment experience does not affect the participation of individual investors in the carbon trading market.展开更多
Emissions trading systems(ETSs)are a widely used policy tool for driving emissions reductions and serve as an avenue for international climate cooperation.Following the recent global agreement on carbon market standar...Emissions trading systems(ETSs)are a widely used policy tool for driving emissions reductions and serve as an avenue for international climate cooperation.Following the recent global agreement on carbon market standards at COP26,this study explores linked ETSs as an avenue for the U.S.and China to cooperate on climate action.The emissions,energy,and economic effects of linked ETSs are analyzed through the China-in-Global Energy Model(C-GEM),a multi-regional,computable general equilibrium model.Assuming the development of national economy-wide ETSs,two scenarios are developed linking China and the U.S.:1)a bilateral U.S.-China ETS linkage 2)a multilateral ETS linkage that includes China,the U.S.,and nations in Southeast Asia.Results indicate that emissions and energy consumption outcomes would be similar in the bilateral and multilateral scenarios.However,economic outcomes are more favorable in the multilateral linkage scenario.When China and the U.S.engage in bilateral ETS linkage,China predominantly benefits from additional support for domestic decarbonization while the U.S.benefits from increased GDP compared to without ETS linkage.Adding Southeast Asia to establish multilateral linkage improves GDP outcomes for all participants,reducing adverse effects on China's GDP while boosting GDP for the U.S.and Southeast Asia.For policymakers considering the design and implementation of international ETSs,this study presents updated modeling on the effects of ETS linkage on each country as well as the economic benefits of expanding participation to additional regions.展开更多
Influenced by the global economy,politics,energy and other factors,the price of carbon market fluctuates sharply.It is of great practical significance to explore a suitable measurement method of extreme risk of carbon...Influenced by the global economy,politics,energy and other factors,the price of carbon market fluctuates sharply.It is of great practical significance to explore a suitable measurement method of extreme risk of carbon market.Considering that the return series of carbon market has the characteristics of leptokurtosis,fat tail,skewness and multifractal,and there maybe many extreme risk values in the carbon market,this paper introduces the Skewed-t distribution which can describe the characteristics of leptokurtosis,fat tail and skewness of return series into MSM model which can describe multifractal characteristic of return series to model volatility of carbon market.On the basis,based on the extreme value theory,this paper constructs Skewed-t-MSM-EVT model to measure extreme risk of carbon market.This paper chooses EUA market as the object to study extreme risk of carbon market,and draws the following conclusions:Skewed-t-MSM-EVT model has significantly higher prediction accuracy for carbon market's Va R than MSM-EVT models under other distributions(including normal distribution,t distribution,GED distribution);Skewed-t-MSM-EVT model is superior to traditional Skewed-t-FIGARCH-EVT and Skewed-t-GARCH-EVT models in predicting carbon market's Va R.This research has important practical significance for accurately grasping the risk of carbon market and promoting energy conservation and emission reduction.展开更多
China has been making efforts to improve climate changes which have drawn international attentions since China formally signed UN Climate Change Framework in 1992 and ratified Kyoto Protocol in August 2002. The area o...China has been making efforts to improve climate changes which have drawn international attentions since China formally signed UN Climate Change Framework in 1992 and ratified Kyoto Protocol in August 2002. The area of China’s forest plantation ranks the first at present so global close attention is paid to forest carbon market in China. This article introduces that 5 110 million t of carbon dioxide equivalent have been sequestrated by China’s forest during 1980 to 2005, China will have 4.2 billion t of carbon dioxide emission reduction market potential and contribute more forest carbon credits to the international community.展开更多
Carbon market,which is capable of scientific quantifying and marked-based pricing of carbon emission,is an important way for countries to achieve the target of carbon emission reduction.The global carbon market,after ...Carbon market,which is capable of scientific quantifying and marked-based pricing of carbon emission,is an important way for countries to achieve the target of carbon emission reduction.The global carbon market,after more than ten years of development,has developed a mature mechanism.China started the trial of carbon market in 2011.After ten years of exploration,the national carbon trading market was officially launched in mid-July 2021.Against the backdrop of carbon neutrality,the national carbon market will shoulder a greater mission of carbon emission reduction and speed up its financialization and internationalization.However,it should take a dialectical attitude toward the opportunities and risks of carbon market financialization.In the future,China can promote the development of carbon market through efforts to develop market participants,clarify the attributes of carbon finance,prevent potential risks of carbon finance,improve the connection mechanism with the international carbon market,and innovate carbon finance services.展开更多
China has always tried to maintain multilateralism and advocated working together to deal with global climate change through multilateral mechanisms.Although China's announcement to peak its carbon emissions by 20...China has always tried to maintain multilateralism and advocated working together to deal with global climate change through multilateral mechanisms.Although China's announcement to peak its carbon emissions by 2030 comes as no surprise,its commitment to carbon neutrality does.As the period between its carbon peaking and carbon neutrality is far shorter than that in the developed countries,China's economic and energy structures need to be adjusted toward the low-carbon and carbon-free end with unprecedented efforts.To that end,China should define the responsibilities of local authorities and industrial entities to promote the orderly accomplishment of carbon peaking in all regions and industries.To supply the huge investments needed to achieve the goals of carbon peaking and carbon neutrality,China has an urgent need to accelerate the development of green finance and a national carbon emissions trading market,guide the rational allocation of resources,and channel resources to eco-friendly projects for green and low-carbon development.At the same time,China and the international community should strengthen dialogue and coordination,promote international cooperation on the way to carbon neutrality,formulate widely acceptable policy guidelines as soon as possible,and avoid unilateral measures that may cause conflicts.展开更多
文摘Activity data and emission factors are critical for estimating greenhouse gas emissions and devising effective climate change mitigation strategies. This study developed the activity data and emission factor in the Forestry and Other Land Use Change (FOLU) subsector in Malawi. The results indicate that “forestland to cropland,” and “wetland to cropland,” were the major land use changes from the year 2000 to the year 2022. The forestland steadily declined at a rate of 13,591 ha (0.5%) per annum. Similarly, grassland declined at the rate of 1651 ha (0.5%) per annum. On the other hand, cropland, wetland, and settlements steadily increased at the rate of 8228 ha (0.14%);5257 ha (0.17%);and 1941 ha (8.1%) per annum, respectively. Furthermore, the results indicate that the “grassland to forestland” changes were higher than the “forestland to grassland” changes, suggesting that forest regrowth was occurring. On the emission factor, the results interestingly indicate that there was a significant increase in carbon sequestration in the FOLU subsector from the year 2011 to 2022. Carbon sequestration increased annually by 13.66 ± 0.17 tCO<sub>2</sub> e/ha/yr (4.6%), with an uncertainty of 2.44%. Therefore, it can be concluded that there is potential for a Carbon market in Malawi.
文摘The lack of synergy between infrastructure financing mechanisms and mechanisms for combating climate change does not favor the definition of sustainable infrastructure in Cameroon. The definition of a sustainable infrastructure could meet the requirements of these mechanisms, thanks to the control of Greenhouse Gas (GHG) emissions during its installation, in relation to a predefined value. However, the promotion of efforts to reduce emissions from new infrastructures is not subject to a local market. This situation is a limit in the implementation of the policies defined in the Nationally Determined Contribution (NDC). This article proposes a framework for promoting reduction efforts for a national carbon market, in favor of hydroelectric infrastructures. Thanks to the Life Cycle Assessment (LCA) environmental assessment tool, we are going to determine the carbon quota for a specific power. The study carried out on the hydroelectric power station of Mekin (HydroMekin) leads us to a reduction effort of 68.2% compared to the threshold defined at 14.057 gCO<sub>2eq</sub>/kWh<sub>e</sub>. The framework, developed, contributes to defining the environmental parameters in the decarbonation strategy during the implementation of new hydroelectric infrastructures and the market carbon design elements special to the construction phase of these infrastructures.
基金supported by National Social Science Fund project"The study of carbon finance mechanisms supporting the development of low-carbon economy"[grant number10CJY076]Beijing Philosophy and Social Science Project"The market pricing mechanism and price management strategy of carbon emission in Beijing"[grant number 13JGC068]+2 种基金National Science&Technology Pillar Program"The research of key support policies and techniques in green low-carbon development in China"[grant number 2012BAC20B08]grant project from China Clean Development Mechanism Fund in the Ministry of Finance:"The study of financing,strategies,mechanism and policy system addressing climate change in China"[grant number 2012064]the project of research innovation teams in Central University of Finance and Economics and China Financial Development Collaborative Innovation Center
文摘Currently,the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed trading systems,how to compare the emission reduction of various markets and other issues.Since the development of the international carbon market is relatively immature with uncertain life expectancy and volatility during its short history,and there is a lack of quantitative data on the long-term record,the market could provide few risk management tools.Meanwhile,with the launches of China's regional carbon trading pilots in seven provinces since 2013 and combined with the national voluntary emission trading system,carbon trading will become an important mechanism for China in achieving its emission reduction target.In the first stage,the carbon finance market is at least faced with mechanism design risks,market supply risks and compliance risks.Therefore,to secure the development of the carbon market and for public interest,relevant government departments of China should identify the risks facing the market and should make the basic principles and goals,such as ensuring effective trading and pricing mechanisms to avoid fraud and price manipulation,and balancing transparency and confidentiality of information.Consequently,the governments should develop a comprehensive carbon finance regulatory system covering regulatory legislation,regulatory institutions and their authorities,regulatory scope as well as regulatory objects.
基金supported in part by National Key Research and Development Program of China(2016YFB0901900)the Science and Technology Foundation of GEIDCO(SGGEIG00JYJS1900016)
文摘Decarbonization of the electricity sector is crucial to mitigate the impacts of climate change and global warming over the coming decades.The key challenges for achieving this goal are carbon emission trading and electricity sector regulation,which are also the major components of the carbon and electricity markets,respectively.In this paper,a joint electricity and carbon market model is proposed to investigate the relationships between electricity price,carbon price,and electricity generation capacity,thereby identifying pathways toward a renewable energy transition under the transactional energy interconnection framework.The proposed model is a dynamically iterative optimization model consisting of upper-level and lower-level models.The upper-level model optimizes power generation and obtains the electricity price,which drives the lower-level model to update the carbon price and electricity generation capacity.The proposed model is verified using the Northeast Asia power grid.The results show that increasing carbon price will result in increased electricity price,along with further increases in renewable energy generation capacity in the following period.This increase in renewable energy generation will reduce reliance on carbon-emitting energy sources,and hence the carbon price will decline.Moreover,the interconnection among zones in the Northeast Asia power grid will enable reasonable allocation of zonal power generation.Carbon capture and storage (CCS) will be an effective technology to reduce the carbon emissions and further realize the emission reduction targets in 2030-2050.It eases the stress of realizing the energy transition because of the less urgency to install additional renewable energy capacity.
基金supported by National Natural Science Foundation of China "Modelling Carbon Price Drivers with Optimized Smart Methods"[Grant number:71101133]The key program of National Social Science Foundation of China "Research on the maturity of China's carbon market and environmental regulation policy"[Grant number:14AZD051]Program for New Century Excellent Talents in University "Carbon finance innovation-Research on the price formation mechanism of international carbon market"[Grant number:NCET-11-0725]
文摘China is preparing to establish a nationwide carbon market in 2017, and in order to facilitate this goal, seven pilot carbon markets have been under study for the past few years. This paper summarizes the operation experience and challenges of the seven pilot carbon markets in China.It has been widely accepted that the essence of a carbon market is to solve environmental problems through market mechanisms, with environmental benefit being the fundamental purpose, market mechanism being the key measure, and policies and regulations being an important guarantee for an orderly carbon market. Therefore, this paper constructs an evaluation index system composed of 34 detailed sub-indexes in three dimensions, such as environmental constraint force, market resource allocation ability, and supporting policies and facility completeness. Through analyzing the operation data from 2013 to 2016, the weights of the sub-indexes are obtained. In addition, the study obtains experts' opinions from over 10 carbon permits exchanges, consultancy firms and research institutions in China, and conducts a comprehensive evaluation on the development degree of the seven pilot carbon markets. Results show that the pilot carbon markets that include private SMEs as the covered entities for emissions control present relatively higher environmental constraint force. But too many covered entities could increase the difficulty of market performance management, while the pilots that include high energy-consuming state-owned enterprises as the entities for emissions control demonstrate a phenomenon of "high market compliance rate with low trading volume". The resource allocation capability of China's carbon market has not been effectively brought into play, and low degree of market participation has become an important constraint factor for market development. Due to the lack of laws and regulations at the national macro-level, the legally binding force of the pilot markets construction is obviously insufficient, and the supporting policies are lacking foresights.Generally, the development of China's pilot carbon markets is still in such a fragmented state as in the aspects of environment, market and policy development, and the market operation has not yet achieved the purpose of solving environmental problems through market mechanisms.Accordingly, policy recommendations pointed out by this study are that tightening the allowance of free quota and progressively increasing the auction proportion, improving legal construction,increasing the services and products of carbon finance and standardizing the order of market transactions, enhancing capacity building of local governments and promoting the participation willingness and capability of emissions control entities, will be necessary.
基金The study is part of a PhD Research Project funded by the Italian Ministry of Education,University and Research(MIUR).
文摘Estimating the carbon storage of forests is essential to support climate change mitigation and promote the transition into a low-carbon emission economy.To achieve this goal,voluntary carbon markets(VCMs)are essential.VCMs are promoted by a spontaneous demand,not imposed by binding targets,as the regulated ones.In Italy,only in Veneto and Piedmont Regions(Northern Italy),VCMs through forestry activities were carried out.Valle Camonica District(Northern Italy,Lombardy Region)is ready for a local VCM,but carbon storage of its forests was never estimated.The aim of this work was to estimate the total carbon storage(TCS;t C ha^−1)of forest biomass of Valle Camonica District,at the stand level,taking into account:(1)aboveground biomass,(2)belowground biomass,(3)deadwood,and(4)litter.We developed a user-friendly model,based on site-specifi c primary(measured)data,and we applied it to a dataset of 2019 stands extracted from 45 Forest Management Plans.Preliminary results showed that,in 2016,the TCS achieved 76.02 t C ha^−1.The aboveground biomass was the most relevant carbon pool(48.86 t C ha^−1;64.27%of TCS).From 2017 to 2029,through multifunctional forest management,the TCS could increase of 2.48 t C ha^−1(+3.26%).In the same period,assuming to convert coppices stands to high forests,an additional TCS of 0.78 t C ha^−1(equal to 2.85 t CO 2 ha^−1)in the aboveground biomass could be achieved without increasing forest areas.The additional carbon could be certifi ed and exchanged on a VCM,contributing to climate change mitigation at a local level.
基金supported by Shenzhen Philosophy and Social Sciences Planning in 2021[Grant No.SZ2021A006]the Basic Theoretical Research in the 13th Five Year Plan of Guangdong Philosophy and Social Sciences in 2020[Grant No.GD20 YDXZGL09]and the Characteristic Innovation Projects of Guangdong Universities in China[Grant No.2021WTSCX035].
文摘The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbon market auction mechanism.This article focuses on the five auction mechanisms in Chinese pilot emission trading schemes(ETS),reviews the structures and bidding situation of the five-pilot auction mechanism,extracts the similarities,and analyzes their different features,such as auction mode,bidding scale,participants,pricing mode,auction frequency,and so on.This study conducts an in-depth analysis of the carbon allowance auction mechanism in the Guangdong pilot ETS of China,including its development and the evolution of the key elements,its operational effects,and related disputes.Finally,this study puts forward the trend forecast and suggestions for the Chinese allowance auction mechanism,such as the time window of launching national allowance auctions,the most likely auction mode,carbon pricing,and bidding revenue management.Carbon pricing by auction is the most powerful policy tool for addressing carbon emissions reduction and implementing the Glasgow Climate Pact.
基金supported by the Major Projects of the National Social Science Fund (Grant No.15ZDA055)Science Foundation of Hebei Province (Grant No. D2016501095)Scientific Research Foundation (Humanities and Social Science Key Project) of Northeastern University at Qinhuangdao, 2016 (Grant No. NR201602)
文摘A new situation has emerged as a result of global climate change following the "Paris Agreement", which gives rise to new opportunities for carbon market. Carbon market as a mechanism to promote low-carbon development has been explored both in theoretical research and practical application home and abroad for several years. However, there are still many problems to settle, such as the potential uncertainty to determine and distribute total carbon emissions, price distortions in high-carbon products and services in the market, main bodies responsible for the carbon emission in urban infrastructure, etc. All these have formed a constraint on the further development of carbon market. Through the historical analysis of the actual development of the carbon market, this paper tries to identify practical problems which should be solved urgently, and provides ideas for China to establish a unified national carbon market in 2017, which is not only the national measures to participate in the "Paris Agreement" actively, but also the implementation of China's sustainable development strategy.
基金This research 1s supported by the Innovation Social Science Foundation of Anhui Province,China(Grant No.2018CX142).
文摘On the basis of resource-based view and managerial cognition,this research aims to explore which and how organizational resources facilitate organizational willingness to participate in carbon market(WTP-CM).In particular,it classifies resources into two dimensions,general resources(GR)and professional resources(PR),and investigates how these two types of resources interact with managerial interpretation and then influence organizational WTP-CM using a sample of 222 Chinese industrial firms.The findings show that environmental talents(PR)and low-carbon technologies(PR)have positive influences on organizational WTP-CM not only directly,but also indirectly through accelerating managers to interpret carbon trading as an opportunity,rather than a threat.On the contrary,only via managerial interpretation can capital reserve(GR)and environmental practices(PR)affect organizational WTP_CM positively.Furthermore,the impact of environmental practices on managerial interpretation does not depend on the performance of environmental practices(i.e.,success or failure).It means,regardless of environmental performance,the cumulation of environmental experience would promote managers to interpret carbon market as an opportunity and then advance their WTP-CM.Last,this partial mediating role of managerial interpretation between organizational resources and WTP-CM varies depending on organizational social position.Compared to centralfirms,peripheralfirms tend to be more responsive to managerial interpretation.The chain from organizational resources,to interpretation of carbon market as an opportunity,andfinally to the willingness to participate is stronger for peripheralfirms than for central ones.
文摘The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.
文摘The establishment of a global multi-regional carbon market is considered to be a cost effective approach to facilitate global emission abatement and has been widely concerned.The ongoing planned linkage between the European Union's carbon market and a new emission trading system in Australia in 2015 would be an important attempt to the practice of building up an international carbon market across different regions.To understand the abatement effect of such a global carbon market and to study its energy and economic impact on different market participants,this article adopts a global dynamic computable general equilibrium model with a detailed representation of the interactions between energy and economic systems.Our model includes 20 economic sectors and 19 regions,and describes in detail 17 energy technologies.Bundled with fossil fuel consumptions,the emission permits are considered to be essential inputs in each of the production and consumption activities in the economic system to simulate global carbon market policies.Carbon emission permits are endogenously set in the model,and can be traded between sectors and regions.Considering the current development of the global carbon market,this study takes 2020 as the study period.Four scenarios(reference scenario,independent carbon market scenario,Europe Union(EUh-Australia scenario,and China-EU-Australia scenario) are designed to evaluate the impact of the global carbon market involving China,the EU,and Australia.We find that the carbon price in the three countries varies a lot,from $32/tCO_2 in Australia,to $17.5/tCO_2 in the EU,and to $10/tCO_2 in China.Though the relative emission reduction(3%) in China is lower than that in the EU(9%) and Australia(18%),the absolute emission reduction in China is far greater than that in the EU and Australia.When China is included in the carbon market,which already includes the EU and Australia,the prevailing global carbon price falls from $22 per ton carbon dioxide(CO_2) to $12/tCO_2,due to the relatively lower abatement cost in China.Seventy-one percent of the EU's and eighty-one percent of Australia's domestic reduction burden would be transferred to China,increasing 0.03%of the EU's and 0.06%of Australia's welfare.The emission constraint improves the energy efficiency of China's industry sector by 1.4%,reduces coal consumption by3.3%,and increases clean energy by 3.5%.
文摘This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China's carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.
文摘To sustain the upland conversion program (UCP) in China after the government compensation expires, we suggest an establishment of a domestic carbon market where forest carbon from the UCP can be traded. Taking southwest China's Yunnan Province as an example, we explored the feasibility of switching the UCP to a carbon offset project. The breakeven carbon price which is equivalent to the opportunity cost of agricultural cultivation was estimated and then compared with the carbon price in the international market. We found that it is feasible to change the UCP to a carbon offset project if the duration is longer than 10 years at a discount rate of 7%, and if the recent bid price (147.2 Yuan·t-1) for Chinese carbon offset project prevails. The feasibility is better for converted land with lower productivity when the project duration is given. For a given site index, the feasibility is lower as pro-ject length is reduced. The results of sensitivity analysis show that the feasibility will be enhanced as the discount rate increases; however, the changes in the price of agricultural products and the amount of sequestered carbon have insignificant effects on the choice of sites and project duration.
文摘China will set up a national carbon emissions trading market by the end of 2017, which is initially open to individual investors from the initial market for business and institutional investors. In this article, the main influencing factors and mechanism of individual participation in carbon trading market are studied by establishing multiple linear regression model. The study found that age,education level, length of account opening time, and risk attitude are the main factors influencing the participation of individual investors. Environmental awareness and environmental impact are less affected; information transparency and transaction risk also have an impact on the degree of individual investor participation; investment experience does not affect the participation of individual investors in the carbon trading market.
基金funding support from the National Key R&D Program of China(2017YFA0605302,2017YFA0605304)。
文摘Emissions trading systems(ETSs)are a widely used policy tool for driving emissions reductions and serve as an avenue for international climate cooperation.Following the recent global agreement on carbon market standards at COP26,this study explores linked ETSs as an avenue for the U.S.and China to cooperate on climate action.The emissions,energy,and economic effects of linked ETSs are analyzed through the China-in-Global Energy Model(C-GEM),a multi-regional,computable general equilibrium model.Assuming the development of national economy-wide ETSs,two scenarios are developed linking China and the U.S.:1)a bilateral U.S.-China ETS linkage 2)a multilateral ETS linkage that includes China,the U.S.,and nations in Southeast Asia.Results indicate that emissions and energy consumption outcomes would be similar in the bilateral and multilateral scenarios.However,economic outcomes are more favorable in the multilateral linkage scenario.When China and the U.S.engage in bilateral ETS linkage,China predominantly benefits from additional support for domestic decarbonization while the U.S.benefits from increased GDP compared to without ETS linkage.Adding Southeast Asia to establish multilateral linkage improves GDP outcomes for all participants,reducing adverse effects on China's GDP while boosting GDP for the U.S.and Southeast Asia.For policymakers considering the design and implementation of international ETSs,this study presents updated modeling on the effects of ETS linkage on each country as well as the economic benefits of expanding participation to additional regions.
基金supported by the National Natural Science Foundation of China under Grant No.71971071。
文摘Influenced by the global economy,politics,energy and other factors,the price of carbon market fluctuates sharply.It is of great practical significance to explore a suitable measurement method of extreme risk of carbon market.Considering that the return series of carbon market has the characteristics of leptokurtosis,fat tail,skewness and multifractal,and there maybe many extreme risk values in the carbon market,this paper introduces the Skewed-t distribution which can describe the characteristics of leptokurtosis,fat tail and skewness of return series into MSM model which can describe multifractal characteristic of return series to model volatility of carbon market.On the basis,based on the extreme value theory,this paper constructs Skewed-t-MSM-EVT model to measure extreme risk of carbon market.This paper chooses EUA market as the object to study extreme risk of carbon market,and draws the following conclusions:Skewed-t-MSM-EVT model has significantly higher prediction accuracy for carbon market's Va R than MSM-EVT models under other distributions(including normal distribution,t distribution,GED distribution);Skewed-t-MSM-EVT model is superior to traditional Skewed-t-FIGARCH-EVT and Skewed-t-GARCH-EVT models in predicting carbon market's Va R.This research has important practical significance for accurately grasping the risk of carbon market and promoting energy conservation and emission reduction.
文摘China has been making efforts to improve climate changes which have drawn international attentions since China formally signed UN Climate Change Framework in 1992 and ratified Kyoto Protocol in August 2002. The area of China’s forest plantation ranks the first at present so global close attention is paid to forest carbon market in China. This article introduces that 5 110 million t of carbon dioxide equivalent have been sequestrated by China’s forest during 1980 to 2005, China will have 4.2 billion t of carbon dioxide emission reduction market potential and contribute more forest carbon credits to the international community.
文摘Carbon market,which is capable of scientific quantifying and marked-based pricing of carbon emission,is an important way for countries to achieve the target of carbon emission reduction.The global carbon market,after more than ten years of development,has developed a mature mechanism.China started the trial of carbon market in 2011.After ten years of exploration,the national carbon trading market was officially launched in mid-July 2021.Against the backdrop of carbon neutrality,the national carbon market will shoulder a greater mission of carbon emission reduction and speed up its financialization and internationalization.However,it should take a dialectical attitude toward the opportunities and risks of carbon market financialization.In the future,China can promote the development of carbon market through efforts to develop market participants,clarify the attributes of carbon finance,prevent potential risks of carbon finance,improve the connection mechanism with the international carbon market,and innovate carbon finance services.
基金phased result of the major project of the National Natural Science Foundation of China"Key Issues Regarding the Science of Management and Policy Study amid Green and Low-carbon Transition"(No.71690243).
文摘China has always tried to maintain multilateralism and advocated working together to deal with global climate change through multilateral mechanisms.Although China's announcement to peak its carbon emissions by 2030 comes as no surprise,its commitment to carbon neutrality does.As the period between its carbon peaking and carbon neutrality is far shorter than that in the developed countries,China's economic and energy structures need to be adjusted toward the low-carbon and carbon-free end with unprecedented efforts.To that end,China should define the responsibilities of local authorities and industrial entities to promote the orderly accomplishment of carbon peaking in all regions and industries.To supply the huge investments needed to achieve the goals of carbon peaking and carbon neutrality,China has an urgent need to accelerate the development of green finance and a national carbon emissions trading market,guide the rational allocation of resources,and channel resources to eco-friendly projects for green and low-carbon development.At the same time,China and the international community should strengthen dialogue and coordination,promote international cooperation on the way to carbon neutrality,formulate widely acceptable policy guidelines as soon as possible,and avoid unilateral measures that may cause conflicts.
