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
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
Based on increasingly grim situation of carbon emissions in China,air pollution control and carbon emission reduction are very important. Therefore,combining with China's specific national conditions,we should exp...Based on increasingly grim situation of carbon emissions in China,air pollution control and carbon emission reduction are very important. Therefore,combining with China's specific national conditions,we should explore the market mechanisms to control air pollution and reduce carbon emissions in China. The achievement of the carbon emission reduction purpose needs to establish the carbon trade market based on intensity emission reduction and suitable for China's national conditions. By setting the cross-industry,cross-region and cross-time carbon trade scenarios in China,this paper tries to study the market mechanism of carbon intensity trade among industries and regions and based on carbon finance mechanism.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
With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valua...With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valuable commodity are getting larger. The development and perfection of carbon finance market has become an important realistic subject under low-carbon economy background. China's carbon finance market is still immature,and lacks the relevant law and government supports and mature intermediary agency; the construction of carbon trading platform is imperfect; it lacks carbon finance products and understanding on carbon finance. To better develop China's carbon finance market,development statuses of carbon finance markets at home and abroad are contrasted from three aspects: legal environment of carbon finance,trading condition of carbon finance and carbon finance business of financial institution,and their difference is analyzed. By referring to foreign development experience,the relevant policy measures of promoting and perfecting carbon finance market in China are proposed.展开更多
In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amount...In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amounts of CO2 emissions rights, regulating the market and trading them at a reasonable price. The emission trading system is developing slowly in most of the participating provinces and cities. Prices tend to decline, while volumes trading slowly increase. The volatility is partially the result of regulation (the rights need to be renewed before a certain date) and partially due to government interventions in the market. Based on the assessment, recommendations are provided for China implementing a national carbon market, based on the experiences and lessons learnt from the seven local carbon emission trading schemes. Conditions for China to roll out the system and later improve the national emission trading scheme to replace the existing local emission trading schemes are formulated.展开更多
Given the arduous progress in the international talk on climate change mitigation,there is still uncertainty in the continuation of the Clean Development Mechanism(CDM) after 2012.However,a number of countries have re...Given the arduous progress in the international talk on climate change mitigation,there is still uncertainty in the continuation of the Clean Development Mechanism(CDM) after 2012.However,a number of countries have regarded market mechanisms as an important approach towards climate change.China's 12 th Five-year Plan on National Economic and Social Development clearly states that China will set up and improve the system for statistical accounting of greenhouse gas emission and will gradually establish an emission trading scheme.It is expected that in the following couple of years China will develop its own policies on carbon trading and gradually establish its domestic emission trading market.The construction of China carbon market is to be promoted in a voluntary-to-mandatory and regional-to-national manner.China will firstly standardize and promote the trading of voluntary emission reductions,and will then encourage pilot provinces and cities as well as some key industries to implement a policy on emission allowance trading while at the same time facilitating the construction of infrastructural facilities for carbon market operation including climate change legislation and setting up a system for the measurement and verification of carbon emissions.China will also carry out international or bilateral cooperation with foreign carbon trading schemes based on the progress of international negotiation so as to set up a unified domestic carbon market that is linked to international carbon trading schemes.展开更多
The Tibetan,Han and other ethnic people in Tibetan Autonomous Region labored hard to protect the forests and steppes and produce invisible ecological products. The forests and steppes in Qinghai- Tibet Plateau conserv...The Tibetan,Han and other ethnic people in Tibetan Autonomous Region labored hard to protect the forests and steppes and produce invisible ecological products. The forests and steppes in Qinghai- Tibet Plateau conserved water and added the Jinsha River. In order to achieve sustainable development,it needs to construct compensating mechanism inter Provinces between the upper Yangtze River and the middle and lower Yangtze River,to implement carbon sink trading,and to assist farmers and herdsmen in the Tibet to get rich as soon as possible.展开更多
The use of market-based mechanisms is a cost-effective way to reduce carbon emissions. The present paper reviews the global carbon market, focusing mainly on its structure and price features, and analyzes the role of ...The use of market-based mechanisms is a cost-effective way to reduce carbon emissions. The present paper reviews the global carbon market, focusing mainly on its structure and price features, and analyzes the role of China in the global carbon market. China is playing a leading role in the pursuit of sustainable development, which can account for its lagging behind in the Clean Development Mechanism. The paper discusses the opportunities and challenges for China undertaking the Clean Development Mechanism project in the future.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
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.
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.
基金Supported by National Social Science Fund,China(12CJY034)
文摘Based on increasingly grim situation of carbon emissions in China,air pollution control and carbon emission reduction are very important. Therefore,combining with China's specific national conditions,we should explore the market mechanisms to control air pollution and reduce carbon emissions in China. The achievement of the carbon emission reduction purpose needs to establish the carbon trade market based on intensity emission reduction and suitable for China's national conditions. By setting the cross-industry,cross-region and cross-time carbon trade scenarios in China,this paper tries to study the market mechanism of carbon intensity trade among industries and regions and based on carbon finance mechanism.
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With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valuable commodity are getting larger. The development and perfection of carbon finance market has become an important realistic subject under low-carbon economy background. China's carbon finance market is still immature,and lacks the relevant law and government supports and mature intermediary agency; the construction of carbon trading platform is imperfect; it lacks carbon finance products and understanding on carbon finance. To better develop China's carbon finance market,development statuses of carbon finance markets at home and abroad are contrasted from three aspects: legal environment of carbon finance,trading condition of carbon finance and carbon finance business of financial institution,and their difference is analyzed. By referring to foreign development experience,the relevant policy measures of promoting and perfecting carbon finance market in China are proposed.
基金supported by National Key Social Science Research Project(11&ZD042)Forestry Public Welfare Scientific Research Project of the State Forestry Administration in China(200904003)DAAD-K.C.Wong Postdoctoral Fellowship Programme,Germany
文摘In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amounts of CO2 emissions rights, regulating the market and trading them at a reasonable price. The emission trading system is developing slowly in most of the participating provinces and cities. Prices tend to decline, while volumes trading slowly increase. The volatility is partially the result of regulation (the rights need to be renewed before a certain date) and partially due to government interventions in the market. Based on the assessment, recommendations are provided for China implementing a national carbon market, based on the experiences and lessons learnt from the seven local carbon emission trading schemes. Conditions for China to roll out the system and later improve the national emission trading scheme to replace the existing local emission trading schemes are formulated.
文摘Given the arduous progress in the international talk on climate change mitigation,there is still uncertainty in the continuation of the Clean Development Mechanism(CDM) after 2012.However,a number of countries have regarded market mechanisms as an important approach towards climate change.China's 12 th Five-year Plan on National Economic and Social Development clearly states that China will set up and improve the system for statistical accounting of greenhouse gas emission and will gradually establish an emission trading scheme.It is expected that in the following couple of years China will develop its own policies on carbon trading and gradually establish its domestic emission trading market.The construction of China carbon market is to be promoted in a voluntary-to-mandatory and regional-to-national manner.China will firstly standardize and promote the trading of voluntary emission reductions,and will then encourage pilot provinces and cities as well as some key industries to implement a policy on emission allowance trading while at the same time facilitating the construction of infrastructural facilities for carbon market operation including climate change legislation and setting up a system for the measurement and verification of carbon emissions.China will also carry out international or bilateral cooperation with foreign carbon trading schemes based on the progress of international negotiation so as to set up a unified domestic carbon market that is linked to international carbon trading schemes.
基金Supported by the Major and Special Entrust Project of National Social Science Fund(XZ1111)the Planning Fund Project of Ministry of Education(10YJAZH08)
文摘The Tibetan,Han and other ethnic people in Tibetan Autonomous Region labored hard to protect the forests and steppes and produce invisible ecological products. The forests and steppes in Qinghai- Tibet Plateau conserved water and added the Jinsha River. In order to achieve sustainable development,it needs to construct compensating mechanism inter Provinces between the upper Yangtze River and the middle and lower Yangtze River,to implement carbon sink trading,and to assist farmers and herdsmen in the Tibet to get rich as soon as possible.
文摘The use of market-based mechanisms is a cost-effective way to reduce carbon emissions. The present paper reviews the global carbon market, focusing mainly on its structure and price features, and analyzes the role of China in the global carbon market. China is playing a leading role in the pursuit of sustainable development, which can account for its lagging behind in the Clean Development Mechanism. The paper discusses the opportunities and challenges for China undertaking the Clean Development Mechanism project in the future.
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.
