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
With the global attention to climate ch ange and the national carbon neutrality,CCUS has received increasing attention as the key to achieve the carbon neutrality target.However,Due to poor economics,CCUS is difficult...With the global attention to climate ch ange and the national carbon neutrality,CCUS has received increasing attention as the key to achieve the carbon neutrality target.However,Due to poor economics,CCUS is difficult to commercialize in large scale.The carbon market is a relatively economical means to achieve emission reduction goals.Currently the carbon market is an important platform to achieve emission reduction goals and reduce the overall cost of social emission reduction.In the future,the development and growth of CCUS in China still need the assistance of the carbon market in mechanisms,methodologies,and standard processes.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
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
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
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
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
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
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
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
Article 6 of the Paris Agreement introduces two international carbon markets that receive extensive attention and are expected to play an important role in the post-2020 climate regime.Three key elements of the two in...Article 6 of the Paris Agreement introduces two international carbon markets that receive extensive attention and are expected to play an important role in the post-2020 climate regime.Three key elements of the two international carbon markets,including the scope,the types of tradable units and the governance,are identified,as the basis to clarify their basic forms.Based on the key issues and their different designs identified in negotiations,this study analyzes the contributions and challenges for China to participate in international carbon markets.Considering the inherent needs of climate change mitigation,climate finance,the development of a green"Belt and Road"and the China South-South cooperation in climate change,along with the existing domestic capacities on market mechanisms,this study puts forward the short-,medium-and long-term development prospects of the two international carbon markets.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
China has taken a major step recently towards reaching its carbon peak and carbon neutrality goals.After elaborate preparation,the long-awaited national carbon market started trading on July 16,2021.A total of over 4....China has taken a major step recently towards reaching its carbon peak and carbon neutrality goals.After elaborate preparation,the long-awaited national carbon market started trading on July 16,2021.A total of over 4.1 million tons of carbon dioxide(CO_(2))emission quotas worth more than 200 million yuan(US$30.9 million)changed hands during the first-day trading,marking a good start for the world’s largest emissions trading system(ETS).展开更多
China s launch of a national carbon emission trading scheme on July 16 is a significant landmark in reducing the carbon footprint and achieving climate goals.The market has been kicked off with the participation of th...China s launch of a national carbon emission trading scheme on July 16 is a significant landmark in reducing the carbon footprint and achieving climate goals.The market has been kicked off with the participation of the energy sector,which is the leading carbon emitter in China.The more than 2,100 companies in the first batch of trading together account for 4.5 billion tons of greenhouse gas emissions per year.展开更多
Given the“double carbon”objective and the drive toward low-carbon power,investigating the integration and interaction within the carbon-electricity market can enhance renewable energy utilization and facilitate ener...Given the“double carbon”objective and the drive toward low-carbon power,investigating the integration and interaction within the carbon-electricity market can enhance renewable energy utilization and facilitate energy conservation and emission reduction endeavors.However,further research is necessary to explore operational optimization methods for establishing a regional energy system using Power-to-Hydrogen(P2H)technology,focusing on participating in combined carbon-electricity market transactions.This study introduces an innovative Electro-Hydrogen Regional Energy System(EHRES)in this context.This system integrates renewable energy sources,a P2H system,cogeneration units,and energy storage devices.The core purpose of this integration is to optimize renewable energy utilization and minimize carbon emissions.This study aims to formulate an optimal operational strategy for EHRES,enabling its dynamic engagement in carbon-electricity market transactions.The initial phase entails establishing the technological framework of the electricity-hydrogen coupling system integrated with P2H.Subsequently,an analysis is conducted to examine the operational mode of EHRES as it participates in carbon-electricity market transactions.Additionally,the system scheduling model includes a stepped carbon trading price mechanism,considering the combined heat and power generation characteristics of the Hydrogen Fuel Cell(HFC).This facilitates the establishment of an optimal operational model for EHRES,aiming to minimize the overall operating cost.The simulation example illustrates that the coordinated operation of EHRES in carbon-electricity market transactions holds the potential to improve renewable energy utilization and reduce the overall system cost.This result carries significant implications for attaining advantages in both low-carbon and economic aspects.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.
文摘With the global attention to climate ch ange and the national carbon neutrality,CCUS has received increasing attention as the key to achieve the carbon neutrality target.However,Due to poor economics,CCUS is difficult to commercialize in large scale.The carbon market is a relatively economical means to achieve emission reduction goals.Currently the carbon market is an important platform to achieve emission reduction goals and reduce the overall cost of social emission reduction.In the future,the development and growth of CCUS in China still need the assistance of the carbon market in mechanisms,methodologies,and standard processes.
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 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.
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.
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the National Social Science Foundation of China(17ZDA077)the Ministry of Science and Technology of China(2017YFA0605304).
文摘Article 6 of the Paris Agreement introduces two international carbon markets that receive extensive attention and are expected to play an important role in the post-2020 climate regime.Three key elements of the two international carbon markets,including the scope,the types of tradable units and the governance,are identified,as the basis to clarify their basic forms.Based on the key issues and their different designs identified in negotiations,this study analyzes the contributions and challenges for China to participate in international carbon markets.Considering the inherent needs of climate change mitigation,climate finance,the development of a green"Belt and Road"and the China South-South cooperation in climate change,along with the existing domestic capacities on market mechanisms,this study puts forward the short-,medium-and long-term development prospects of the two international carbon markets.
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.
文摘China has taken a major step recently towards reaching its carbon peak and carbon neutrality goals.After elaborate preparation,the long-awaited national carbon market started trading on July 16,2021.A total of over 4.1 million tons of carbon dioxide(CO_(2))emission quotas worth more than 200 million yuan(US$30.9 million)changed hands during the first-day trading,marking a good start for the world’s largest emissions trading system(ETS).
文摘China s launch of a national carbon emission trading scheme on July 16 is a significant landmark in reducing the carbon footprint and achieving climate goals.The market has been kicked off with the participation of the energy sector,which is the leading carbon emitter in China.The more than 2,100 companies in the first batch of trading together account for 4.5 billion tons of greenhouse gas emissions per year.
基金supported financially by InnerMongoliaKey Lab of Electrical Power Conversion,Transmission,and Control under Grant IMEECTC2022001the S&TMajor Project of Inner Mongolia Autonomous Region in China(2021ZD0040).
文摘Given the“double carbon”objective and the drive toward low-carbon power,investigating the integration and interaction within the carbon-electricity market can enhance renewable energy utilization and facilitate energy conservation and emission reduction endeavors.However,further research is necessary to explore operational optimization methods for establishing a regional energy system using Power-to-Hydrogen(P2H)technology,focusing on participating in combined carbon-electricity market transactions.This study introduces an innovative Electro-Hydrogen Regional Energy System(EHRES)in this context.This system integrates renewable energy sources,a P2H system,cogeneration units,and energy storage devices.The core purpose of this integration is to optimize renewable energy utilization and minimize carbon emissions.This study aims to formulate an optimal operational strategy for EHRES,enabling its dynamic engagement in carbon-electricity market transactions.The initial phase entails establishing the technological framework of the electricity-hydrogen coupling system integrated with P2H.Subsequently,an analysis is conducted to examine the operational mode of EHRES as it participates in carbon-electricity market transactions.Additionally,the system scheduling model includes a stepped carbon trading price mechanism,considering the combined heat and power generation characteristics of the Hydrogen Fuel Cell(HFC).This facilitates the establishment of an optimal operational model for EHRES,aiming to minimize the overall operating cost.The simulation example illustrates that the coordinated operation of EHRES in carbon-electricity market transactions holds the potential to improve renewable energy utilization and reduce the overall system cost.This result carries significant implications for attaining advantages in both low-carbon and economic aspects.
