This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in Chi...This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.展开更多
Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot coverin...Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.展开更多
Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits...Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits,the relevant trading mechanism has been far from perfect.The perfect mechanism for international carbon emissions trading should be a revealing preference game.In other words,only if all players in this game truly show their information and preferences can the Nash outcome be Pareto efficient and fair.China should actively participate in the international carbon emissions trading game;promote efficiency,justice,rationality,and the quality of being manipulation-free in the carbon emissions market;and play a more important role in perfecting the international carbon emissions trading mechanism.展开更多
Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green ...Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green economy.Taking China’s carbon emission trading pilot as a natural experiment,the dual difference method was used to explore the carbon emission reduction effect of the pilot carbon emission trading policy on the pilot areas in China based on the panel data of 30 provinces,autonomous regions and municipalities in China from 2000 to 2019.Propensity score matching,parallel trend test and placebo test were conducted to improve the robustness of the empirical results.It is found that carbon emission trading pilot policies significantly promote carbon emission reduction in pilot areas compared with non-pilot areas.This conclusion from the benchmark regression passed the robustness test,and the carbon reduction effect showed an increasing trend year by year.With the mediation effect test,the carbon emission reduction mechanism of the pilot policy was studied.The results show that the carbon trading pilot policy reduces the carbon dioxide emission in the pilot area by promoting the upgrading of industrial structure and technological progress.展开更多
Emissions trading schemes(ETSs)have been a central component of international climate change policies,as a carbon pricing tool to achieve emissions reduction targets.Forest carbon offset credits have been leveraged in...Emissions trading schemes(ETSs)have been a central component of international climate change policies,as a carbon pricing tool to achieve emissions reduction targets.Forest carbon offset credits have been leveraged in many ETSs to efficiently meet emission reduction targets,yet there is little knowledge about the perceptions,experiences,and challenges associated with the forest carbon offsetting in existing and pilot ETS.Given that the future inclusion of forest carbon offset in ETS management activities and policies will require strong support and acceptability among the institutions and experts involved in ETS,this study explores the experiences and lessons learned with 16 globally engaging experts representing major existing ETSs(North America,Europe,and New Zealand)and Chinese pilot ETSs towards the inclusion of forestry offsets,major concerns and challenges with existing implementation models.Findings revealed that many respondents particularly from North America,New Zealand,and Chinese pilot systems portrayed positive attitudes toward the inclusion of forestry carbon offsets and its role in contributing to a viable ETS,while European experts were not supportive.Respondents cited leakage,permanence,additionality,and monitoring design features as the major challenges and concerns that inhibit the expansion and inclusion of forest carbon offsetting.Respondents from Chinese pilot schemes referenced a unique set of challenges related to implementation,including the increasing cost of afforestation and reforestation projects,the uncertainty in the future supply and demand for their national Certified Emissions Reduction(CER)scheme and landowner engagement.Existing and future ETSs should learn from and address the challenges experienced by global experts and carbon pricing mechanisms to design,evaluate,or enhance their forest carbon offset programs for an effective and viable system that successfully contributes to GHG mitigation practices globally.We recommend inclusion of forest carbon offsets at the early stages of ETS improves the perceptions and experience of policy makers and practitioners toward the success and potential of forestry offsets in ETS ensuring familiarity and confidence in the mechanism.展开更多
The rationality and scientific nature of the emission trading mechanism is the key to the effective implementation of environmental and economic policies.As far as China is concerned,there are phenomena such as inform...The rationality and scientific nature of the emission trading mechanism is the key to the effective implementation of environmental and economic policies.As far as China is concerned,there are phenomena such as information asymmetry,low supervision efficiency,and alienation of government and enterprise behaviors caused by the incomplete mechanism of emission trading in the practice of different pilots.The introduction of blockchain technology can innovate the traditional transaction model and form a decentralized peer-to-peer transaction and a trusted emission trading market.To this end,based on the current emission trading mechanism and the characteristics of blockchain technology,this paper couples the core technologies of blockchain with the functional requirements of application scenarios.Then,an innovative application framework is built based on the consortium blockchain Fabric from three aspects:emission trading supervision,secondary trading market construction,as well as emission trading incentive and punishment mechanisms.Technologies such as the consensus mechanism,smart contract,Merkle tree and asymmetric encryption are comprehensively applied in this process.In the construction of the blockchain framework of the secondary market for emission trading,institutional changes and innovations brought about by the blockchain at various levels are analyzed in terms of participants,transaction processes and the transaction scope.At the same time,smart contract functions and algorithms are designed for the purchase,transfer-out and trading of emission rights,and the operation business logic of the smart contract is analyzed.On the whole,this paper explores the application framework of blockchain technology in the field of emission trading at the macro level,and analyzes the application mechanism of the corresponding technologies of blockchain at each coupling point in the framework at the micro level.The collaborative analysis at the two levels shows that blockchain technology and the requirements of emission trading mechanism can be effectively coupled,and the application of blockchain technology can promote the effective supervision of enterprises'emission behavior,making the processes of the purchase,transfer and transaction of emission rights intelligent and automated,and providing technical support for cross regional emission trading to reduce transaction costs and management complexity.In addition,the issuance of emission credits based on smart contract will be a new incentive for companies to actively participate in transactions.Based on the above analysis,this paper believes that the innovative application of blockchain technology is of great significance in the promotion of the market-based allocation of element of emission trading and the rational allocation of environmental resources.It will lead to a major breakthrough in the traditional trading system in terms of trading modes,forming a value transmission network of environmental resources between the government and polluters.展开更多
Unlike the European Union emission trade system(EU ETS), China s pilot ETSs implemented diversified policy designs instead of using a uniform framework. Variance ratio test is used to evaluate the Efficient Market Hyp...Unlike the European Union emission trade system(EU ETS), China s pilot ETSs implemented diversified policy designs instead of using a uniform framework. Variance ratio test is used to evaluate the Efficient Market Hypothesis(EMH) in China's carbon trading markets. The results of two versions of variance ratio tests indicate that the carbon trading market in Hubei is considered weak form efficient, and the socialist market economy does not necessarily lead to market inefficiency in carbon trading markets. Thin trading activities generate market frictions and bias the Efficient Market Hypothesis(EMH) tests.展开更多
Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and ...Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and identifies the mechanism through which this impact occurs.Data from a sample of 1267 listed companies in the Chinese stock market from 2005 to 2018 models are analyzed using difference-in-differences(DID)and propensity score matching methods(PSM).The results suggest that ETSs have an average short-term negative impact on enterprise value,which peaks in the second year of the ETS and diminishes from the fourth year.Further analysis reveals that ETSs did not cause significant operating losses for firms but reduced their value through the market response mechanism.ETS enterprises experienced significant declines in their annual stock transaction amounts and in returns on individual shares.This indicates that investors expect ETSs to ad‐versely affect pilot enterprises and accordingly adopt disinvestment strategies.Despite the short-term negative effect,ETSs effectively encourage enterprises to innovate green technologies to mitigate long-term carbon risk.展开更多
Chinese national emissions trading scheme(ETS)of greenhouse gas(GHG)was scheduled to start simulation trading in the power sector in 2020.Now it is good timing to review its progress and prospect.This study first exam...Chinese national emissions trading scheme(ETS)of greenhouse gas(GHG)was scheduled to start simulation trading in the power sector in 2020.Now it is good timing to review its progress and prospect.This study first examines policy diffusion in relation ETSs in China and particularly those for CO2 emissions,including the causes,determinants,process,and impacts.It argues in a centralized political system with highly and widely differentiated local circumstances,policy diffusion is progressed through a more complicated process,presented as a three-tier process in the paper,illustrating how international arrangement,national jurisdiction,and local administration interact and influence policy-making in a follower’s jurisdiction.China,which is now the biggest GHG emitter,has been preparing to establish a national ETS since 2017.So far,eight sub-national governments have introduced ETS pilot programs to feedback their experiences and to determine best practice for the national scheme.These eight pilots,especially the relatively successful ones,are found to be motivated by a competitive relationship that aims to stabilize its carbon market,which may eventually contribute to the progress of policy diffusion of the ETS in China.展开更多
The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation ...The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.展开更多
Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the n...Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.展开更多
The only joint effort area of provincial and municipal governments resides in Guangdong Province and Shenzhen City in China's carbon emission trading system(ETS) pilots,which characterize the national carbon ETS p...The only joint effort area of provincial and municipal governments resides in Guangdong Province and Shenzhen City in China's carbon emission trading system(ETS) pilots,which characterize the national carbon ETS plots.The present study on the operating experience from this area has important reference value for the national carbon ETS.Analysis and comparison of the key elements show many differences in coverage,total allowance,allowance allocation,and MRV mechanism between Guangdong and Shenzhen carbon ETS.The present study provides the following explanation:(1)the design characteristics of carbon ETS(e.g.coverage,total quotas,the allocation,and MRV mechanism) depend on the local geographical conditions and policy goals.The differences of economic structure in Guangdong Province and Shenzhen City result in different coverage,which then result in differences in other management elements.(2)The operating state of the carbon market is affected by overall design of carbon ETS:in the case of tighter total allowance,lower proportion of China Certified Emission Reductions,and harsher punishment,the carbon market is relatively active,which intends to produce carbon financial market.Based on deep analysis of operation characteristics of carbon ETS in Guangdong and Shenzhen,the present study suggests that(1)the allowance should be allocated freely at the beginning stage and then gradually transited to the voluntary paid auction;(2)the allowances assigned to companies shall be linked up with their energy-saving objectives;(3)the output fluctuations and economic influence on the allowance allocation should be properly handled to maintain the fairness and consistence of allowance allocation standards;(4)stable public expectation is one of the key elements to maintain the regular operation of carbon ETS;(5)constrained carbon emission behavior outside ETS can contribute to social justice;and(6)the improvement of professional skills of relevant personnel in the enterprise and independent third party can enhance carbon emissions data reliability.展开更多
Rapid economic development usually leads to serious environmental pollution problems.In order to solve the problem of pollutant emission in sustainable industrial development,it is urgent to examine the implementation...Rapid economic development usually leads to serious environmental pollution problems.In order to solve the problem of pollutant emission in sustainable industrial development,it is urgent to examine the implementation effect of emissions trading policy(ETP)and its impact on green industrial development.This study adopts China's ETP as a case study and selects provincial panel data from 2004 to 2018.We first use a non-radial,non-directed,slack-based measure-directional distance function(SBM-DDF)to measure industrial green innovation efficiency.Then we use a difference in differences(DID)model to empirically test the emissions reduction effect of China's policy and whether it promotes industrial green innovation.Thereafter,results show that:(1)the ETP reduces sulfur dioxide(SO2)emissions indicating the effectiveness of the policy;(2)the policy significantly improves industrial green innovation efficiency,meaning it promotes the sustainable development of the economy;(3)heterogeneity analysis highlights that ETP produces greater benefits for the most polluted regions of China which have more strict environmental regulations.The study examines the effect of emissions trading policy implementation from a new perspective.The study also provides a reference point for China to further refine its policy mechanisms and for other countries to formulate suitable ETP.展开更多
Greenhouse gas emission regulation and renewable energy promotion policies have been implemented in many countries.Yet these two kinds of regulation policies have complex interactions between each other,and can either...Greenhouse gas emission regulation and renewable energy promotion policies have been implemented in many countries.Yet these two kinds of regulation policies have complex interactions between each other,and can either enhance or reduce the overall emission reduction efficiency.If not well tuned,these regulation policies may deviate from their original intention and lead to unnecessary social cost.Hence,the policy effectiveness,cost effectiveness,and dynamic efficiency of different policy mixtures between emission trading and renewable energy subsidy are studied based on a novel dynamic simulation platform of power economy and power system.Simulation results show that these two kinds of regulation policy can coexist,but a good coordination between the emission trading and the renewable energy subsidy can achieve better emission reduction outcomes.展开更多
This paper focuses on the optimal scheduling of the district energy system with multiple energy supply modes and flexible loads.For multi-energy system(MES),the energy hub(EH)model including energy storage system and ...This paper focuses on the optimal scheduling of the district energy system with multiple energy supply modes and flexible loads.For multi-energy system(MES),the energy hub(EH)model including energy storage system and integrated electric vehicle(EV)is established.Based on the model,the influence of pollutant trading market on total operation cost is analyzed,and the optimal scheduling strategy is further put forward to realize the minimum purchase cost and emission tax cost of the MES.Finally,this paper compares the economic benefit of the fixed mode and the response mode,and discusses the contribution of the energy storage device and the multi-energy complementary mode to energy utilization efficiency.The simulation results indicate that optimal scheduling strategy of the EH can coordinate various energy complementary modes reasonably.Meanwhile,the proposed strategy is able to improve the operation economy of the EH,and ensure the better response effect of the demand side.The sensitivity analysis demonstrates the impact of pollutant emission price change on emission reduction.展开更多
This study focuses on the validity of carbon emission trading policies(CETP).CETP aims to adjusting the consumption structure of clean energy and promoting the transformation of green technology to achieve regional CO...This study focuses on the validity of carbon emission trading policies(CETP).CETP aims to adjusting the consumption structure of clean energy and promoting the transformation of green technology to achieve regional CO2 and SO2 reduction.Using difference-in-difference(DID)and spatial panel model,we estimated the abatement effect of CETP,the influence mechanism of regional CO2 and SO2 policies,environmental and economic compatibility with provincial panel data in China from 2005 to 2017.The results show that the CETP can effectively decrease regional CO2 and SO2 emissions in pilot areas by 19.1%and 37.0%respectively when considering spatial correlation of CO2 and SO2 emissions.From 2014 to 2017,the values of CO2 reduction effect are−0.139,−0.146,−0.187 and−0.206 respectively,indicating the abatement effect increases gradually.CETP can promote 6.1%of the ratio of clean energy consumption and 4.6%of the rate of green technology.In addition,further benefit analysis shows that CETP can improve 12.4%of regional economic output and residents'health by reducing regional CO2 and SO2 emissions,and effectively benefit high-quality economic growth.展开更多
In this paper,we investigate the incentive equilibrium strategies of two neighboring regions facing transboundary industrial pollution under abatement investment and emission permits trading in a differential game set...In this paper,we investigate the incentive equilibrium strategies of two neighboring regions facing transboundary industrial pollution under abatement investment and emission permits trading in a differential game setting.Our paper can be viewed as an extension of the work of Yeung[2007.Dynamically consistent cooperative solution in a differential game of transboundary industrial pollution.Journal of Optimization Theory and Applications,134,143-160]in the context of the transboundary industrial pollution.Compared with the work of Yeung[2007.Dynamically consistent cooperative solution in a differential game of transboundary industrial pollution.Journal of Optimization Theory and Applications,134,143-160],our research significant features(i)introduce the emission permits trading into the transboundary industrial pollution control;(ii)take into account the pollution abatement investment;(iii)examine the incentive equilibrium strategies of transboundary industrial pollution control;and(iv)design an allocation mechanism for regions’cooperative profits.Furthermore,we illustrate the results of the paper with a numerical example.The utility of this paper is how to make incentive equilibrium strategies in a situation where the neighboring regions facing transboundary industrial pollution under abatement investment and emission permits trading in a differential game setting.展开更多
Emission trading is one of the most effectivealternatives to controlling water pollution.Water environmentalfunctional zone(WEFZ)is used to determine thewater quality standard and identify the zone boundary foreach ri...Emission trading is one of the most effectivealternatives to controlling water pollution.Water environmentalfunctional zone(WEFZ)is used to determine thewater quality standard and identify the zone boundary foreach river or reach.In this study,a new emission tradingscheme was addressed based on WEFZ,accounting forboth the temporal dimension and water quality control.Atemporal factor of emission trading was proposed based onvariations in the environmental capacity within a year bydividing the year into three periods,including high,normal,and low periods of environmental capacity.Duringeach period,emission trading was implemented exclusively.A water quality-control scheme was suggestedbased on the water quality requirement in the waterfunctional zone,in which the water quality at thedownstream boundary of the zone was required to meetthe water standard following auto-purification in thestream.Two methods of calculating water quality controlare addressed for point-source pollution and non-pointsourcepollution.The calculated temporal dimension andwater quality control were located in Dongxi River of theDaning Watershed in the Three Gorges Watershed.Thehigh period was during June,July,and August,the normalperiod was during April,May,September,and October,and the low period was during January,February,March,November,and December.The results from the waterquality calculation demonstrated that the discharge ofpoint-source and non-point-source pollutions led to anexcess of common contaminants at the downstreamboundary of WEFZ.The temporal and spatial factorsabove should be incorporated into the emission tradingscheme based on WEFZ.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
基金supports from the National Natural Science Foundation of China(under Grants No.72073105,71903002,and 71774122)the Natural Science Foundation of Anhui Province,China(under Grant No.1908085QG309)are greatly acknowledged.
文摘This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.
文摘Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.
基金This work was funded by Humanity and Social Science Youth foundation of Ministry of Education of China:Research on the Practices and Theoretical Innovation of Improving People's Wellbeing in the New Era[Grant number.18YJC710023]Major Projects of Social Science Fund of Jilin University:Research on China's Social Welfare System[Grant number.2019XXJD10]Major Projects of Trade Union of Jilin Province:Research on the Evaluation System of Harmonious Labor Relations[Grant number.2016LD007].
文摘Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits,the relevant trading mechanism has been far from perfect.The perfect mechanism for international carbon emissions trading should be a revealing preference game.In other words,only if all players in this game truly show their information and preferences can the Nash outcome be Pareto efficient and fair.China should actively participate in the international carbon emissions trading game;promote efficiency,justice,rationality,and the quality of being manipulation-free in the carbon emissions market;and play a more important role in perfecting the international carbon emissions trading mechanism.
基金supported by the National Social Science Fund of China(Grant No.19CJY046)。
文摘Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green economy.Taking China’s carbon emission trading pilot as a natural experiment,the dual difference method was used to explore the carbon emission reduction effect of the pilot carbon emission trading policy on the pilot areas in China based on the panel data of 30 provinces,autonomous regions and municipalities in China from 2000 to 2019.Propensity score matching,parallel trend test and placebo test were conducted to improve the robustness of the empirical results.It is found that carbon emission trading pilot policies significantly promote carbon emission reduction in pilot areas compared with non-pilot areas.This conclusion from the benchmark regression passed the robustness test,and the carbon reduction effect showed an increasing trend year by year.With the mediation effect test,the carbon emission reduction mechanism of the pilot policy was studied.The results show that the carbon trading pilot policy reduces the carbon dioxide emission in the pilot area by promoting the upgrading of industrial structure and technological progress.
基金funded by the China Green Carbon Foundation and the Faculty of Forestry,University of British Columbia。
文摘Emissions trading schemes(ETSs)have been a central component of international climate change policies,as a carbon pricing tool to achieve emissions reduction targets.Forest carbon offset credits have been leveraged in many ETSs to efficiently meet emission reduction targets,yet there is little knowledge about the perceptions,experiences,and challenges associated with the forest carbon offsetting in existing and pilot ETS.Given that the future inclusion of forest carbon offset in ETS management activities and policies will require strong support and acceptability among the institutions and experts involved in ETS,this study explores the experiences and lessons learned with 16 globally engaging experts representing major existing ETSs(North America,Europe,and New Zealand)and Chinese pilot ETSs towards the inclusion of forestry offsets,major concerns and challenges with existing implementation models.Findings revealed that many respondents particularly from North America,New Zealand,and Chinese pilot systems portrayed positive attitudes toward the inclusion of forestry carbon offsets and its role in contributing to a viable ETS,while European experts were not supportive.Respondents cited leakage,permanence,additionality,and monitoring design features as the major challenges and concerns that inhibit the expansion and inclusion of forest carbon offsetting.Respondents from Chinese pilot schemes referenced a unique set of challenges related to implementation,including the increasing cost of afforestation and reforestation projects,the uncertainty in the future supply and demand for their national Certified Emissions Reduction(CER)scheme and landowner engagement.Existing and future ETSs should learn from and address the challenges experienced by global experts and carbon pricing mechanisms to design,evaluate,or enhance their forest carbon offset programs for an effective and viable system that successfully contributes to GHG mitigation practices globally.We recommend inclusion of forest carbon offsets at the early stages of ETS improves the perceptions and experience of policy makers and practitioners toward the success and potential of forestry offsets in ETS ensuring familiarity and confidence in the mechanism.
文摘The rationality and scientific nature of the emission trading mechanism is the key to the effective implementation of environmental and economic policies.As far as China is concerned,there are phenomena such as information asymmetry,low supervision efficiency,and alienation of government and enterprise behaviors caused by the incomplete mechanism of emission trading in the practice of different pilots.The introduction of blockchain technology can innovate the traditional transaction model and form a decentralized peer-to-peer transaction and a trusted emission trading market.To this end,based on the current emission trading mechanism and the characteristics of blockchain technology,this paper couples the core technologies of blockchain with the functional requirements of application scenarios.Then,an innovative application framework is built based on the consortium blockchain Fabric from three aspects:emission trading supervision,secondary trading market construction,as well as emission trading incentive and punishment mechanisms.Technologies such as the consensus mechanism,smart contract,Merkle tree and asymmetric encryption are comprehensively applied in this process.In the construction of the blockchain framework of the secondary market for emission trading,institutional changes and innovations brought about by the blockchain at various levels are analyzed in terms of participants,transaction processes and the transaction scope.At the same time,smart contract functions and algorithms are designed for the purchase,transfer-out and trading of emission rights,and the operation business logic of the smart contract is analyzed.On the whole,this paper explores the application framework of blockchain technology in the field of emission trading at the macro level,and analyzes the application mechanism of the corresponding technologies of blockchain at each coupling point in the framework at the micro level.The collaborative analysis at the two levels shows that blockchain technology and the requirements of emission trading mechanism can be effectively coupled,and the application of blockchain technology can promote the effective supervision of enterprises'emission behavior,making the processes of the purchase,transfer and transaction of emission rights intelligent and automated,and providing technical support for cross regional emission trading to reduce transaction costs and management complexity.In addition,the issuance of emission credits based on smart contract will be a new incentive for companies to actively participate in transactions.Based on the above analysis,this paper believes that the innovative application of blockchain technology is of great significance in the promotion of the market-based allocation of element of emission trading and the rational allocation of environmental resources.It will lead to a major breakthrough in the traditional trading system in terms of trading modes,forming a value transmission network of environmental resources between the government and polluters.
基金supported by National Social Science Fund Project[grant Number:15ZDA015]Ministry of Education Research Project[grant Number:16JJD790018]
文摘Unlike the European Union emission trade system(EU ETS), China s pilot ETSs implemented diversified policy designs instead of using a uniform framework. Variance ratio test is used to evaluate the Efficient Market Hypothesis(EMH) in China's carbon trading markets. The results of two versions of variance ratio tests indicate that the carbon trading market in Hubei is considered weak form efficient, and the socialist market economy does not necessarily lead to market inefficiency in carbon trading markets. Thin trading activities generate market frictions and bias the Efficient Market Hypothesis(EMH) tests.
文摘Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and identifies the mechanism through which this impact occurs.Data from a sample of 1267 listed companies in the Chinese stock market from 2005 to 2018 models are analyzed using difference-in-differences(DID)and propensity score matching methods(PSM).The results suggest that ETSs have an average short-term negative impact on enterprise value,which peaks in the second year of the ETS and diminishes from the fourth year.Further analysis reveals that ETSs did not cause significant operating losses for firms but reduced their value through the market response mechanism.ETS enterprises experienced significant declines in their annual stock transaction amounts and in returns on individual shares.This indicates that investors expect ETSs to ad‐versely affect pilot enterprises and accordingly adopt disinvestment strategies.Despite the short-term negative effect,ETSs effectively encourage enterprises to innovate green technologies to mitigate long-term carbon risk.
基金IDE-JETRO research project,and JSPS KAKENHI Grant-in-Aid for Young Scientists(B)Number 16K17077.
文摘Chinese national emissions trading scheme(ETS)of greenhouse gas(GHG)was scheduled to start simulation trading in the power sector in 2020.Now it is good timing to review its progress and prospect.This study first examines policy diffusion in relation ETSs in China and particularly those for CO2 emissions,including the causes,determinants,process,and impacts.It argues in a centralized political system with highly and widely differentiated local circumstances,policy diffusion is progressed through a more complicated process,presented as a three-tier process in the paper,illustrating how international arrangement,national jurisdiction,and local administration interact and influence policy-making in a follower’s jurisdiction.China,which is now the biggest GHG emitter,has been preparing to establish a national ETS since 2017.So far,eight sub-national governments have introduced ETS pilot programs to feedback their experiences and to determine best practice for the national scheme.These eight pilots,especially the relatively successful ones,are found to be motivated by a competitive relationship that aims to stabilize its carbon market,which may eventually contribute to the progress of policy diffusion of the ETS in China.
基金supported by Anhui Provincial Natural Science Foundation(No.2208085UD02)National Natural Science Foundation of China(No.52077061).
文摘The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.
文摘Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.
基金finally supported by the Ministry of Education of the People's Republic of China(MOE)Project of Humanities and Social Sciences:"Comparison the Advantages and Efficiency of Carbon Tax and Carbon Emission Trading Mechanism"[Grant Number 15YJAZH024]Guangdong Natural Science Foundation project of "Research the Synergic Relationship of Mitigation and Adaptation:Take Guangdong Province as Example"[Grant Number 2014A030313671]"The Impact of Carbon Emission Trading Scheme on Corporate Competitiveness of Power Plants in Guangdong Province"[Grant Number 2016A030313175]
文摘The only joint effort area of provincial and municipal governments resides in Guangdong Province and Shenzhen City in China's carbon emission trading system(ETS) pilots,which characterize the national carbon ETS plots.The present study on the operating experience from this area has important reference value for the national carbon ETS.Analysis and comparison of the key elements show many differences in coverage,total allowance,allowance allocation,and MRV mechanism between Guangdong and Shenzhen carbon ETS.The present study provides the following explanation:(1)the design characteristics of carbon ETS(e.g.coverage,total quotas,the allocation,and MRV mechanism) depend on the local geographical conditions and policy goals.The differences of economic structure in Guangdong Province and Shenzhen City result in different coverage,which then result in differences in other management elements.(2)The operating state of the carbon market is affected by overall design of carbon ETS:in the case of tighter total allowance,lower proportion of China Certified Emission Reductions,and harsher punishment,the carbon market is relatively active,which intends to produce carbon financial market.Based on deep analysis of operation characteristics of carbon ETS in Guangdong and Shenzhen,the present study suggests that(1)the allowance should be allocated freely at the beginning stage and then gradually transited to the voluntary paid auction;(2)the allowances assigned to companies shall be linked up with their energy-saving objectives;(3)the output fluctuations and economic influence on the allowance allocation should be properly handled to maintain the fairness and consistence of allowance allocation standards;(4)stable public expectation is one of the key elements to maintain the regular operation of carbon ETS;(5)constrained carbon emission behavior outside ETS can contribute to social justice;and(6)the improvement of professional skills of relevant personnel in the enterprise and independent third party can enhance carbon emissions data reliability.
基金This work was supported by the National Social Science Fund projects[No.20BJY010]National Social Science Fund Postfinancing projects[No.19FJYB017]+5 种基金Sichuan-Tibet Railway Major Fundamental Science Problems Special Fund[No.71942006]Qinghai Natural Science Foundation[grant numbers 2020-JY-736]List of Key Science and Technology Projects in China's Transportation Industry in the International Science and Technology Cooperation Project[No.2018-GH-006 and grant numbers 2019-MS5-100]Shaanxi Social Science Fund[No.2017S004]Xi’an Construction Science and Technology Planning Project[No.SZJJ201915 and No.SZJJ201916]Fundamental Research for Funds for the Central Universities(Humanities and Social Sciences),Chang’an University[No.300102231641,300102230612,300102281669,300102230503].
文摘Rapid economic development usually leads to serious environmental pollution problems.In order to solve the problem of pollutant emission in sustainable industrial development,it is urgent to examine the implementation effect of emissions trading policy(ETP)and its impact on green industrial development.This study adopts China's ETP as a case study and selects provincial panel data from 2004 to 2018.We first use a non-radial,non-directed,slack-based measure-directional distance function(SBM-DDF)to measure industrial green innovation efficiency.Then we use a difference in differences(DID)model to empirically test the emissions reduction effect of China's policy and whether it promotes industrial green innovation.Thereafter,results show that:(1)the ETP reduces sulfur dioxide(SO2)emissions indicating the effectiveness of the policy;(2)the policy significantly improves industrial green innovation efficiency,meaning it promotes the sustainable development of the economy;(3)heterogeneity analysis highlights that ETP produces greater benefits for the most polluted regions of China which have more strict environmental regulations.The study examines the effect of emissions trading policy implementation from a new perspective.The study also provides a reference point for China to further refine its policy mechanisms and for other countries to formulate suitable ETP.
基金This work was jointly supported by the Major Projects on Planning and Operation Control of Large Scale Grid,State Grid Corporation of China(SGCC-MPLG001-2012)State Grid EPRI Project(YS11002)the National Natural Science Foundation of China(91024028).
文摘Greenhouse gas emission regulation and renewable energy promotion policies have been implemented in many countries.Yet these two kinds of regulation policies have complex interactions between each other,and can either enhance or reduce the overall emission reduction efficiency.If not well tuned,these regulation policies may deviate from their original intention and lead to unnecessary social cost.Hence,the policy effectiveness,cost effectiveness,and dynamic efficiency of different policy mixtures between emission trading and renewable energy subsidy are studied based on a novel dynamic simulation platform of power economy and power system.Simulation results show that these two kinds of regulation policy can coexist,but a good coordination between the emission trading and the renewable energy subsidy can achieve better emission reduction outcomes.
基金supported in part by the National Natural Science Foundation of China(No.61433004,No.61703289)。
文摘This paper focuses on the optimal scheduling of the district energy system with multiple energy supply modes and flexible loads.For multi-energy system(MES),the energy hub(EH)model including energy storage system and integrated electric vehicle(EV)is established.Based on the model,the influence of pollutant trading market on total operation cost is analyzed,and the optimal scheduling strategy is further put forward to realize the minimum purchase cost and emission tax cost of the MES.Finally,this paper compares the economic benefit of the fixed mode and the response mode,and discusses the contribution of the energy storage device and the multi-energy complementary mode to energy utilization efficiency.The simulation results indicate that optimal scheduling strategy of the EH can coordinate various energy complementary modes reasonably.Meanwhile,the proposed strategy is able to improve the operation economy of the EH,and ensure the better response effect of the demand side.The sensitivity analysis demonstrates the impact of pollutant emission price change on emission reduction.
基金This paper was supported by the Major Projects of National Social Science Fund of China(20ZDA069)the National Natural Science Foundation of China(71573088)the Key Projects of National Social Science Fund of China(15AZD002,17AZD009).
文摘This study focuses on the validity of carbon emission trading policies(CETP).CETP aims to adjusting the consumption structure of clean energy and promoting the transformation of green technology to achieve regional CO2 and SO2 reduction.Using difference-in-difference(DID)and spatial panel model,we estimated the abatement effect of CETP,the influence mechanism of regional CO2 and SO2 policies,environmental and economic compatibility with provincial panel data in China from 2005 to 2017.The results show that the CETP can effectively decrease regional CO2 and SO2 emissions in pilot areas by 19.1%and 37.0%respectively when considering spatial correlation of CO2 and SO2 emissions.From 2014 to 2017,the values of CO2 reduction effect are−0.139,−0.146,−0.187 and−0.206 respectively,indicating the abatement effect increases gradually.CETP can promote 6.1%of the ratio of clean energy consumption and 4.6%of the rate of green technology.In addition,further benefit analysis shows that CETP can improve 12.4%of regional economic output and residents'health by reducing regional CO2 and SO2 emissions,and effectively benefit high-quality economic growth.
基金This research was supported by the National Natural Science Foundation of China[grant number 71373263]and[grant number 71673275].
文摘In this paper,we investigate the incentive equilibrium strategies of two neighboring regions facing transboundary industrial pollution under abatement investment and emission permits trading in a differential game setting.Our paper can be viewed as an extension of the work of Yeung[2007.Dynamically consistent cooperative solution in a differential game of transboundary industrial pollution.Journal of Optimization Theory and Applications,134,143-160]in the context of the transboundary industrial pollution.Compared with the work of Yeung[2007.Dynamically consistent cooperative solution in a differential game of transboundary industrial pollution.Journal of Optimization Theory and Applications,134,143-160],our research significant features(i)introduce the emission permits trading into the transboundary industrial pollution control;(ii)take into account the pollution abatement investment;(iii)examine the incentive equilibrium strategies of transboundary industrial pollution control;and(iv)design an allocation mechanism for regions’cooperative profits.Furthermore,we illustrate the results of the paper with a numerical example.The utility of this paper is how to make incentive equilibrium strategies in a situation where the neighboring regions facing transboundary industrial pollution under abatement investment and emission permits trading in a differential game setting.
基金This research was supported by the Nonprofit Environmental Protection Specific Project of China(No.200709024)the National Natural Science Foundation of China(Grant No.40771193).
文摘Emission trading is one of the most effectivealternatives to controlling water pollution.Water environmentalfunctional zone(WEFZ)is used to determine thewater quality standard and identify the zone boundary foreach river or reach.In this study,a new emission tradingscheme was addressed based on WEFZ,accounting forboth the temporal dimension and water quality control.Atemporal factor of emission trading was proposed based onvariations in the environmental capacity within a year bydividing the year into three periods,including high,normal,and low periods of environmental capacity.Duringeach period,emission trading was implemented exclusively.A water quality-control scheme was suggestedbased on the water quality requirement in the waterfunctional zone,in which the water quality at thedownstream boundary of the zone was required to meetthe water standard following auto-purification in thestream.Two methods of calculating water quality controlare addressed for point-source pollution and non-pointsourcepollution.The calculated temporal dimension andwater quality control were located in Dongxi River of theDaning Watershed in the Three Gorges Watershed.Thehigh period was during June,July,and August,the normalperiod was during April,May,September,and October,and the low period was during January,February,March,November,and December.The results from the waterquality calculation demonstrated that the discharge ofpoint-source and non-point-source pollutions led to anexcess of common contaminants at the downstreamboundary of WEFZ.The temporal and spatial factorsabove should be incorporated into the emission tradingscheme based on WEFZ.
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.
