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
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
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
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
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
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 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
With the increasing proportion of renewable energy in the power market,the demands on government financial subsidies are gradually increasing.Thus,a joint green certificate-carbon emission right-electricity multi-mark...With the increasing proportion of renewable energy in the power market,the demands on government financial subsidies are gradually increasing.Thus,a joint green certificate-carbon emission right-electricity multi-market trading process is proposed to study the market-based strategy for renewable energy.Considering the commodity characteristics of green certificates and carbon emission rights,the dynamic cost models of green certificates and carbon rights are constructed based on the Rubinstein game and ladder pricing models.Furthermore,considering the irrational bidding behavior of energy suppliers in the actual electricity market,an evolutionary game based multi-market bidding optimization model is presented.Subsequently,it is solved using a composite differential evolutionary algorithm.Finally,the case study results reveal that the proposed model can increase profits and the consumption rate of renewable energy and reduce carbon emission.展开更多
Introducing carbon trading into electricity market can convert carbon dioxide into schedulable resources with economic value.However,the randomness of wind power generation puts forward higher requirements for electri...Introducing carbon trading into electricity market can convert carbon dioxide into schedulable resources with economic value.However,the randomness of wind power generation puts forward higher requirements for electricity market transactions.Therefore,the carbon trading market is introduced into the wind power market,and a new form of low-carbon economic dispatch model is developed.First,the economic dispatch goal of wind power is be considered.It is projected to save money and reduce the cost of power generation for the system.The model includes risk operating costs to account for the impact of wind power output variability on the system,as well as wind farm negative efficiency operating costs to account for the loss caused by wind abandonment.The model also employs carbon trading market metrics to achieve the goal of lowering system carbon emissions,and analyze the impact of different carbon trading prices on the system.A low-carbon economic dispatch model for the wind power market is implemented based on the following two goals.Finally,the solution is optimised using the Ant-lion optimisation method,which combines Levi's flight mechanism and golden sine.The proposed model and algorithm's rationality is proven through the use of cases.展开更多
In the context of the joint operation of China’s intra-provincial markets and inter-provincial trading,how to meet the load demand and energy consumption using inter-provincial renewable energy trading is a key probl...In the context of the joint operation of China’s intra-provincial markets and inter-provincial trading,how to meet the load demand and energy consumption using inter-provincial renewable energy trading is a key problem.The combined operation of intra-provincial and inter-provincial markets provides a new way for provincial power companies to optimize and clear the intra-provincial power market,complete the intra-provincial consumption responsibility weight index,and consume renewable energy across provinces and regions.This paper combines power generation and consumption within the province,uses inter-provincial renewable energy trading tomeet the load demand within the province and completes the index of intra-provincial consumption responsibility weights.The intra-provincial market trading and inter-provincial market clearing are respectively taken as the upper and lower levels of the model.Under the two-level electricity market operation framework,the upper-level model aims to minimize the expected total operating cost within the province considering the carbon emission cost and the weight of the consumption responsibility,while the lower-level model aims to minimize the inter-provincial renewable energy purchasing cost.Finally,the influence of inter-provincial transaction mechanism,risk aversion coefficient,voucher price,and responsibility weight on operating cost is analyzed.Simulation is used to verify that the proposed model can meet the requirements of the provincial load power consumption and the consumption responsibility weight index,and promote the consumption of renewable energy.展开更多
Tropical rainforests are crucial in maintaining about 70% of the world’s plant and animal biodiversity and are also the highest terrestrial carbon reservoir. This study aimed to determine the tree species composition...Tropical rainforests are crucial in maintaining about 70% of the world’s plant and animal biodiversity and are also the highest terrestrial carbon reservoir. This study aimed to determine the tree species composition, structure and carbon stocks of the Deng Deng National Park which is a semi-deciduous tropical forest (plots 1 and 2 and the transition zone to the savannah (plot 3). Plots demarcation and enumeration followed standard protocols for permanent monitoring plots. The inventory of tree species ≥ 2 cm revealed a total of 5523 individuals of 64 species in 53 genera belonging to 26 families with plot 2 having the highest (2135 individuals/ha) and plot 3 the least (1291 individuals/ha). Tabernaemontana crassa was the most important tree species in the tropical forest and Lecythis idatimon in the savannah. Basal area was highest in the tropical forest and least in the savannah. The diameter distribution of trees in all forest types displayed a reverse J-pattern. Aboveground biomass was highest in the tropical forest (530.2 ± 66.4 t·C/ha) and least in the savannah (184.3 ± 20.1 t·C/ha). The carbon stock of the above ground biomass was twice as much as that of the below ground biomass, soil organic matter and litter. The total carbon stock estimated in all pools was 278.75 t·C/ha. The study site was poor in plant diversity, biomass and carbon stock, indicating a disturbed site with the absence of large trees and undergoing natural regeneration. This underlines an urgent need for efficient restoration management practices.展开更多
With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valua...With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valuable commodity are getting larger. The development and perfection of carbon finance market has become an important realistic subject under low-carbon economy background. China's carbon finance market is still immature,and lacks the relevant law and government supports and mature intermediary agency; the construction of carbon trading platform is imperfect; it lacks carbon finance products and understanding on carbon finance. To better develop China's carbon finance market,development statuses of carbon finance markets at home and abroad are contrasted from three aspects: legal environment of carbon finance,trading condition of carbon finance and carbon finance business of financial institution,and their difference is analyzed. By referring to foreign development experience,the relevant policy measures of promoting and perfecting carbon finance market in China are proposed.展开更多
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
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
China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and anal...China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and analyzes the potential risks in the European Union Emission Trading Scheme,California’s cap-and-trade system,and the seven regional carbon trading pilots in China.It mainly recognizes market operation risks,risks of uncertain policy expectation,and risks of uncertain mechanism designs existing in China's carbon trading pilots.The carbon market risks are not good for the formation of rational price signals,making it difficult to guide enterprises on how to make low-carbon technology in-vestments.Such risks also affect the effectiveness and functions of carbon markets,which can lead to the non-achievement of national emission reduction goals.China has launched the national carbon emission trading scheme on December 19,2017.While building the national carbon trading scheme,it is important to fully refer to the experiences of international carbon markets and China's carbon trading pilots apart from strengthening the recognition,control,and supervision of carbon market risks.Doing so can promote the healthy development of China's na-tional carbon trading scheme.展开更多
The carbon cycle of forest ecosystems plays a key role in regulating CO2 concentrations in the atmosphere. Research on carbon storage estimation of forest ecosystems has become a major research topic. However, carbon ...The carbon cycle of forest ecosystems plays a key role in regulating CO2 concentrations in the atmosphere. Research on carbon storage estimation of forest ecosystems has become a major research topic. However, carbon budgets of subtropical forest ecosystems have received little attention. Reports of soil carbon storage and topographic heterogeneity of carbon storage are limited. This study focused on the Jinggang Mountain National Nature Reserve as an example of a mid-subtropical forest and evaluated soil and vegetation carbon storage by field sampling combined with GIS, RS and GPS technology. We classified the forest into nine forest types using ALOS high-resolution remote sensing images. The evergreen broad-leaved forest has the largest area, occupying 26.5% of the total area, followed by coniferous and broad-leaved mixed forests and warm temperate coniferous forest, occupying 24.2 and 22.9%, respectively. The vegetation and soil carbon storage of the whole forest ecosystem were 1,692,344 and 5,514,707 t, with a carbon density of 7.4 and 24.2 kg/m^2, respectively, which suggests that the ecosystem has great carbon storage capacity. The topographic heterogeneity of the carbon storage was also analysed. The largest vegetation storage and soil storage is at 700–800 and 1000–1100 m, respectively. The vegetation carbon storage is highest in the southeast, south and southwest.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
Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as ...Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as sample data, the multifractal detrend cross-correlation analysis method(MF-DCCA)is used to research the dynamic cross-correlation relationships among the carbon emission market, crude oil market and the new energy market in Europe and China and the source of the multifractality. The empirical analysis shows that the cross-correlations among the carbon emission market, crude oil market and new energy market in Europe and China have all significant multifractal characteristics. Moreover, the multifractal strength of cross-correlation between the carbon emission market and crude oil market is less than that between the carbon emission market and new energy market in Europe. The Chinese market is the opposite. In addition, the multifractal strength of cross-correlation between the crude oil market and new energy market in Europe is more than that between the crude oil market and new energy market in China. It is also found that the long-range correlation of the sequences themselves and the fat-tailed distribution in fluctuations are the common causes of the multifractality, and the fat-tailed in fluctuations distribution contributes more to the multifractals of the series.展开更多
Based on the data of 30 Chinese provinces for the period from 2004 to 2015,this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor mar...Based on the data of 30 Chinese provinces for the period from 2004 to 2015,this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor market distortions.This study uses Kaya identity to decompose carbon emission and construct simultaneous equations model to empirically examine the factor market distortion and the carbon emission scale effect of two-way FDI.The results show that the inward foreign direct investment (IFDI) increase regional carbon emission through scale effect and also exacerbates factor market distortion in China,whereas the outward FDI trends reduce carbon emission and reduces factor market distortions in China.The study also shows that human capital,research and development (R&D),trade openness,and capital accumulation are important determinants of two-way FDI.Therefore,the study proposes that IFDI policies should focus on acquiring green technologies.In addition,the domestic enterprises should be encouraged to participate in global business.展开更多
文摘The lack of synergy between infrastructure financing mechanisms and mechanisms for combating climate change does not favor the definition of sustainable infrastructure in Cameroon. The definition of a sustainable infrastructure could meet the requirements of these mechanisms, thanks to the control of Greenhouse Gas (GHG) emissions during its installation, in relation to a predefined value. However, the promotion of efforts to reduce emissions from new infrastructures is not subject to a local market. This situation is a limit in the implementation of the policies defined in the Nationally Determined Contribution (NDC). This article proposes a framework for promoting reduction efforts for a national carbon market, in favor of hydroelectric infrastructures. Thanks to the Life Cycle Assessment (LCA) environmental assessment tool, we are going to determine the carbon quota for a specific power. The study carried out on the hydroelectric power station of Mekin (HydroMekin) leads us to a reduction effort of 68.2% compared to the threshold defined at 14.057 gCO<sub>2eq</sub>/kWh<sub>e</sub>. The framework, developed, contributes to defining the environmental parameters in the decarbonation strategy during the implementation of new hydroelectric infrastructures and the market carbon design elements special to the construction phase of these infrastructures.
基金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.
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.
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).
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.
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%.
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.
基金supported by the National Key R&D Program of China(2017YFB0902200).
文摘With the increasing proportion of renewable energy in the power market,the demands on government financial subsidies are gradually increasing.Thus,a joint green certificate-carbon emission right-electricity multi-market trading process is proposed to study the market-based strategy for renewable energy.Considering the commodity characteristics of green certificates and carbon emission rights,the dynamic cost models of green certificates and carbon rights are constructed based on the Rubinstein game and ladder pricing models.Furthermore,considering the irrational bidding behavior of energy suppliers in the actual electricity market,an evolutionary game based multi-market bidding optimization model is presented.Subsequently,it is solved using a composite differential evolutionary algorithm.Finally,the case study results reveal that the proposed model can increase profits and the consumption rate of renewable energy and reduce carbon emission.
基金National Natural Science Foundation of China,Grant/Award Number:51677059。
文摘Introducing carbon trading into electricity market can convert carbon dioxide into schedulable resources with economic value.However,the randomness of wind power generation puts forward higher requirements for electricity market transactions.Therefore,the carbon trading market is introduced into the wind power market,and a new form of low-carbon economic dispatch model is developed.First,the economic dispatch goal of wind power is be considered.It is projected to save money and reduce the cost of power generation for the system.The model includes risk operating costs to account for the impact of wind power output variability on the system,as well as wind farm negative efficiency operating costs to account for the loss caused by wind abandonment.The model also employs carbon trading market metrics to achieve the goal of lowering system carbon emissions,and analyze the impact of different carbon trading prices on the system.A low-carbon economic dispatch model for the wind power market is implemented based on the following two goals.Finally,the solution is optimised using the Ant-lion optimisation method,which combines Levi's flight mechanism and golden sine.The proposed model and algorithm's rationality is proven through the use of cases.
基金supported by National Natural Science Foundation of China (51977127)Shanghai Municipal Science and Technology Commission (19020500800)“Shuguang Program” (20SG52)Shanghai Education Development Foundation and Shanghai Municipal Education Commission.
文摘In the context of the joint operation of China’s intra-provincial markets and inter-provincial trading,how to meet the load demand and energy consumption using inter-provincial renewable energy trading is a key problem.The combined operation of intra-provincial and inter-provincial markets provides a new way for provincial power companies to optimize and clear the intra-provincial power market,complete the intra-provincial consumption responsibility weight index,and consume renewable energy across provinces and regions.This paper combines power generation and consumption within the province,uses inter-provincial renewable energy trading tomeet the load demand within the province and completes the index of intra-provincial consumption responsibility weights.The intra-provincial market trading and inter-provincial market clearing are respectively taken as the upper and lower levels of the model.Under the two-level electricity market operation framework,the upper-level model aims to minimize the expected total operating cost within the province considering the carbon emission cost and the weight of the consumption responsibility,while the lower-level model aims to minimize the inter-provincial renewable energy purchasing cost.Finally,the influence of inter-provincial transaction mechanism,risk aversion coefficient,voucher price,and responsibility weight on operating cost is analyzed.Simulation is used to verify that the proposed model can meet the requirements of the provincial load power consumption and the consumption responsibility weight index,and promote the consumption of renewable energy.
文摘Tropical rainforests are crucial in maintaining about 70% of the world’s plant and animal biodiversity and are also the highest terrestrial carbon reservoir. This study aimed to determine the tree species composition, structure and carbon stocks of the Deng Deng National Park which is a semi-deciduous tropical forest (plots 1 and 2 and the transition zone to the savannah (plot 3). Plots demarcation and enumeration followed standard protocols for permanent monitoring plots. The inventory of tree species ≥ 2 cm revealed a total of 5523 individuals of 64 species in 53 genera belonging to 26 families with plot 2 having the highest (2135 individuals/ha) and plot 3 the least (1291 individuals/ha). Tabernaemontana crassa was the most important tree species in the tropical forest and Lecythis idatimon in the savannah. Basal area was highest in the tropical forest and least in the savannah. The diameter distribution of trees in all forest types displayed a reverse J-pattern. Aboveground biomass was highest in the tropical forest (530.2 ± 66.4 t·C/ha) and least in the savannah (184.3 ± 20.1 t·C/ha). The carbon stock of the above ground biomass was twice as much as that of the below ground biomass, soil organic matter and litter. The total carbon stock estimated in all pools was 278.75 t·C/ha. The study site was poor in plant diversity, biomass and carbon stock, indicating a disturbed site with the absence of large trees and undergoing natural regeneration. This underlines an urgent need for efficient restoration management practices.
文摘With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valuable commodity are getting larger. The development and perfection of carbon finance market has become an important realistic subject under low-carbon economy background. China's carbon finance market is still immature,and lacks the relevant law and government supports and mature intermediary agency; the construction of carbon trading platform is imperfect; it lacks carbon finance products and understanding on carbon finance. To better develop China's carbon finance market,development statuses of carbon finance markets at home and abroad are contrasted from three aspects: legal environment of carbon finance,trading condition of carbon finance and carbon finance business of financial institution,and their difference is analyzed. By referring to foreign development experience,the relevant policy measures of promoting and perfecting carbon finance market in China are proposed.
基金supported by National 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.
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 Key Researchand Development Program of China(2016YFA0602702)the National Natural Science Foundation of China(71673162,71173131,71673019,71273253)Major projects of the Na-tional Social Science Fund of China(18ZDA106).
文摘China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and analyzes the potential risks in the European Union Emission Trading Scheme,California’s cap-and-trade system,and the seven regional carbon trading pilots in China.It mainly recognizes market operation risks,risks of uncertain policy expectation,and risks of uncertain mechanism designs existing in China's carbon trading pilots.The carbon market risks are not good for the formation of rational price signals,making it difficult to guide enterprises on how to make low-carbon technology in-vestments.Such risks also affect the effectiveness and functions of carbon markets,which can lead to the non-achievement of national emission reduction goals.China has launched the national carbon emission trading scheme on December 19,2017.While building the national carbon trading scheme,it is important to fully refer to the experiences of international carbon markets and China's carbon trading pilots apart from strengthening the recognition,control,and supervision of carbon market risks.Doing so can promote the healthy development of China's na-tional carbon trading scheme.
基金supported by the National Natural Science Foundation of China(41701209,41501095,41601198)
文摘The carbon cycle of forest ecosystems plays a key role in regulating CO2 concentrations in the atmosphere. Research on carbon storage estimation of forest ecosystems has become a major research topic. However, carbon budgets of subtropical forest ecosystems have received little attention. Reports of soil carbon storage and topographic heterogeneity of carbon storage are limited. This study focused on the Jinggang Mountain National Nature Reserve as an example of a mid-subtropical forest and evaluated soil and vegetation carbon storage by field sampling combined with GIS, RS and GPS technology. We classified the forest into nine forest types using ALOS high-resolution remote sensing images. The evergreen broad-leaved forest has the largest area, occupying 26.5% of the total area, followed by coniferous and broad-leaved mixed forests and warm temperate coniferous forest, occupying 24.2 and 22.9%, respectively. The vegetation and soil carbon storage of the whole forest ecosystem were 1,692,344 and 5,514,707 t, with a carbon density of 7.4 and 24.2 kg/m^2, respectively, which suggests that the ecosystem has great carbon storage capacity. The topographic heterogeneity of the carbon storage was also analysed. The largest vegetation storage and soil storage is at 700–800 and 1000–1100 m, respectively. The vegetation carbon storage is highest in the southeast, south and southwest.
基金supported in part by National Key Research and Development Program of China(2016YFB0901900)the Science and Technology Foundation of GEIDCO(SGGEIG00JYJS1900016)
文摘Decarbonization of the electricity sector is crucial to mitigate the impacts of climate change and global warming over the coming decades.The key challenges for achieving this goal are carbon emission trading and electricity sector regulation,which are also the major components of the carbon and electricity markets,respectively.In this paper,a joint electricity and carbon market model is proposed to investigate the relationships between electricity price,carbon price,and electricity generation capacity,thereby identifying pathways toward a renewable energy transition under the transactional energy interconnection framework.The proposed model is a dynamically iterative optimization model consisting of upper-level and lower-level models.The upper-level model optimizes power generation and obtains the electricity price,which drives the lower-level model to update the carbon price and electricity generation capacity.The proposed model is verified using the Northeast Asia power grid.The results show that increasing carbon price will result in increased electricity price,along with further increases in renewable energy generation capacity in the following period.This increase in renewable energy generation will reduce reliance on carbon-emitting energy sources,and hence the carbon price will decline.Moreover,the interconnection among zones in the Northeast Asia power grid will enable reasonable allocation of zonal power generation.Carbon capture and storage (CCS) will be an effective technology to reduce the carbon emissions and further realize the emission reduction targets in 2030-2050.It eases the stress of realizing the energy transition because of the less urgency to install additional renewable energy capacity.
基金supported by National Key Social Science Research Project(11&ZD042)Forestry Public Welfare Scientific Research Project of the State Forestry Administration in China(200904003)DAAD-K.C.Wong Postdoctoral Fellowship Programme,Germany
基金supported by the Jiangsu postgraduate research and practice innovation program (Grant No. KYCX18_1386)
文摘Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as sample data, the multifractal detrend cross-correlation analysis method(MF-DCCA)is used to research the dynamic cross-correlation relationships among the carbon emission market, crude oil market and the new energy market in Europe and China and the source of the multifractality. The empirical analysis shows that the cross-correlations among the carbon emission market, crude oil market and new energy market in Europe and China have all significant multifractal characteristics. Moreover, the multifractal strength of cross-correlation between the carbon emission market and crude oil market is less than that between the carbon emission market and new energy market in Europe. The Chinese market is the opposite. In addition, the multifractal strength of cross-correlation between the crude oil market and new energy market in Europe is more than that between the crude oil market and new energy market in China. It is also found that the long-range correlation of the sequences themselves and the fat-tailed distribution in fluctuations are the common causes of the multifractality, and the fat-tailed in fluctuations distribution contributes more to the multifractals of the series.
文摘Based on the data of 30 Chinese provinces for the period from 2004 to 2015,this paper expounds the carbon emissions effect of two-way foreign direct investment (FDI) from the perspective of scale effect and factor market distortions.This study uses Kaya identity to decompose carbon emission and construct simultaneous equations model to empirically examine the factor market distortion and the carbon emission scale effect of two-way FDI.The results show that the inward foreign direct investment (IFDI) increase regional carbon emission through scale effect and also exacerbates factor market distortion in China,whereas the outward FDI trends reduce carbon emission and reduces factor market distortions in China.The study also shows that human capital,research and development (R&D),trade openness,and capital accumulation are important determinants of two-way FDI.Therefore,the study proposes that IFDI policies should focus on acquiring green technologies.In addition,the domestic enterprises should be encouraged to participate in global business.
