Indicators based on the developed version of the Capability Maturity Model were set up to access the maturity degree of China's seven pilot carbon markets from 2013 to 2017. Results show that the maturity degree o...Indicators based on the developed version of the Capability Maturity Model were set up to access the maturity degree of China's seven pilot carbon markets from 2013 to 2017. Results show that the maturity degree of Shenzhen and Beijing pilot carbon markets ranks first;while those of Guangdong, Hubei, and Shanghai rank second. Tianjin and Chongqing rank lowest. Most of pilot markets failed to perform well on price efficiency except Shenzhen. There is significant disparity in the scores that the pilot carbon markets got, with a range from 9 to 73. The drivers to maintain market maturity is different among the pilot markets, either with a good performance on market structure, scale, or efficiency could lead to a certain score. Much could be done to increase the maturity level of the carbon market. Further downscaling the firm size, raising the legislation level, and increasing the participation of the third party entities may help the carbon market to grow healthier.展开更多
China has been making efforts to improve climate changes which have drawn international attentions since China formally signed UN Climate Change Framework in 1992 and ratified Kyoto Protocol in August 2002. The area o...China has been making efforts to improve climate changes which have drawn international attentions since China formally signed UN Climate Change Framework in 1992 and ratified Kyoto Protocol in August 2002. The area of China’s forest plantation ranks the first at present so global close attention is paid to forest carbon market in China. This article introduces that 5 110 million t of carbon dioxide equivalent have been sequestrated by China’s forest during 1980 to 2005, China will have 4.2 billion t of carbon dioxide emission reduction market potential and contribute more forest carbon credits to the international community.展开更多
The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and car...The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.展开更多
The use of market-based mechanisms is a cost-effective way to reduce carbon emissions. The present paper reviews the global carbon market, focusing mainly on its structure and price features, and analyzes the role of ...The use of market-based mechanisms is a cost-effective way to reduce carbon emissions. The present paper reviews the global carbon market, focusing mainly on its structure and price features, and analyzes the role of China in the global carbon market. China is playing a leading role in the pursuit of sustainable development, which can account for its lagging behind in the Clean Development Mechanism. The paper discusses the opportunities and challenges for China undertaking the Clean Development Mechanism project in the future.展开更多
To better promote forest resource management and strengthen the development of forest carbon sink marketization, this paper studied the accounting of forest carbon sinks from 2003 to 2008 based on a system of national...To better promote forest resource management and strengthen the development of forest carbon sink marketization, this paper studied the accounting of forest carbon sinks from 2003 to 2008 based on a system of national accounts （SNA） and data from the latest forest resources inventory in China. The study calculated the value of forest carbon stocks at a total of RMB 817.13 × 10^9 yuan in 2003 and RMB 839.93×10^9 yuan in 2008, with an average annual increase of 0.55 % from an increase in physical carbon sinks. The total value of forest carbon sinks in 2003 and 2008 was RMB 26.73×10^9 yuan and RMB 29.77×10^9 yuan, respectively, with an average annual growth of 2.18 %. From 2003 to 2008, both stock and flow value of forest carbon sinks increased, but the total net flow value of carbon sinks decreased. The growth rate for the environmentally adjusted Gross Domestic Product （eaGDP） for China＇s forest carbon sinks was 17.23 %, outstripping the average growth rate of 9.5 % for the GDP during the same period. The study alsoindicates that China＇s forest carbon sinks affects the GDP in the range of 0.25-0.26 %, and its economic potential is not relatively huge.展开更多
Based on increasingly grim situation of carbon emissions in China,air pollution control and carbon emission reduction are very important. Therefore,combining with China’s specific national conditions,we should explor...Based on increasingly grim situation of carbon emissions in China,air pollution control and carbon emission reduction are very important. Therefore,combining with China’s specific national conditions,we should explore the market mechanisms to control air pollution and reduce carbon emissions in China. The achievement of the carbon emission reduction purpose needs to establish the carbon trade market based on intensity emission reduction and suitable for China’s national conditions. By setting the cross-industry,cross-region and cross-time carbon trade scenarios in China,this paper tries to study the market mechanism of carbon intensity trade among industries and regions and based on carbon finance mechanism.展开更多
In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amount...In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amounts of CO2 emissions rights, regulating the market and trading them at a reasonable price. The emission trading system is developing slowly in most of the participating provinces and cities. Prices tend to decline, while volumes trading slowly increase. The volatility is partially the result of regulation (the rights need to be renewed before a certain date) and partially due to government interventions in the market. Based on the assessment, recommendations are provided for China implementing a national carbon market, based on the experiences and lessons learnt from the seven local carbon emission trading schemes. Conditions for China to roll out the system and later improve the national emission trading scheme to replace the existing local emission trading schemes are formulated.展开更多
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
基金We thank Miss DENG Ying-Ying for data collection. This work was funded by the National Key Research and Devel opment Program of China (2018YFC1509008) and the Na tional Natural Science Foundation of China (41401058).
文摘Indicators based on the developed version of the Capability Maturity Model were set up to access the maturity degree of China's seven pilot carbon markets from 2013 to 2017. Results show that the maturity degree of Shenzhen and Beijing pilot carbon markets ranks first;while those of Guangdong, Hubei, and Shanghai rank second. Tianjin and Chongqing rank lowest. Most of pilot markets failed to perform well on price efficiency except Shenzhen. There is significant disparity in the scores that the pilot carbon markets got, with a range from 9 to 73. The drivers to maintain market maturity is different among the pilot markets, either with a good performance on market structure, scale, or efficiency could lead to a certain score. Much could be done to increase the maturity level of the carbon market. Further downscaling the firm size, raising the legislation level, and increasing the participation of the third party entities may help the carbon market to grow healthier.
文摘China has been making efforts to improve climate changes which have drawn international attentions since China formally signed UN Climate Change Framework in 1992 and ratified Kyoto Protocol in August 2002. The area of China’s forest plantation ranks the first at present so global close attention is paid to forest carbon market in China. This article introduces that 5 110 million t of carbon dioxide equivalent have been sequestrated by China’s forest during 1980 to 2005, China will have 4.2 billion t of carbon dioxide emission reduction market potential and contribute more forest carbon credits to the international community.
文摘The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.
文摘The use of market-based mechanisms is a cost-effective way to reduce carbon emissions. The present paper reviews the global carbon market, focusing mainly on its structure and price features, and analyzes the role of China in the global carbon market. China is playing a leading role in the pursuit of sustainable development, which can account for its lagging behind in the Clean Development Mechanism. The paper discusses the opportunities and challenges for China undertaking the Clean Development Mechanism project in the future.
基金supported by National Key Social Science Research Project(11&ZD042)Forestry Public Welfare Scientific Research Project of the State Forestry Administration in China(200904003)DAAD-K.C.Wong Postdoctoral Fellowship Programme,Germany
文摘To better promote forest resource management and strengthen the development of forest carbon sink marketization, this paper studied the accounting of forest carbon sinks from 2003 to 2008 based on a system of national accounts （SNA） and data from the latest forest resources inventory in China. The study calculated the value of forest carbon stocks at a total of RMB 817.13 × 10^9 yuan in 2003 and RMB 839.93×10^9 yuan in 2008, with an average annual increase of 0.55 % from an increase in physical carbon sinks. The total value of forest carbon sinks in 2003 and 2008 was RMB 26.73×10^9 yuan and RMB 29.77×10^9 yuan, respectively, with an average annual growth of 2.18 %. From 2003 to 2008, both stock and flow value of forest carbon sinks increased, but the total net flow value of carbon sinks decreased. The growth rate for the environmentally adjusted Gross Domestic Product （eaGDP） for China＇s forest carbon sinks was 17.23 %, outstripping the average growth rate of 9.5 % for the GDP during the same period. The study alsoindicates that China＇s forest carbon sinks affects the GDP in the range of 0.25-0.26 %, and its economic potential is not relatively huge.
基金Supported by National Social Science Fund,China(12CJY034)
文摘Based on increasingly grim situation of carbon emissions in China,air pollution control and carbon emission reduction are very important. Therefore,combining with China’s specific national conditions,we should explore the market mechanisms to control air pollution and reduce carbon emissions in China. The achievement of the carbon emission reduction purpose needs to establish the carbon trade market based on intensity emission reduction and suitable for China’s national conditions. By setting the cross-industry,cross-region and cross-time carbon trade scenarios in China,this paper tries to study the market mechanism of carbon intensity trade among industries and regions and based on carbon finance mechanism.
文摘In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amounts of CO2 emissions rights, regulating the market and trading them at a reasonable price. The emission trading system is developing slowly in most of the participating provinces and cities. Prices tend to decline, while volumes trading slowly increase. The volatility is partially the result of regulation (the rights need to be renewed before a certain date) and partially due to government interventions in the market. Based on the assessment, recommendations are provided for China implementing a national carbon market, based on the experiences and lessons learnt from the seven local carbon emission trading schemes. Conditions for China to roll out the system and later improve the national emission trading scheme to replace the existing local emission trading schemes are formulated.
文摘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.
