Spatial emission reduction effects of China’s carbon emissions trading:quasi-natural experiments and policy spillovers

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.

Survey on the Policy Evolution of China s Marine Carbon Sink and Carbon Trading Market

Climate change is currently the biggest environmental challenge facing sustainable development in human society,and it is an inherent requirement for achieving sustainable development by actively addressing climate change.Under the increasingly strict constraints of climate governance,developed countries such as the United States,European Union countries,and Japan have responded and actively formulated low-carbon development goals and policy measures that are in line with their national conditions.These policies mainly involve various fields such as low-carbon technology,energy conservation and emission reduction,and circular development,with clear policy guidance.In this paper,the evolution of policies on marine carbon sink and carbon trading in China is summarized,providing support for better understanding the background of formulating relevant international and domestic policies.

Survey on the Policy Evolution of the International Marine Carbon Sink and Carbon Trading Market

Climate change is currently the biggest environmental challenge facing sustainable development in human society,and an inherent requirement for achieving sustainable development is actively addressing climate change.Under the increasingly strict constraints of climate governance,developed countries such as the United States,European Union countries,and Japan have responded and actively formulated low-carbon development goals and policy measures that are in line with their national conditions.These policies mainly involve various fields such as low-carbon technology,energy conservation and emission reduction,and circular development,with clear policy guidance.In this paper,the evolution of policies on marine carbon sink and carbon trading in developed countries such as the United States and Europe is summarized,providing support for a better understanding of the background of international and domestic policy formulation.

CGE model-based analysis of the neutralized hybrid carbon policy and its decomposed effects on economic growth,carbon reduction,and energy utilization costs

The hybrid policy is a flexible policy tool that combines features of carbon trading and carbon taxation.Its economic and environmental effects under China's background are still not studied in detail.Given the exogenous carbon reduction targets,carbon prices,and carbon tax-rates,by computable general equilibrium modeling methods and factor decomposition methods,this article investigates direct and cascaded effects of the hybrid policy on economic growth,energy utilization,and carbon emission on the national level and the sector level,with China's national input-output data-set.Stepwisely,policy scenarios with irrational estimated results are selectively excluded based on comprehensive evaluation among economic,carbon reduction and other policy targets.As a result,against national economic conditions in 2007,the hybrid policy,with a carbon reduction target of -10%,a carbon tax-rate of around $10,and a ceiling carbon price of $40,is highly recommended,because of its significant lower economic loss,lower energy utilization cost,and practical robustness against fluctuation of energy market and carbon market.Furthermore,by decomposition analysis,carbon reduction-related costs are decomposed into a direct part that includes carbon allowance price and carbon tax,and an indirect part as the energy price incremental induced by direct carbon costs.Gross carbon reduction may be decomposed into three parts such as energy intensity,economic scale,and technical progress.And,carbon taxation is the main policy tool that stimulates to improve the energy efficiency.

Recognition and analysis of potential risks in China's carbon emission trading markets

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.

A study on the design of a hybrid policy for carbon abatement

A necessary way to mitigate global warming is carbon reduction, which the international community is now actively promoting. China has committed a target goal for carbon reduction to the international society, and has devoted a great effort toward researching the impact of related policies. Carbon taxation and carbon trading are the two main mechanisms to advocate carbon abatement, which many countries have been using. Each of these two mechanisms possesses advantages and disadvantages, and an appropriate combination of them can make best use of their advantages while bypassing their disadvantages, creating a superior mechanism. In our opinion, the main differences between these two mechanisms are that carbon taxation has a lower institution cost(consisting of the related infrastructural investment and the regulation cost,etc), and is easier to operate, but lacks the flexibility in response to variations of market conditions. However, this flexibility is just the origin of risk, which increases the difficulty for firms in their decision of carbon abatement and is an indirect way to incentivize carbon abatement, compared to carbon trading, which has a more direct effect in carbon reduction. Based on the above observation, we present a hybrid mechanism of carbon abatement, which is an organized combination of carbon taxation and carbon trading. It consists of two parts: first, the carbon taxation, which has a progressive tax rate, second, the carbon trading. Small firms will only pay the carbon tax, while large firms, will first need to get the initial carbon emission quotas by some way, and then trade it in the carbon market if necessary. For firms with extra emissions,they will receive a punishment according to a high carbon tax rate. This hybrid policy considers the equity between different firms in carbon emission rights as well as the efficiency of the mechanism while decreasing the risk level for firms in the carbon emission decision, making it superior to the two previous policies. We also analyze the feasibility of this hybrid policy in China,address some important issues in the implementation of this hybrid policy in China and present the relevant suggestions. The discussion in this paper can serve as a reference to the government in the decision of carbon policies.

Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Optimization of biofuel supply chain integrated with petroleum refineries under carbon trade policy

The use of fossil fuels results in significant carbon dioxide emissions.Biofuels have been increasingly adopted as sustainable alternatives to fossil fuel to address this environmental issue.Integrating petroleum refineries into biofuel supply chains is an effective approach to mitigating greenhouse gas emissions and improving environmental sustainability.In this study,an integrated supply chain optimization framework was established,considering the carbon trade policy.In addition,a mixed-integer nonlinear programming model was developed to optimize the selection of biomass suppliers,construction of pretreatment plants and biorefineries,integration of petroleum refineries,and selection of transportation routes with the objective of minimizing the total annual cost.An example is presented to illustrate the applicability of the model.The optimization results show that integrating petroleum refineries into biofuel supply chains effectively mitigates carbon emissions.Carbon trade policies can have a direct impact on the total annual cost and carbon emissions of the supply chain.

For CO<SUB>2</SUB>Emission Trading in China, Can the Market Become a National One, Four Years after Creating Seven Local Markets?

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.

企业数字化转型、绿色创新与碳绩效——碳排放权交易政策与公众环境关注度的调节作用

随着数字经济的迅猛发展,利用数字化优势助力企业绿色转型已成为“双碳”背景下的必然趋势。从利益相关者理论和信号理论出发,以2014—2020年中国沪深A股上市工业企业为样本,实证检验了企业数字化转型能否提升碳绩效,并探讨了绿色创新在其中的中介作用以及碳排放权交易政策和公众环境关注度的调节作用。研究发现,企业数字化转型显著提升了碳绩效,并通过绿色创新正向影响企业碳绩效水平。同时,碳排放权交易政策与公众环境关注度均能发挥显著的正向调节效应。异质性分析显示,企业数字化转型对碳绩效的促进作用在非高新技术企业和高市场竞争程度的情境下更为明显,但产权性质的影响并不显著。研究结论厘清了企业通过数字化转型促进绿色创新进而提升碳绩效的驱动机制,为推进企业数字化转型以实现绿色发展具有重要参考意义。

碳减排政策的就业效应:来自碳交易试点的经验证据

在理论探析碳减排政策影响就业的基础上,运用双重差分模型评估碳交易政策的就业效应。研究表明:碳交易政策的实施导致试点地区就业率显著提升,且碳交易政策能够加速劳动力城乡流动、行业转移以及性别转换,同时使得劳动力技能结构呈现“两头粗、中间细”的分布特征;碳交易政策的就业效应并不局限于试点地区一隅,亦能够对试点周边地区产生显著的负向溢出效应;试点地区劳动力增加来源包括“就地转换”“走的少”和“来的多”3个方面。进一步地,碳交易试点政策所诱发的就业率提升主要得益于产业结构高级化驱动的劳动力需求扩大和工资提升所驱动的劳动力供给增加。

市场激励型环境规制能否促进企业ESG实践?——基于碳排放权交易试点政策的准自然实验

利用2008—2019年上市公司的经验数据,以2013年年末在7个省市开展的碳排放权交易试点作为准自然实验,采用三重差分进行实证,结果表明:碳排放权交易试点政策能够促进企业进行ESG实践,且该结论通过了稳健性检验。企业绿色创新在碳排放权交易试点政策与ESG实践中起中介作用。进一步研究发现,碳排放权交易不仅促进了企业进行环境(E)方面的实践,也促进了企业履行社会责任(S)和提升自身治理水平(G)。异质性分析表明,相对于国企,非国企中碳交易政策对ESG实践的影响更强。对于当年当地没有政府环境目标约束的企业,存在政府环境目标约束的企业碳排放权交易政策对ESG实践的影响更强。

碳排放权交易能促进地区能源结构低碳转型吗?

基于2005—2019年30个省(市、区)的面板数据,文章采用双重差分模型评估碳排放权交易政策(以下简称为碳交易政策)对能源结构低碳转型的影响,并深入探究了其传导机制。研究发现,碳交易政策能够显著减少碳排放,并积极推动能源结构向低碳方向发展,其效果随时间逐渐显现。此外,碳交易政策还通过促进产业结构的调整,进一步推动了能源结构的低碳化。进一步研究表明,碳交易政策在不同试点地区的影响存在显著差异,其中北京、天津和重庆的政策效应明显,而其他试点省市的政策效应则相对较弱。

碳排放权交易试点政策与绿色高质量发展

基于2008—2020年省级面板数据,通过熵值法构建出绿色高质量发展指标体系;使用双重差分模型将碳排放权交易政策的推行视作准自然的实验,研究分析该政策对我国绿色高质量发展产生的政策效应。研究结论如下:该试点政策的推行对绿色高质量发展具有正向的促进作用;并通过助推产业结构的优化升级,进而实现绿色高质量发展;研究表明在该项政策推动绿色高质量发展的过程中,工业化程度、碳排放水平越高的省份,碳排放权交易试点政策对绿色高质量发展的影响更显著。这一研究结论既是对助推绿色高质量发展的重要实证支撑,也是对推动我国全国碳市场建设的重要决策支持。

碳排放权交易试点政策对新能源企业创新的激励效应——基于创新投入的证据

碳排放权交易试点政策的目标是控制温室气体排放,而新能源企业是发展清洁能源的重要主体,那么该试点政策能否激励新能源企业增加创新投入?既有研究尚未对此做出探讨。鉴于此,本文采用2009~2019年沪深A股新能源企业和其同行业传统企业数据,用三重差分模型考察碳排放权交易试点政策对新能源企业创新投入的影响。研究发现,碳排放权交易试点政策能够促进新能源企业增加创新投入。作用机制分析表明,该试点政策通过从生产端提高企业的减排和创新收益,以及从需求端扩大新能源产品的市场需求,激励新能源企业增加创新投入。进一步分析表明,碳排放权交易试点政策促进新能源企业增加高质量的创新产出。异质性分析表明,在知识产权保护程度高的地区、非管制行业及采用配额有偿分配机制设计的碳排放权交易市场,碳排放权交易试点政策对新能源企业的创新激励效应更显著。研究结论不仅丰富了碳排放权交易试点政策与企业创新的研究,也对建设全国碳排放权交易市场具有启示意义。

碳交易试点政策能促进企业数字化转型吗?

在低碳减排要求与数字经济发展趋势下,以2007—2020年沪深A股工业上市公司为研究样本,实证考察碳交易试点政策对企业数字化转型的影响。研究发现:碳交易试点政策的实施显著促进了企业数字化转型水平;在此过程中,碳交易试点政策引致的技术创新水平提升和缓解融资约束是驱动企业数字化转型的重要渠道,媒体关注度和分析师关注度起到正向调节作用;碳交易试点政策的促进作用在对非国有企业、弱管理者短视企业更为显著,在环境执法力度高的地区影响更大。进一步研究发现,碳交易试点政策促进企业数字化转型会带来企业价值提升和碳排放降低的经济和环境效应。

基于PPO算法的CIES低碳优化调度方法

阶梯式碳交易机制以及优化调度模型求解算法是进行园区综合能源系统(community integrated energy system,CIES)优化调度的重要因素,现有文献对这两个因素的考虑不够全面。为此,文中在考虑阶梯式碳交易机制的基础上,提出采用近端策略优化(proximal policy optimization,PPO)算法求解CIES低碳优化调度问题。该方法基于低碳优化调度模型搭建强化学习交互环境,利用设备状态参数及运行参数定义智能体的状态、动作空间及奖励函数,再通过离线训练获取可生成最优策略的智能体。算例分析结果表明,采用PPO算法得到的CIES低碳优化调度方法能够充分发挥阶梯式碳交易机制减少碳排放量和提高能源利用率方面的优势。

碳配额分配方法对授权再制造影响研究

不同碳配额分配方法直接影响碳交易政策的实施效果,对制造/再制造生产决策以及碳交易市场运营产生不同影响.为分析不同碳配额分配方法对制造/再制造影响,基于两种典型碳配额分配方法(历史排放分配法和基准分配法)构建碳交易下原始制造商与授权再制造商博弈模型.研究主要得到:1)在单位新产品碳排放量、碳交易价格与基准碳配额满足一定条件时,原始制造商会选择碳减排投资,且基准分配法更能提高原始制造商碳减排积极性;2)当碳配额以及碳交易价格满足一定条件时,碳交易能够同时促进各方收益增加;3)适当提高碳交易价格能推动减排工作顺利进行,但两种碳配额分配方法下的总环境影响与原始制造商减排投资水平、碳交易价格等相关.

碳市场试点政策提高区域碳汇的机理研究

碳市场除了碳排放交易外,还包括碳汇交易。大量文献已验证了碳市场试点政策可显著降低二氧化碳排放,却忽视了验证其对碳汇的影响。结合中国碳汇交易的特征事实,构建空间双重差分模型考察碳市场试点政策对试点区域和非试点区域碳汇的影响及作用机制。结果表明:与非试点区域相比,试点区域的碳汇水平显著提高;碳汇的空间溢出效应为正,财政环保支出与碳汇正相关,经济发展与碳汇呈U型关系,城市化与碳汇负相关。因此,建立更加规范、专业的碳汇交易市场,充分发挥市场机制在碳汇资源配置中的基础性作用,完善省际碳汇生态补偿机制,是提高碳汇的有效路径,对碳中和碳达峰目标的实现意义重大。

低碳城市建设、环境审计与企业碳排放--基于低碳城市试点政策的准自然实验

推动低碳城市建设是实现碳达峰碳中和、迈向高质量发展的重要举措。基于2008—2021年深沪两市A股工业企业的年度数据,将三次低碳城市试点视为准自然实验,采用多期双重差分模型、递归式中介效应模型等实证考察了低碳城市试点的碳减排机理及环境审计在此过程中的交互关系。检验结果表明:(1)低碳城市试点显著降低了试点城市企业的碳排放量,且该效应在高碳行业企业、工业发展水平较高地区企业及媒体关注度较高企业中表现更为突出;(2)低碳城市试点与环境审计在促进企业减少碳排放方面存在互补关系;(3)机制检验表明,技术创新在低碳城市试点促进企业减碳方面起到部分中介作用。