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
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
The speeding-up and slowing-down(SUSD)direction is a novel direction,which is proved to converge to the gradient descent direction under some conditions.The authors propose the derivative-free optimization algorithm S...The speeding-up and slowing-down(SUSD)direction is a novel direction,which is proved to converge to the gradient descent direction under some conditions.The authors propose the derivative-free optimization algorithm SUSD-TR,which combines the SUSD direction based on the covariance matrix of interpolation points and the solution of the trust-region subproblem of the interpolation model function at the current iteration step.They analyze the optimization dynamics and convergence of the algorithm SUSD-TR.Details of the trial step and structure step are given.Numerical results show their algorithm’s efficiency,and the comparison indicates that SUSD-TR greatly improves the method’s performance based on the method that only goes along the SUSD direction.Their algorithm is competitive with state-of-the-art mathematical derivative-free optimization algorithms.展开更多
基金supported by Shenzhen Philosophy and Social Sciences Planning in 2021[Grant No.SZ2021A006]the Basic Theoretical Research in the 13th Five Year Plan of Guangdong Philosophy and Social Sciences in 2020[Grant No.GD20 YDXZGL09]and the Characteristic Innovation Projects of Guangdong Universities in China[Grant No.2021WTSCX035].
文摘The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbon market auction mechanism.This article focuses on the five auction mechanisms in Chinese pilot emission trading schemes(ETS),reviews the structures and bidding situation of the five-pilot auction mechanism,extracts the similarities,and analyzes their different features,such as auction mode,bidding scale,participants,pricing mode,auction frequency,and so on.This study conducts an in-depth analysis of the carbon allowance auction mechanism in the Guangdong pilot ETS of China,including its development and the evolution of the key elements,its operational effects,and related disputes.Finally,this study puts forward the trend forecast and suggestions for the Chinese allowance auction mechanism,such as the time window of launching national allowance auctions,the most likely auction mode,carbon pricing,and bidding revenue management.Carbon pricing by auction is the most powerful policy tool for addressing carbon emissions reduction and implementing the Glasgow Climate Pact.
基金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supported by the National Natural Science Foundation of China(No.12288201)。
文摘The speeding-up and slowing-down(SUSD)direction is a novel direction,which is proved to converge to the gradient descent direction under some conditions.The authors propose the derivative-free optimization algorithm SUSD-TR,which combines the SUSD direction based on the covariance matrix of interpolation points and the solution of the trust-region subproblem of the interpolation model function at the current iteration step.They analyze the optimization dynamics and convergence of the algorithm SUSD-TR.Details of the trial step and structure step are given.Numerical results show their algorithm’s efficiency,and the comparison indicates that SUSD-TR greatly improves the method’s performance based on the method that only goes along the SUSD direction.Their algorithm is competitive with state-of-the-art mathematical derivative-free optimization algorithms.
