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
Emissions trading systems(ETSs)are a widely used policy tool for driving emissions reductions and serve as an avenue for international climate cooperation.Following the recent global agreement on carbon market standar...Emissions trading systems(ETSs)are a widely used policy tool for driving emissions reductions and serve as an avenue for international climate cooperation.Following the recent global agreement on carbon market standards at COP26,this study explores linked ETSs as an avenue for the U.S.and China to cooperate on climate action.The emissions,energy,and economic effects of linked ETSs are analyzed through the China-in-Global Energy Model(C-GEM),a multi-regional,computable general equilibrium model.Assuming the development of national economy-wide ETSs,two scenarios are developed linking China and the U.S.:1)a bilateral U.S.-China ETS linkage 2)a multilateral ETS linkage that includes China,the U.S.,and nations in Southeast Asia.Results indicate that emissions and energy consumption outcomes would be similar in the bilateral and multilateral scenarios.However,economic outcomes are more favorable in the multilateral linkage scenario.When China and the U.S.engage in bilateral ETS linkage,China predominantly benefits from additional support for domestic decarbonization while the U.S.benefits from increased GDP compared to without ETS linkage.Adding Southeast Asia to establish multilateral linkage improves GDP outcomes for all participants,reducing adverse effects on China's GDP while boosting GDP for the U.S.and Southeast Asia.For policymakers considering the design and implementation of international ETSs,this study presents updated modeling on the effects of ETS linkage on each country as well as the economic benefits of expanding participation to additional regions.展开更多
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funding support from the National Key R&D Program of China(2017YFA0605302,2017YFA0605304)。
文摘Emissions trading systems(ETSs)are a widely used policy tool for driving emissions reductions and serve as an avenue for international climate cooperation.Following the recent global agreement on carbon market standards at COP26,this study explores linked ETSs as an avenue for the U.S.and China to cooperate on climate action.The emissions,energy,and economic effects of linked ETSs are analyzed through the China-in-Global Energy Model(C-GEM),a multi-regional,computable general equilibrium model.Assuming the development of national economy-wide ETSs,two scenarios are developed linking China and the U.S.:1)a bilateral U.S.-China ETS linkage 2)a multilateral ETS linkage that includes China,the U.S.,and nations in Southeast Asia.Results indicate that emissions and energy consumption outcomes would be similar in the bilateral and multilateral scenarios.However,economic outcomes are more favorable in the multilateral linkage scenario.When China and the U.S.engage in bilateral ETS linkage,China predominantly benefits from additional support for domestic decarbonization while the U.S.benefits from increased GDP compared to without ETS linkage.Adding Southeast Asia to establish multilateral linkage improves GDP outcomes for all participants,reducing adverse effects on China's GDP while boosting GDP for the U.S.and Southeast Asia.For policymakers considering the design and implementation of international ETSs,this study presents updated modeling on the effects of ETS linkage on each country as well as the economic benefits of expanding participation to additional regions.
