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Environmental Capital,Negative Externality and Carbon Finance Innovation 被引量:1
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作者 Tang Yuejun Li Defu 《Chinese Journal of Population,Resources and Environment》 2011年第2期54-64,共11页
In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internaliza... In the context of global climate change,the internalization of negative externality,which is brought about by the traditional mode of economic growth,has become an inevitable choice.In order to achieve the internalization,it is necessary to make innovations on the market mechanism and system,find the value of environmental capital,establish a new mode of economic growth based on environmental capital,and then transform the environmental capital,an exogenous factor of economic growth,into an endogenous factor.Of this,the key of market mechanism and system innovation is the financial innovation that is based on environmental capital and negative externality;the government defines the initial property right of environmental resources and establishes environment energy trading market,so as to guide enterprises to trade environmental resources(represented by carbon emission permit trading) based on the Clean Development Mechanism,and to vigorously develop environmental finance and carbon finance. 展开更多
关键词 environmental capital negative externality carbon finance financial innovation carbon emission permit trading lowcarbon economy
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Study on carbon intensity trading market based on carbon finance mechanism
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作者 Zhen-WEI 《International Journal of Technology Management》 2015年第9期110-112,共3页
As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the (〈Kyoto Protocol)) . But it has become the largest CO2 emissions countries in the world. Th... As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the (〈Kyoto Protocol)) . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China' s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models' results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development: trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward. 展开更多
关键词 Climate change carbon intensity emission permits trade of carbon Market mechanism carbon finance
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