Has China-ASEAN Trade opening increased China’ s carbon emissions?

This study uses carbon emission data at the provincial level in China between 1998-2018 and the proportion of the total import and export trade between provinces and the Association of Southeast Asian Nations(ASEAN)in GDP to measure the level of China-ASEAN trade openness.It examines the impact of China ASEAN trade openness on carbon emissions and its transmission mechanism,and selects the RMB/USD exchange rate as an instrumental variable to address the endogeneity of China-ASEAN trade openness variables.The impact of China-ASEAN trade openness on China’s environment is estimated within a two-stage least squares framework.The results show that trade openness between China and ASEAN positively impacts China’s environment and can facilitate carbon emission reduction.The scale,structural,and technology effects brought by China-ASEAN trade liberalization jointly promote China’s carbon dioxide emission reduction.An inverted“U”relationship is found between economic growth and environmental quality in China,and some provinces and municipalities have now crossed the inflection point of the curve,in which carbon emi ssions decrease with an increase in per capita wealth.

Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China:based on analyst coverage mechanism

This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.

Carbon emission reduction effect and mechanism test of carbon emission trading pilot

Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green economy.Taking China’s carbon emission trading pilot as a natural experiment,the dual difference method was used to explore the carbon emission reduction effect of the pilot carbon emission trading policy on the pilot areas in China based on the panel data of 30 provinces,autonomous regions and municipalities in China from 2000 to 2019.Propensity score matching,parallel trend test and placebo test were conducted to improve the robustness of the empirical results.It is found that carbon emission trading pilot policies significantly promote carbon emission reduction in pilot areas compared with non-pilot areas.This conclusion from the benchmark regression passed the robustness test,and the carbon reduction effect showed an increasing trend year by year.With the mediation effect test,the carbon emission reduction mechanism of the pilot policy was studied.The results show that the carbon trading pilot policy reduces the carbon dioxide emission in the pilot area by promoting the upgrading of industrial structure and technological progress.

International trade,carbon leakage,and CO_2 emissions of manufacturing industry

Foreign trade drives China's growth,but as the trade scale continues to expand,the carbon emissions also increase quickly.Based on the industry panel data from 1996 to 2010,this paper calculates carbon emissions of 27manufacturing industries.According to the intensity of carbon emissions,this paper divides the manufacturing sectors into low carbon and high carbon manufacturing industry and then analyzes the carbon emission trends.Next,the paper uses the feasible generalized least square regression to verify the existence of environmental Kuznets curve(EKC)of the manufacturing industry's carbon.In order to investigate the carbon leakage problem,the regression also includes the interaction term between trade and industrial value added.Our findings are as follows:the carbon emissions of the whole manufacturing industry and low carbon manufacturing industry accord with the EKC curve,but have a linear relationship with the high carbon manufacturing industry;trade reduces the carbon emissions of the whole manufacturing industry and low carbon manufacturing industry,but it increases those of the high carbon manufacturing industry;for the whole manufacturing industry and low carbon manufacturing industry,there is no carbon leakage,but it exists in the high carbon manufacturing industry.On the whole,pollution haven hypothesis does not hold up in China,and China does not need to limit industry foreign trade to reduce the emission of CO_2.But the manufacturing industry will still be the main engine of the economic growth,and therefore our country should make an effective low-carbon policy,introduce advanced technology,increase R&D investment into lowcarbon technologies,and upgrade and transform the original equipment to change the backward mode of production.

Factors affecting the pilot trading market of carbon emissions in China

Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved.

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.

Game analysis on constructing the model of an international carbon emissions trading model

Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits,the relevant trading mechanism has been far from perfect.The perfect mechanism for international carbon emissions trading should be a revealing preference game.In other words,only if all players in this game truly show their information and preferences can the Nash outcome be Pareto efficient and fair.China should actively participate in the international carbon emissions trading game;promote efficiency,justice,rationality,and the quality of being manipulation-free in the carbon emissions market;and play a more important role in perfecting the international carbon emissions trading mechanism.

Accounting and Responsibility Allocation on Carbon Emissions Embodied in International Trade

This paper calculated the scale of carbon emissions embodied in the import and export of the world＇s major countries based on input-output principles and international trade data, as well as data on various countries＇carbon emissions in 2005 from domestic consumption and emissions embodied in trade. The results illustrate that, because of international trade, consumers in developed countries should bear the responsibility for a large portion of CO2 emissions. The researchers separated the net transfer balance of embodied emissions in international trade according to four different effects： size effect, exchange rate effect, structural effect, and pure technical effect, all of which favor the sharing of responsibilities between producers and consumers.

Localization Reform of Carbon Emissions Trading Mechanism in China

Based on the practical experiences of Guangdong carbon emissions trading pilot, the key issues such as cap setting, allowance alloca- tion, system defects, regulatory integration and MRV mechanisms were analyzed in this paper from the localization perspective. A number of solu- tions and policy recommendations were also proposed in this study in order to solve these barriers.

Review of Carbon Emissions Trading Production Model and Research on Its Applications in China

With the Kyoto Protocol entering into effect in many countries one after another,carbon trading has come into being and developed quickly.China is the main supplier of carbon emissions rights in the world,but such transactions are still in the stage of Clean Development Mechanism (CDM) projects without its own trading system,which is not conducive for China to win the rights of carbon pricing in the international market.Low-carbon and emissions reduction is the international trend nowadays,and therefore,it is particularly necessary and urgent to investigate the issue of carbon trading in China.In this paper,the authors have reviewed Putty-Clay Vintage,which is a model of production function for carbon trading,revealing the main points,contributions and shortcomings of the model.Combined with China's national conditions,the authors have investigated the application of this model in China's carbon trading from four different angles,including enterprise production optimization,financial market development,national macro-economy,and the allocation of emission quota.This study aims to provide China's enterprises with an analytical framework when participating in carbon trading in the future and it is beneficial for them to make optimal production planning when considering the cost of carbon emissions reduction.

Designing Carbon Emissions Trading Financial Reporting System in China

With the rapid development of carbon emissions trading market,carbon emissions trading financial reporting system become one of the hardest problems in accounting field.Based on analysis of the financial characteristic of carbon emissions trading,this paper studies about accounting object,assumption,elements and measurement of carbon emissions trading,designs accounting statements,accounting statements notes and financial situation statement of it.

Carbon Emissions in International Trade： Calculating Size and Causes

Due to ongoing growth in carbon emission, many governments＇ have taken measures to curb it. Thus, it is of great importance to measure carbon emissions in international trade and probe into the causes behind them. This paper first applies inputoutput model then it estimates the carbon emissions embodied in China＇s international trade in 2002, 2005 and 2007. Using structural decomposition analysis, this paper measures carbon emissions in international trade by their scale effect, composition effect and intensity effect. Our results illustrate： （1） a rapidly-rising net export of carbon emissions for China, and （2） scale effect and composition effect stimulates carbon emissions embodied in exports, while intensity effect discourages it.

Economic Growth,Industrialization,Trade,Electricity Production and Carbon Dioxide Emissions:Evidence from Ghana

The study scrutinized correlation between electricity production,trade,economic growth,industrialization and carbon dioxide emissions in Ghana.Our study disaggregated trade into export and import to spell out distinctive and individual variable contribution to emissions in Ghana.In an attempt to investigate,the study used time-series data set of World Development Indicators from 1971 to 2014.By means of Autoregressive Distributed Lag(ARDL)cointegrating technique,study established that variables are co-integrated and have long-run equilibrium relationship.Results of long-term effect of explanatory variables on carbon dioxide emissions indicated that 1%each increase of economic growth and industrialization,will cause an increase of emissions by 16.9%and 79%individually whiles each increase of 1%of electricity production,trade exports,trade imports,will cause a decrease in carbon dioxide emissions by 80.3%,27.7%and 4.1%correspondingly.In the pursuit of carbon emissions’mitigation and achievement of Sustainable Development Goal(SDG)13,Ghana need to increase electricity production and trade exports.

Construction of legal system of carbon emissions trading in China

Countries in the world have taken a variety of means to control carbon emissions based on the serious situation of global warming,the concept of low-carbon economy and the provisions about emissions in the United Nations Framework Convention on Climate Change(UNFCCC) and the Kyoto Protocol.With the measures of emissions reductions,the system of carbon emissions trading is taking shape.It is necessary for China as the big natural resources consumption country to establish its own carbon emissions trading system.By introducing the carbon emissions trading system of the European Union,America and Japan,and analyzing the market and policies been formed,the carbon emissions trading system in China can be established from the initial configuration of the emissions rights,the subject and object of carbon emissions trading,establishing the carbon emissions trading exchange and supervising and regulating the carbon emissions trading.

Daily rolling estimation of carbon emission cost of coal-fired units considering long-cycle interactive operation simulation of carbon-electricity market

The high overlap of participants in the carbon emissions trading and electricity markets couples the operations of the two markets.The carbon emission cost(CEC)of coal-fired units becomes part of the power generation cost through market coupling.The accuracy of CEC calculation affects the clearing capacity of coal-fired units in the electric power market.Study of carbon–electricity market interaction and CEC calculations is still in its initial stages.This study analyzes the impact of carbon emissions trading and compliance on the operation of the electric power market and defines the cost transmission mode between the carbon emissions trading and electric power markets.A long-period interactive operation simulation mechanism for the carbon–electricity market is established,and operation and trading models of the carbon emissions trading market and electric power market are established.A daily rolling estimation method for the CEC of coal-fired units is proposed,along with the CEC per unit electric quantity of the coal-fired units.The feasibility and effectiveness of the proposed method are verified through an example simulation,and the factors influencing the CEC are analyzed.

Linking China's emissions trading pilot schemes

All seven emissions trading pilots in China operate independently.One challenge facing most of them is the low inclusion thresholds for enterprises and the few total covered emissions,which negatively influences the effects of the emissions trading systems(ETSs).Some pilot sites,such as Guangdong,Hubei,Tianjin and Beijing,have indicated their willingness to link their schemes with others.ETS linking could expand scheme coverages and therefore help to reduce the overall costs of achieving the linked schemes' emissions control targets.Linking could also help to address the issues of carbon leakage and reduce price fluctuations.The potential benefits and feasibility of linking different pilot systems are analyzed in this article.The seven pilot regions are at different stages of social and economic development,with significant differences in total emissions and emissions structures as well as carbon abatement potentials and costs.Through linking,more-developed regions such as Beijing,Shanghai and Shenzhen,which are typically considered to face higher mitigation costs,will have the opportunity to achieve their emissions control targets by purchasing carbon units from less-developed regions,which will earn financial revenues from selling the units.To realize this win-win result,a series of policy and technical barriers at both the central government and pilot government levels needs to be overcome.Establishing a unified national emissions trading market would appear to be the ideal solution to these challenges,but it will take considerable time and will not be the short-term solution.In the absence of a unified national scheme,it is recommended that the central government encourage pilot schemes to link,that it develops corresponding national policies to support the linking efforts and that the pilot schemes that are intended to be linked coordinate on certain design elements.Based on the coordinating need,the major elements of an ETS can be divided into four categories:elements that need mutual recognition(cap setting and allowance allocation methods);elements that should be completely identical(compliance mechanisms,price containment measures,banking and borrowing rules,and offset mechanisms);technical elements that are preferably identical and easy to coordinate(MRV standards,technical registry standards);and elements that require no coordination(coverages and scopes).

Carbon Emission Trading System of New Zealand and Its Enlightenment for China

The design characteristics and operation results of carbon emission trading system of New Zealand was introduced in this paper. The results suggested that taking forest carbon trade as the only one supplying source of greenhouse gas emission improved the foreseeability in forest maintenance,and strengthened the effect of forestation. According to this,the author suggested that carbon emission trading market in which forest carbon trade was the only one supplying source should be cultivated in China. A compensation mechanism that industry compensated forestry should be established. A social participated,highly united,coordinated and mutual intermediated carbon trading market should be built.

Low Carbon Beijing:Research on the Influencing Factors of Carbon Emission Trading Price

The international community has taken extensive actions to achieve carbon neutrality and sustainable development with the intensification of global warming and climate change.China has also carried out a long-term layout,setting the goal of achieving a carbon peak by 2030 and carbon neutrality by 2060.In 2021,with the official launch of a unified national carbon emissions trading market,China’s nationwide carbon emissions trading kicked off.Carbon emission trading is an important policy tool for China’s carbon peak and carbon-neutral action and an essential part of the country’s promotion of a comprehensive green transformation of the economy and society.This study uses a VAR(Vector Autoregressive)model to analyze the influencing factors of the Beijing carbon emissions trading price from January 2014 to December 2019.The study found that coal prices have the most significant impact on Beijing’s carbon emissions trading prices.Oil prices,industrial development indexes,and AQI(Air Quality Index)impacted Beijing’s carbon emissions trading prices.In contrast,natural gas prices and economic indexes have the most negligible impact.These findings will help decision-makers determine a reasonable price for carbon emissions trading and contribute to the market’s healthy development.

A Global Emissions Trading Scheme?Fantasy and Reality

Many have argued that the international community shouM establish a global emissions trading scheme （ETS） to reduce emissions and streamline efforts to mitigate climate change. This paper argues against establishing such global ETS for the following reasons： （1） a global ETS may assist developed countries in cutting emissions abatement cost, but it may also result in deterioration in the welfare of developing countries; （2） each nation participating in providing global public goods shall be dedicated to forming ＂Lindahl equilibrium＂ under the principle of common but differentiated responsibility, rather than the ＂Walrasian equilibrium ＂, which is represented in a global ETS,＂ （3） the establishment of a global ETS has its driving forces as it is seen as a preferred regulatory form for industrial special interest groups in developed economies, since its benefits is biased rather than promoting global economic and environmental efficiency; and （4） the developing countries shouM be more cautious when designing tools of climate policies and need to avoid to be locked in emission trading systems.