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In 2017, a carbon emissions trading market will be launched nationwide by the China government. Calculating the enterprise carbon emissions is an important prerequisite and basis for trading. This paper discussed types of greenhouse gases, calculation boundaries and methods, energy consumption, carbon emissions, and intensity of a representative integrated pulp and paper mill in China based on China Guidance and Greenhouse Gas Protocol Tools. The results showed that there were 435,000 tonnes (t) of CO2 emissions from that mill in 2014 that did not contain emissions of biomass energy, which was 8 times higher than that of fossil energy. The pulp carbon intensity based on the mill was 0.230 t CO2/Adt, which accounted for 7.50% to 57.4% in other pulps' based on the product. Intensity based on Gross Domestic Product (GDP) was 1.090 t CO2e/1000 USD and accounted for 56.8% intensity in the China paper industry. The intensity based on sales accounted for 52.6% in the firstclass enterprise in the developed country. It also showed that intensity was influenced by the species of raw material, energy, and products, which provided the mill with measures for energy saving and emissions reduction to obtain the redundant carbon emissions in the trading. [ABSTRACT FROM AUTHOR]

Copyright of Transactions of China Pulp & Paper is the property of China Pulp & Paper Magazines Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Based on the panel data of China's listed electric power enterprises, this paper adopts the differences-in-differences model to empirically analyze the pilot policy of carbon emissions trading's impact on the total factor productivity of power enterprises in 2013. The study finds that the carbon trading pilot policy has a significant positive effect on the total factor productivity of power companies, and the two possible impact mechanisms are external cost compensation and additional income, and internal low-carbon technology innovation and resource allocation optimization. The conclusions above have been further confirmed by the parallel trend test and robustness test. The heterogeneity analysis demonstrates that there are differences in the regression results between state-owned enterprises and nonstate-owned enterprises. The possible reason is that state-owned enterprises are more likely to be affected by the carbon emissions trading system, and their asset-heavy model puts greater pressure on carbon emission reduction. Therefore, their demand for low-carbon technology innovation is more urgent; areas with stricter carbon emission verification are more sensitive to the implementation of carbon trading, and a reasonable increase in carbon verification can make the carbon trading market more effective. Based on the research results, this paper proposes to speed up the improvement of the national carbon trading market system, enhance the diversity and richness of the main market, improve the liquidity of the carbon trading market, broaden financing channels for electric power enterprises, and improve the carbon market supervision mechanism. [ABSTRACT FROM AUTHOR]

China's carbon emissions trading (CET) policy aims to force relevant enterprises to implement low‐carbon technology innovation and address environmental challenges through marketization means. However, how China's CET policy may affect enterprise technology innovation and whether this effect may differ in industries remain to be further investigated. Therefore, based on the panel data of listed enterprises covered by the CET policy in China during 2009–2017, this paper employs the difference‐in‐difference (DID) and DID‐based propensity score matching models to evaluate the effect of CET on technology innovation. The empirical results indicate that the effect of China's CET on the technology innovation of related enterprises is generally not significant during the sample period, but this effect presents evident industrial heterogeneity. Specifically, among the eight CET‐covered industries, the CET policy helps to improve technology innovation for power and aviation enterprises but not in the other six industries (i.e., steel, chemical, building material, petrochemical, nonferrous metals, and paper), which implies that China's CET policy still has great potential for promoting the technology innovation of related enterprises. In addition, the central findings remain robust when the system generalized method of moment and DID‐based coarsened exact matching models are applied to consider the influence of omitted variables, unobservable confounders, and different matching methods. [ABSTRACT FROM AUTHOR]

The high-quality development of China's green finance is driven by the aims of reaching peak carbon and carbon neutrality, leading to an important impact of emissions trading policies on the profitability and debt burden of China's listed companies. This paper uses propensity score matching (PSM) and the difference in differences (DID) method to study the impact of carbon emissions trading policies on the profitability and debt burden of listed companies in seven carbon emissions trading pilots from 2010 to 2019. The empirical evidence shows that the implementation of carbon emissions trading policies has increased the profitability and reduced the debt burden of listed companies: (1) Mechanism test shows that this policy can increase the profitability and debt burden of state-owned listed companies by increasing innovation investment. (2) The negative effects of this policy on the profitability and debt burden of state-owned listed companies are more obvious than that of the others. (3) The policy has also significantly reduced the debt burden of competitive companies and the profitability of monopolies. (4) The policy yields a more intense reduction in the debt burden of listed companies in high-carbon emission industries. Finally, this paper suggests that listed companies' participation in the carbon emissions trading policy be expanded and that monopoly conditions among listed companies are reduced. [ABSTRACT FROM AUTHOR]

Whether China's carbon emissions trading (CET) has an impact on the financial performance of the market players of carbon trading, i.e., firms, is crucial to the sustainable development of national economy and carbon trading market. Based on the panel data of the listed firms in the seven high energy-consuming industries in China during 2010-2017, this paper uses the DID model to study the impact of CET on the firms' financial performance. The empirical results show that the impact of CET on firms' financial performance presents obvious industrial heterogeneity; CET policy reduces the financial performance of firms in the nonferrous metal industry but improves that in the power industry. In addition, with the implementation of CET policy, its impact on the financial performance of firms in the nonferrous metal and power industries is increasingly intensifying. Finally, there is a lag of 2-4 years on the impact of CET on the firms' financial performance in the chemical, paper and aviation industries, and the effects change from negative to positive over time. That is, CET policy can hardly ensure that all firms are profitable in the short term, but there is still the possibility of profitability in the long term. [ABSTRACT FROM AUTHOR]

Climate change is one of the largest challenges facing mankind, and the question of how to reduce carbon emissions has raised extensive concern all over the world. However, due to the lack of mechanisms to explain the impact of political factors on environmental regulatory tools, the evaluation of carbon emissions reduction is insufficient in the majority of previous studies. How to better explore the path of carbon emissions reduction has become the key for China to achieve carbon neutralization as soon as possible. Based on a quasi-natural experiment regarding China's carbon emission trading policy, this paper adopts a difference-in-differences model to address the impact of political mobility on China's carbon emissions trading policy, and the selected pilot and non-pilot provinces of this policy in China enabled the model to be matched. Using a panel database with 30 provincial administrative units as the observation objects, the results show that China's carbon emissions trading policy and the horizontal mobility experience of the provincial governors exert a significant positive effect on carbon emission reduction. Additionally, this study identifies a latent factor previously ignored by the existing literature: the correlation between political factors and carbon emissions. This verifies our theoretical hypothesis that officials transferred from the provincial level tend to have higher performance regarding carbon emission reduction. This paper also provides suggestions for the central government to further plan and implement carbon emission reduction policies and mobilize the incentives of local officials in environmental governance. [ABSTRACT FROM AUTHOR]

To enhance the low-carbon level and economic performance of microgrid systems while considering the impact of renewable energy output uncertainty on system operation stability, this paper presents a robust optimization microgrid model based on carbon-trading mechanisms and demand–response mechanisms. Regarding the carbon-trading mechanism, the baseline allocation method is utilized to provide carbon emission quotas to the system at no cost, and a ladder carbon price model is implemented to construct a carbon transaction cost model. Regarding uncertainty set construction, the correlation of distributed generation in time and space is considered, and a new uncertainty set is constructed based on historical data to reduce the conservative type of robust optimization. Based on the column constraint generation algorithm, the model is solved. The findings indicate that upon considering the carbon-trading mechanism, the microgrid tends to increase the output of low-carbon units and renewable energy units, and the carbon emissions of the microgrid can be effectively reduced. However, due to the increase in power purchase from the distribution network and the increase in carbon transaction costs, the operating costs of the microgrid increase. Secondly, through the utilization of demand–response mechanisms, the microgrid can achieve load transfer between peaks and troughs. It is imperative to establish appropriate compensation costs for demand and response that balances both economic efficiency and system stability. At the same time, due to the time-of-use electricity price, the energy storage equipment can also play a load transfer effect and improve the system's economy. Finally, sensitivity analysis was conducted on the adjustment parameters of distributed power sources and loads that have uncertain values. A comparison was made between the deterministic scheduling model and the two-stage robust optimization model proposed in this study. It was proved that this model has great advantages in coordinating the economy, stability and low carbon level of microgrid operations. [ABSTRACT FROM AUTHOR]

• Carbon emissions trading, industrial structure upgrading and green development are integrated into a unified analytical framework. • Taking the carbon trading mechanism as the moderating variable can effectively combine the method of comparative static analysis. • Whether in the long term or the short term, the carbon pilot policy and the industrial structure upgrading policy implemented at the same time will have excess benefits. • When factor flow between cities is considered, excess benefits still exist significantly. Clarifying the influence mechanisms of carbon emissions trading scheme (ETS), industrial structure upgrading (ISU), and green development is of great theoretical and practical significance. Existing studies have only focused on the role of ETS or ISU on green development and have not included them in an analytical framework. The DID model and the moderating effect model are therefore combined in this work to to explore how the ETS will affect the link between ISU and green development throughout the period of 2008 to 2019 using panel data from 271 Chinese cities. Through a series of robustness and endogeneity tests, we find that: (1) ETS can significantly moderate the U-shaped relationship between ISU and green development, and this impact is significant in both the long and short term; (2) When ETS and ISU are implemented at the same time, the effect of the combined actions is greater than the sum of the effects of the two policies implemented separately, which means that the combined actions has excess dividends; (3) ETS and ISU have significant direct effects and spatial spillover effects on green development, and the excess dividends of combined actions also exist significantly at the spatial level. The research results of this paper provide an important theoretical and empirical basis for establishing the combined actions of ETS and ISU. [Display omitted] [ABSTRACT FROM AUTHOR]

Global warming caused by greenhouse gases is one of the problems that need to be solved urgently. Blockchain technology can achieve automatic quota certification and settlement, providing a new direction for carbon emissions trading. This paper provides a quantitative analysis of blockchain-based carbon emissions trading through the Repast simulation platform. Firstly, it designs the blockchain-based carbon emissions trading simulation framework from a macro perspective, including identity and quota certification, quota trading, risk prevention and smart contracts management. Then, it establishes a blockchain-based carbon emissions trading simulation model and formulates the behavior rules of the government, investors and company agents and market transaction processes. Finally, it simulates the carbon emissions trading based on public chain and private chain on the Repast platform, and analyzes the simulation results. [ABSTRACT FROM AUTHOR]

With the increasing attention paid to the environment by all sectors of society, green and sustainable development has become one of the development themes of the current era. Pollutant emission trading and carbon Emissions trading are important means of building a green trading market, an inevitable requirement for improving the marketization mechanism of the modern environmental governance system, and a critical path method to promote the establishment and improvement of the value realization mechanism of ecological products. The trading system of pollutants and carbon emissions rights has the characteristics of similar management, coordinated emission reduction, and cross-scope. The synergy of the two will greatly improve environmental management efficiency, reduce implementation costs, and reduce pollutant emissions. This paper summarizes the current status of the feasibility study on the carbon pollutants emission trading system, points out the problems encountered in the construction of the two systems, proposes the path design for the synergy of pollutants and carbon emissions trading trading mechanisms, and on this basis, puts forward suggestions on improving relevant regulatory systems, promoting the synergy of monitoring mechanisms, and carrying out the evaluation of the synergy benefits of carbon and pollutants emission trading environment, a feasible path has been proposed for global green and sustainable development and pollution control. [ABSTRACT FROM AUTHOR]

One of the most important strategies for reducing carbon emissions is to optimize firms' operation decisions in business practices. This paper proposes a green vendor-managed inventory (a green VMI) model with a supplier and a manufacturer under a carbon emissions trading mechanism. The proposed model integrates both environmental and economic goals under a carbon emissions constraint, and then the members' optimal decisions are obtained. Comparing this model with the traditional VMI model, this paper finds that, in the green VMI model, whether the supplier should sell or buy carbon credit depends on the carbon cap. Further, the impacts of the carbon cap and the carbon emissions factors on the optimal decisions, the carbon emissions, and the total costs in the supply chain are examined analytically. Finally, numerical experiments are performed to verify the theoretical results. It is shown that, after introducing the carbon trading mechanism, the VMI model could increase the total cost of the supply chain under some specified set of parameters. [ABSTRACT FROM AUTHOR]

Based on the Web of Science database, this paper uses the bibliometric method to analyze the characteristics of the most relevant studies of carbon price in emissions trading scheme. Researchers have shed light on this research field since 1994. The USA and China occupy the leading research position in this field. The most productive journal is Energy Policy and the most productive author is Chevallier J. Chinese Academy of Sciences is the institution with the most publications related to carbon price. Cooperation analysis shows that the cooperation between authors, institutions and countries is constantly growing. We find out that carbon price fluctuation, influencing factors of carbon price, price mechanism of the carbon market, theory analysis of carbon pricing policy and carbon price effects are the main areas of research focus. Also, we detect that different policies, emissions level and energy prices are the main influencing factors on carbon price. [ABSTRACT FROM AUTHOR]

Carbon emission trading is not only a market-based instrument but also one of the government's macro-policies, which is extremely crucial to fulfilling both carbon peak attainment and carbon neutrality goals. For this purpose, this paper adopts a 30-region dataset for the period from 2008 to 2020 in China and employs the difference-in-difference (DID) method to quantify the effect of the carbon emission trading pilot policy (CETP) on carbon emissions on the basis of introducing industrial structure upgrading and green technology innovation as moderating variables. The results show that (1) CETP has a statistically significant dampening effect on carbon emissions, while its carbon emission reduction effect follows a significant strengthening trend as the policy year of CETP implementation is delayed. (2) CETP has a significant carbon emission reduction effect. However, its effect demonstrates a gradual decrease from the eastern to the central and finally to the western regions. (3) CETP can inhibit carbon emissions depending on industrial structure upgrading to a certain extent, and this dependence is significant in the national and eastern regions but not in the central and western regions. (4) CETP's carbon emission reduction effect is dependent on green technology innovation, which is only revealed in the western region and performs as a dampening effect in the national, eastern, and central regions, but not significantly. [ABSTRACT FROM AUTHOR]

In order to adapt to the development of the green power certificate trading (GPCT) and carbon emissions trading (CET) market, reduce the carbon emissions of the distribution network and increase the investment income, this paper proposes a new distribution network (NDN) planning and simulation operation bi-layer model with new energy (NE) as the main body, considering the GPCT and CET mechanisms. First, the upper layer determines the capacity and location of wind turbine (WT), photovoltaic (PV), hydraulic turbine (HT), micro turbine (MT), and energy storage (ES), while the lower simulation operation considers the operation costs of WT, PV, HT, MT, ES, load demand response (DR) and carbon emissions. The planning objective was to minimize the total cost of investment, operation and carbon emissions in the planning period. Then, on the basis of a traditional distribution network (TDN), security constraints, carbon emissions intensity, GPCT volume and CET volume were added. Finally, the cases study of the improved IEEE33 node and PG&E69 node NDN planning were provided. The results of NDN planning and TDN planning are compared and analyzed, and a sensitivity analysis was carried out to study the impact of GPCT and CET mechanisms with different price levels on investment planning. The results verify the applicability and rationality of the model. [ABSTRACT FROM AUTHOR]

With the impact of external globalization uncertainties and the pressure of internal national environmental policies and markets, maintaining inclusive green resilience while coordinating economic, environmental, and social systems is critical for achieving green and sustainable urban development. We define inclusive green resilience for cities in this research and build a system of inclusive green resilience indicators. The DID model and entropy approach were used to examine the impact of carbon trading policies on inclusive green resilience in 184 representative Chinese cities from 2008 to 2018, and PSM-DID was utilized for further validation. According to the findings of the study, carbon emissions pricing policies can considerably increase inclusive green resilience in cities. Mechanism verification demonstrates that carbon trading programs improve inclusive green resilience in cities through industrial restructuring, technical innovation capability, and employment benefits. According to the city heterogeneity study, the implementation of the carbon emissions trading system has a scale effect and significant urban functional differences, and its impact on inclusive green resilience of cities is greater in large and medium-sized cities and non- resource-based cities. This research offers a new way of thinking about inclusive green resilience as well as empirical data for future sustainable policy development. [ABSTRACT FROM AUTHOR]

In the run-up to the Paris Climate Conference (2015), China has formally and confidently announced its commitments to achieve carbon peak by around 2030 or sooner, increase its non-fossil fuels to 20 percent of the primary energy mix by 2030, and cut carbon intensity by 60-65 percent by 2030 as compared to the 2005 level. This paper examines China's policy change and legal development since 1992 that has made its transformation to low-carbon economy an achievable goal. It analyses key mitigation strategies including control of total energy consumption, economic restructuring, demand-side management of energy conservation and energy efficiency, improvement of China's primary energy mix, and expansion of carbon sinks. It investigates the cap-and-trade local pilot schemes in preparation for the launch of a national carbon market in 2017. The paper concludes with cautious optimism that, given the actions taken by China so far, COP21 should conclude with significant breakthroughs for a more effective post-2020 climate regime. [ABSTRACT FROM AUTHOR]

In today's society, environmental protection and sustainable development have become the focus of global attention. Carbon emission trading, as an effective means to reduce greenhouse gas emissions, has been adopted by many countries and regions. In China, the launch of pilot policies for carbon emissions trading is of great significance in promoting economic transformation, promoting industrial upgrading and protecting the environment. Therefore, it is of great value to study the innovation effect of the pilot carbon trading policy and its transmission path for evaluating the effect of the policy, optimizing the policy design and building the carbon market in the future. Based on the production network theory, this paper constructs a difference in difference model, and uses empirical analysis to evaluate the direct innovation effect and innovation network spillover effect of the pilot carbon emission trading policies. In the empirical analysis, a variety of data sources are used, including public data from the National Bureau of Statistics, annual reports of enterprises, and industry associations, to ensure the reliability and validity of the data. At the same time, SPSS, Stata and other statistical software are applied to process and analyze the data in order to better understand and interpret the research results. The results show that the pilot carbon emission trading policy has a positive effect on improving the innovation level of both regulated and non-regulated industries in the pilot areas. Specifically, this policy can promote the technological innovation and management innovation of the regulated industries, but also promote the technological progress and market development of the non-regulated industries. In addition, the policy will also have an innovation network spillover effect, that is, the innovation results of the policy will be transmitted to the surrounding regions and industries, thus promoting the innovation and development of the entire region and industry. Further, this paper also discusses the transmission path of the innovation spillover effect of pilot carbon emission trading policies. It is found that the policy has a negative impact on the innovation of the relative upstream industry, but significantly promotes the innovation of the downstream industry. This is because the upstream industry, after being impacted by policies, often takes measures to reduce costs and improve efficiency to deal with the challenges, which may have a certain negative impact on the downstream industry. However, downstream industries are more likely to benefit from the innovation spillover effects of policies because they are more closely linked to the carbon emission trading market. Finally, this paper also tests the mechanism of the pilot carbon emission trading policy. It is found that the innovation spillover caused by this production-end shock is mainly realized through the price transmission of finished products. In addition, the inclusion of industries with strong bargaining power and close links with downstream industries in the national pilot carbon emission trading policy is more conducive to the innovation spillover effect of the policy. This is because these industries have stronger market influence and bargaining power, and can better promote the construction and development of the carbon emission trading market.

From the perspective of Micro-Low-Carbon Economy, this paper studies the low-carbon manufacturing decision model of manufacturing enterprises considering carbon emission trading and green technology input under the carbon cap. The paper shows that the manufacturing enterprises have optimal output and this is unique under the carbon cap. The low-carbon manufacturing decision is addressed under three situations: carbon emission trading, green technology input and joint decision. The research shows that carbon emission trading brings more flexibility to manufacturing enterprises and enables enterprises to increase their profits, however, the maximum expected profit of manufacturing enterprises in carbon emission trading (higher than, equal to, or lower than the profit without carbon cap constraint) mainly depends on the carbon cap that initially granted by the government. The marginal cost per unit of carbon emission is the best evidence that manufacturing enterprise carries on carbon emission reduction technology, obtained after green technology input is lower than the price per unit of carbon emission in the market. The good effects of green technology input on reducing carbon emission per unit product is illustrated in more carbon dioxide reduction, so that the profits of enterprises will increase. Therefore, the enterprises will be more interested to input in carbon emission reduction technology. [ABSTRACT FROM AUTHOR]

Amid global efforts to combat climate change, China's targets for reaching carbon peak and achieving carbon neutrality are critical for enhancing environmental governance and promoting sustainable economic growth. This study investigates the impacts of experimental carbon emissions trading markets on industrial coordination within a typical inland urban cluster in China, employing innovative regression control methods (RCM) to analyze changes in regional industrial dynamics. The analysis reveals significant findings: firstly, the establishment of carbon emissions trading markets has tangibly influenced industrial coordination across the economic zone; and secondly, while industrial coordination within the manufacturing sectors has seen a substantial increase, coordination in the productive service sectors remains relatively unchanged. These outcomes highlight the differential effects of carbon market policies on various sectors and underscore the importance of targeted interventions in achieving broader environmental and economic objectives. [ABSTRACT FROM AUTHOR]

This paper aims to explore the effectiveness of carbon emissions trading system by using mixed method research. In the past 5 years, the development level of carbon finance in Hubei Province is in the first tier. Hubei carbon emission trading center was established in September 2012, and now ranks top in the trading volume and total transaction amount of China’s seven pilot exchanges. Therefore, choosing Hubei Province as a sample to study the carbon emissions trading system has good externalities, that is, the research conclusions are highly representative. In order to make an in-depth analysis of the system construction and operation effect of the environmental equity trading market of carbon emission rights, this paper uses the closure of Hubei Province as an instrumental variable to alleviate the endogeneity in previous studies, and makes an empirical study on the effectiveness of the carbon emission trading system. The study finds that: after alleviating endogeneity, the current carbon emissions trading has reduced air quality. At the same time, this paper theoretically and statistically verifies the correlation and exogenous of the instrumental variable of city closure to ensure the credibility of the results. This paper further analyzes and finds that the lower the degree of industrialization and the worse the air quality, the higher the degree of air quality reduction. In addition, this paper conducted a series of robustness tests, such as adding new traffic related control variable, replacing variable indicators of air quality, conducting placebo test, and conducting lag regression, which verifies that the benchmark regression results are still valid. In the mechanism part, this paper uses the methods of interview and case analysis to analyze the causal mechanism of this phenomenon from the perspective of the system itself and the challenges in the implementation process. As far as the system itself is concerned, this paper believes that the current carbon emissions trading system does not cover a comprehensive range, there are defects in the way of carbon quota allocation, and the accuracy of the current verification method needs to be tested; In the process of implementation, there are “local protectionism” and information asymmetry.

Electricity market-oriented reform and carbon emissions trading, as the main policies implemented in China's power sector, have a profound impact on China's green and low-carbon transition by promoting resource allocation efficiency and internalizing external environmental costs, respectively. Therefore, this paper constructed a dynamic recursive CGE model to measure the energy, economic, and environmental impacts of carbon emissions trading and electricity market-oriented reform from electricity market structure and pricing mechanism. The results show that the two policies have a synergistic effect on industrial structure optimization, energy consumption structure optimization, and carbon emission reduction. Specifically, the share of value-added of the tertiary sector, the growth rate of coal consumption, the share of thermal power consumption, and carbon emissions in 2030 are reduced by 5.70 %, 18.29 %, 2.55 %, and 2.838 trillion tons, respectively, compared with the scenario without carbon emissions trading and electricity market-oriented reform. However, imperfectly competitive market structures outperform perfectly competitive market structures in energy consumption structure and carbon emission reduction. Electricity price regulation is also more beneficial to GDP growth and increase in residential disposable income compared to price liberalization. To this end, returning emission trading scheme revenues to residents can effectively mitigate the adverse impacts caused by market-oriented reforms. • EMR is involved in market structure, pricing mechanisms, and market regulation. • EMR and CET have a synergistic effect on carbon reduction. • Energy consumption structure is better in imperfectly competitive market. • Electricity price regulation is more beneficial to GDP growth. • Returning ETS revenue to residents increases per capita disposable income. [ABSTRACT FROM AUTHOR]

Climate change is one of the largest challenges facing mankind, and the question of how to reduce carbon emissions has raised extensive concern all over the world. However, due to the lack of mechanisms to explain the impact of political factors on environmental regulatory tools, the evaluation of carbon emissions reduction is insufficient in the majority of previous studies. How to better explore the path of carbon emissions reduction has become the key for China to achieve carbon neutralization as soon as possible. Based on a quasi-natural experiment regarding China’s carbon emission trading policy, this paper adopts a difference-in-differences model to address the impact of political mobility on China’s carbon emissions trading policy, and the selected pilot and non-pilot provinces of this policy in China enabled the model to be matched. Using a panel database with 30 provincial administrative units as the observation objects, the results show that China’s carbon emissions trading policy and the horizontal mobility experience of the provincial governors exert a significant positive effect on carbon emission reduction. Additionally, this study identifies a latent factor previously ignored by the existing literature: the correlation between political factors and carbon emissions. This verifies our theoretical hypothesis that officials transferred from the provincial level tend to have higher performance regarding carbon emission reduction. This paper also provides suggestions for the central government to further plan and implement carbon emission reduction policies and mobilize the incentives of local officials in environmental governance.

On 16 July 2021, the national carbon emissions trading market opened, and the national carbon market officially started online trading. However, it is still unclear whether the carbon emissions trading policy can effectively optimize the manufacturing structure. We studied the experiment of the carbon emissions trading policy that has been ongoing in Guangdong, China, since 2013 to assess the impact of this policy on the manufacturing structure in Guangdong Province compared to other provinces in mainland China that have not implemented a carbon trading pilot policy. The methodology uses a synthetic control method. Using this method, a "synthetic Guangdong" was constructed using data from 23 provinces (municipalities and autonomous regions) in mainland China that did not implement carbon trading policies from 2009 to 2019. The synthetic province had similar observed characteristics to Guangdong before the carbon emissions trading experiment in 2013. Therefore, manufacturing structure differences between Guangdong and the synthetic province after 2013 could be attributed only to the carbon emissions trading policy. The conclusion indicates that in the short term, the carbon emissions trading policy implemented in 2013 can significantly promote manufacturing upgrading and manufacturing greening in Guangdong Province. This policy can optimize the manufacturing structure of Guangdong Province through improving the technological innovation of enterprises and increasing foreign direct investment. Therefore, in regions whose manufacturing structure is similar to Guangdong Province, implementing a carbon emissions trading policy can promote manufacturing upgrading and manufacturing greening. [ABSTRACT FROM AUTHOR]

Copyright of China Population Resources & Environment is the property of Shandong Normal University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose – Legislation plays a vital role in solving carbon emissions reduction and climate change issues. China began to implement a low-carbon economic policy in 2010, but the effect of the policy needs to be evaluated. Accordingly, this paper aims to discuss China’s low-carbon policy through exploring the following two questions, namely, whether the policy effect reaches the expected goal and whether the policy effects will balance economic development and emission reduction. Then, the paper puts forward suggestions for the improvement of China’s low-carbon policy. Design/methodology/approach – This paper is organized around three distinct aspects of policy effect evaluation. This paper uses the synthetic control method to construct a policy effect evaluation model and conducts a quasi-natural experiment. The paper selects annual panel data from 2003 to 2015, which is selected from 33 provinces. A comparative analysis of carbon dioxide emissions, energy consumption and economic development between Hubei Province and Liaoning Province. Findings – The results reveal that the implementation of the low-carbon pilot province policy in 2010 has a significant impact on the emission reduction effect of Liaoning Province, but the impact on the emission reduction effect of Hubei Province is not significant. The carbon emission trading system implemented in 2012 has reduced the emission reductions in Hubei Province and Liaoning Province has achieved better emission reduction effects after the implementation of this policy. After the implementation of the policy, the economic development of Hubei Province has been improved, but it has not brought help to the economic development of Liaoning Province. These findings provide new insights into the use of an emissions trading system for improving economic development and ultimately facilitate the attainment of the broader goal of sustainability. Originality/value – This paper proposes an innovative policy effect evaluation method by considering the status of unit gross domestic product, fixed asset investment in the energy industry, energy consumption, emission reduction technology innovation and other evaluation indicators. This paper contributes to broadening current methods of policy effect evaluation in China.

In November 2015, China government announced that the national carbon emissions trading market is expected to start in 2017. Carbon emission trading system is a raising concern from day to day, in which the allocation of carbon quotas has the closest relationship with trading units directly determining the cost of carbon trading. Initial allowance allocation is fundamental, but it proposes difficulty in terms of the trading mechanism design. This paper is based on the total control principle of national layout, in which the government sets up the cap of emissions in the carbon emissions trading system and focuses on the historical emission allocation concept from the perspective of fairness and history responsibility meaning that the allocation of quota in the future is based on the historical emissions. Firstly, we carry out comparative analysis based on the economy development and the emissions of 31 provinces and cities in China and select the sign-post province, Hebei. Secondly, we take the sign-post province as benchmarking and compare the benchmarking with the other provinces on the economy to set three quota situations of different initial years. Finally, we conduct quota calculation of residual carbon dioxide of various provinces by the end of 2020 and provide the specific quota calculation plans under different situations. The result of quota indicates: Most provinces still have more or less surplus to reallocate by the end of 2020; some provinces and cities have developing economy at expense of large emission and old industrial area with high energy consumption and high coal demand are in the shortage of future emission space; for the developed areas, the earlier emissions accounting is not good for their owning surplus; the earlier the years we select as the starting to account the quota, the greater the reductions space we will have. Meanwhile, we carry out testing of the feasibility of self-providing quota plans. These results may provide corresponding policy advice for China. [ABSTRACT FROM AUTHOR]

The Carbon Emission Trading (CET) system has been independently implemented in dozens of countries to protect the environment. Meanwhile, there are efforts underway to establish a Unified Global CET (UG-CET) system, which aims to better coordinate emission reduction efforts worldwide and protect the global environment. However, these efforts overlook the issue of data security, which may raise concerns for countries considering participation in such a system. In this paper, we propose a UG-CET system that addresses data security concerns. Firstly, it safeguards cross-border data by not requiring countries to share detailed data, but only providing generalized data. Secondly, it is capable of auditing data, ensuring data consistency even in the absence of shared original data. Therefore, it respects the interests of participating countries by not only protecting their own data but also ensuring the authenticity of data shared by other countries. Finally, the proposed scheme is validated using authentic CET data, and the results demonstrated that it can maintain a high efficiency while achieving a verification accuracy of 99.6%, effectively ensuring the security and consistency of the data flow in carbon emission trading. [Display omitted] • A unified global carbon emissions trading framework is established. • The framework focuses on addressing the data security issues, aiming to enhance the data quality. • It avoids the cross-border transfer of detailed carbon emission data. • It not only results in efficient audits but also protects the data security on Country Chain. [ABSTRACT FROM AUTHOR]

Chinese government has committed to reduce its carbon intensity by 40–45% over the period 2005–2020 at the 2009 Copenhagen Summit. To achieve the target in a cost-effective way, China is signaling strong intentions to establish emissions trading scheme, and presently seven pilots have been established. This paper focuses on the cost-saving effects of carbon emissions trading in China for the 2020 target. First, an interprovincial emissions trading model is constructed. Then, three kinds of policy scenarios, including no carbon emissions trading among provinces (NETS), the carbon emissions trading only covering the pilots (PETS), and the unified carbon emissions trading market (CETS), have been designed. The results show that China needs to reduce its emissions by 819 MtCO 2 for achieving the 42.5% reduction in carbon intensity over the period 2005–2020. The PETS and the CETS, which may result in a carbon price of 99 yuan/tCO 2 and 53 yuan/tCO 2 , could reduce the total abatement costs by 4.50% and 23.67%, respectively. This paper also finds that the carbon emissions trading could yield different impacts on different provinces, and the cost-saving effects of the eastern and western provinces are more pronounced than the central provinces. Necessary sensitivity analysis is also provided at the end of the research. These findings may be useful for promoting the development of carbon emissions trading in China. [ABSTRACT FROM AUTHOR]

To solve the problems of global warming and climate change, a lot of developed and developing countries regulate actively some strategies of clean energy compositions to reduce gas emissions by encouraging investment of technologies and equipments. Some problems will be resulted from executing energy compositions, they are redundant or not enough for clean energy. In this paper, the issues of composition regulations and trading strategies of clean energy are discussed. The paper proposes an evaluative method of real options to optimize carbon emissions trading strategic mode for these problems. The results indicate that the proposed method is more flexible to significantly make decisions than traditional methods for considering uncertainty of trading market. [ABSTRACT FROM AUTHOR]

Based on the tightening regulation of carbon emissions, China has launched the pilot carbon emission trading scheme (CETS) since 2013. There is growing empirical evidence of the actual effect of CETS to promote enterprises' productivity which is characterized by total factor productivity (TFP). However, most studies ignored the further analysis of influence mechanisms. This paper aims to explore the impact of CETS on the TFP of enterprises and discuss the mediating role of government participation and carbon trading market efficiency. Using data from A-share listed enterprises from CETS-covered enterprises, this paper employed a combination of the propensity score matching (PSM) and difference-in-differences (DID) strategies and found that the CETS has a statistically significant positive impact on the TFP of enterprises, and the positive effect has been maintained for six years since its inception. The moderation analysis indicated that: (1) two dimensions of government participation in terms of the market incentive and government supervision significantly moderate the positive impact of CETS on TFP of enterprises; (2) two dimensions of carbon trading market efficiency in terms of the market scale and liquidity significantly moderates the positive impact of CETS on TFP of enterprises. In light of Chinese pilots CETS policy, the study highlights the important moderating roles of government participation and high carbon trading market efficiency on enterprise's TFP. [Display omitted] • Chinese pilots CETS significantly improved the TFP of enterprises by 9.48%. • The government participation moderates the positive impact of CETS on enterprises' TFP. • The higher carbon trading market efficiency is, the greater the moderating effect of CETS on TFP is. [ABSTRACT FROM AUTHOR]

• This paper investigates the impact of environmental regulation on green innovation. • China's carbon emissions trading pilot policy has induced green innovation of firms in pilot areas. • The positive effect is greater for invention patents, large-scale firms, non-SOEs and firms with high external attention. • Our study provides insights which aid in the design of environmental regulation. This paper investigates the impact of environmental regulation on green innovation to explore how to achieve a win-win situation of environmental protection and economic development. Using green patent data of listed companies in heavy polluting industries from 2011 to 2016, we find that China's carbon emissions trading pilot policy has induced green innovation of firms in pilot areas. The positive effect is greater for invention patents, large-scale firms, non-state-owned firms and firms with high external attention, which support the channels of internal benefit-cost tradeoffs and external pressure. Our study provides insights which aid in the design of environmental regulation. [ABSTRACT FROM AUTHOR]

This research examines the market reaction to the publication of firm-specific environmental news for participating firms in the European Union's Emissions Trading System (EU ETS) during its third phase. Our sample of 123 publicly listed participating firms, located in 21 European countries, accounted for 45.43% of emissions in the EU ETS in 2020. Using an event study methodology during the period 2014–2021, we find that positive news was rewarded with increased returns for publication events related to the latter years of the phase (2017–2020) while it had an insignificant impact for earlier year (2013–2016). This indicates that the EU ETS is finally fulfilling its intended function of incentivising participating firms to reduce their emissions. Our study highlights the contextually contingent nature of the relationship between environmental and financial performance. [ABSTRACT FROM AUTHOR]

Abstract: Following the introduction of the European Union Emissions Trading Scheme in 2005, the size of the carbon market has been growing at a tremendous rate. To meet the emissions reduction targets, the regulated parties can choose to participate in the allowance-based market by purchasing the spot allowances. Commencing in 2008, the regulated parties are also allowed to purchase the offset credits to meet their allowance limit. Given the risky nature of the offset credits, this paper evaluates the hedging performance of dynamic hedge ratios for the carbon offset credit (certified emissions reduction) market in the EU-ETS. To the best of our knowledge, this paper is the first attempt to evaluate the hedging performance of dynamic and constant hedge ratios in the carbon offset credit market. Based on the variance reduction and utility improvement measurements, the findings generally support the use of static hedge ratios over the more sophisticated, dynamic hedge ratios. [Copyright &y& Elsevier]

Abstract China began a pilot carbon emissions trading scheme (ETS) in 2013. However, the real carbon mitigation effects of this policy are unclear. Moreover, the potential cost savings from internal or external trading among provinces are also uncertain. Based on panel data of 30 provincial industries from 2006 to 2015, this paper first employs a difference-in-differences model to explore the effects of the pilot ETS on industrial carbon emissions and carbon intensity. A Stochastic Frontier Analysis is then conducted to measure industrial energy efficiency and identify any carbon mitigation effects. We next use a parameterized directional output distance function to estimate the industrial carbon marginal abatement costs and analyze the potential cost savings/gains from internal trading among provinces within the same geographical regions and from external trading across regions. Results show that: (a) the pilot ETS has significant negative effects on industrial carbon emissions (10.1%) and carbon intensity (0.78%). (b) Energy efficiency plays an important role in the carbon mitigation effects. (c) the distribution of marginal abatement cost (MAC) shows significant geographical characteristics. (d) Provinces can realize greater potential cost saving/gains through regional external trading than internal trading. Highlights • The pilot ETS has significant negative effects on industrial carbon emissions and intensity. • Energy efficiency plays an important role in the carbon mitigation effects. • Provinces can realize greater potential cost saving through regional external trading. [ABSTRACT FROM AUTHOR]

Abstract Carbon emissions trading is one of the important economic means to solve the environmental externality. Based on the data of CO 2 emissions from the thermal power plants over the period from 2005 to 2010 in China, this paper uses no-parametric optimization models to estimate the potential economic gains and potential carbon emissions reduction under three allocation strategies of carbon emissions trading allowance. Results show that the maximum potential gains can be obtained by the spatial allocation scenario for the combination of CO 2 -SO 2 emissions trading, and the output growth ratio among power plants varies huge. The establishment of jointed CO 2 -SO 2 emissions trading is usually highly beneficial to achieve the three targets, including the optimal allocation of resources, the increase of potential gains and the reduction of pollutant emissions. [ABSTRACT FROM AUTHOR]

China has formulated the carbon emissions trading (CET) system and renewable portfolio standards (RPS) to address climate change. Meanwhile, the development of provincial and coupled provincial-interprovincial electricity markets is underway in China. This paper establishes the operation frameworks and optimization models of the above electricity markets. The research results show that: CET or RPS can both increase the penetration of renewable energy and reduce carbon emissions. The effect of different CET parameters in the provincial electricity market is apparent. However, the effects of different RPS parameter changes on the two markets are fixed. • The optimization models of Chinese provincial and coupled electricity markets under CET and RPS are established. • The implementation of CET and RPS can both increase the penetration rate of renewable energy, reduce carbon emissions. • The effect of different CET parameters in the provincial power market is more obvious than the coupled electricity market. • The effects of different RPS parameter changes on the provincial and coupled electricity markets are fixed. [ABSTRACT FROM AUTHOR]

This paper first researches the influence of carbon emissions trading (CET) on corporate total factor productivity (TFP) from three aspects of innovation effect, factor allocation effect and cost effect, and then uses the data of listed corporations from 2008 to 2021, and empirically analyzes each effect by multi-temporal difference-in-difference-in-difference (DDD) model. We find that CET can suppress the corporate TFP through direct effect (cost effect), and improve corporate TFP through indirect effects (innovation effect and factor allocation effect). Overall, the indirect effects are more effective. Moreover, the CET can significantly improve corporate TFP, and it is still true after a set of robustness checks. Heterogeneity analysis indicates that CET has a different influence on different types of corporate TFP, and there are also certain differences in their mechanisms. • Mechanisms were analyzed from three aspects. • We analyze the effect of CET on TFP. • The CET can significantly improve TFP. • CET has different mechanisms in promoting TFP. [ABSTRACT FROM AUTHOR]

China is now in the process of building its national carbon emissions trading scheme (ETS). Data are the foundation for the design and operation of an ETS. This paper presents a comparative analysis of the data requirements for China's national ETS construction and the existing ETS-related data for enterprises in China. In doing so, it identifies the underlying data gap in building China's national ETS in terms of data availability and data quality. Based on the experiences of international ETSs, and experiences at national and pilot levels in China, we propose two short-term strategies and four long-term solutions to meet the challenges from technical and management perspectives. [ABSTRACT FROM AUTHOR]

This study evaluates the economic impact of achieving China's Intended Nationally Determined Contributions (INDCs) through emissions trading scheme (ETS) and renewable energy policy, using a Computable General Equilibrium (CGE) model. We explored the behavior of different sectors in the carbon market, carbon trade amount, carbon price and the economic impact of an emissions cap and trade on the employment and GDP. The results demonstrate that the electricity and aviation sectors have relatively higher mitigation costs and tend to be the main buyers of the carbon credits, whereas chemicals, nonmetal production, iron and steel, paper and other manufacturing sectors have relatively lower mitigation costs and tend to be the main sellers. Carbon trading price and market scale are closely related to various factors such as the emissions quota allocation scheme among sectors, coverage of participating sectors and the level of renewable energy development. Emission trading is also confirmed to be an economically efficient approach that contributes to the achievement of emission reduction targets with less economic cost. In order to make full use of this approach, policy maker should assign an appropriate emissions quota allocation scheme, extend coverage of various sectors and promote the expansion of low-carbon technologies such as renewable energy. [ABSTRACT FROM AUTHOR]