California's Cap-and-Trade Programme and Insights for China's Pilot Schemes

Shen, Bo; Dai, Fan; Price, Lynn; Lu, Hongyou

doi:10.1260/0958-305x.25.3-4.551

Cited by 13 publications

(3 citation statements)

References 11 publications

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“…Quite apart from these considerations, however, we suggest that national law explicitly state that firms regulated by CO 2 ETSs can be fined without an overall financial limit, where the fine equals a multiple of the average perton market price of allowances for which the firm exceeds. We also 5 This article focuses on fees for noncompliance, but fees for misreporting or failing to report are also important as discussed by RAP (2013) and Shen et al (2014). 6 As a point of comparison, the Beijing pilot ETS imposes a noncompliance fee of three to five times a company's emissions deficit at the prevailing carbon price .…”

Section: Assessmentmentioning

confidence: 99%

Assessing the design of three carbon trading pilot programs in China

et al. 2016

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Section: Assessmentmentioning

confidence: 99%

Assessing the design of three carbon trading pilot programs in China

et al. 2016

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“…At present, the Chinese government has conducted pilot carbon emission trading in seven provinces and cities [54][55][56] since 2013. The next step is to build a nationwide carbon market in 2017.…”

Section: Influence Of Carbon Pricingmentioning

confidence: 99%

Feasibility Study of a Solar-Powered Electric Vehicle Charging Station Model

Jiang

Liu

et al. 2015

Energies

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In China, the power sector is currently the largest carbon emitter and the transportation sector is the fastest-growing carbon emitter. This paper proposes a model of solar-powered charging stations for electric vehicles to mitigate problems encountered in China's renewable energy utilization processes and to cope with the increasing power demand by electric vehicles for the near future. This study applies the proposed model to Shenzhen City to verify its technical and economic feasibility. Modeling results showed that the total net present value of a photovoltaic power charging station that meets the daily electricity demand of 4500 kWh is $3,579,236 and that the cost of energy of the combined energy system is $0.098/kWh. In addition, the photovoltaic powered electric vehicle model has pollutant reduction potentials of 99.8%, 99.7% and 100% for carbon dioxide, sulfur dioxide, and nitrogen oxides, respectively, compared with a traditional gasoline-fueled car. Sensitivity analysis results indicated that interest rate has a relatively strong influence on COE (Cost of Energy). An increase in the interest rate from 0% to 6% increases COE from $0.027/kWh to $0.097/kWh. This analysis also suggests that carbon pricing promotes renewable energy only when the price of carbon is above $20/t.

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“…As to the operation mechanism, a few studies analyze the comparison of the existing carbon markets. Shen et al [36] looked back to the CA CAT and drew insights for China's carbon markets involving legal basis, institutional arrangement and allowances distribution. Existing studies also concentrate on single carbon market risk and market efficiency [37].…”

Section: Introductionmentioning

confidence: 99%

The tail dependence of the carbon markets: The implication of portfolio management

Zhang

2020

PLoS ONE

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Emission trading scheme (ETS), the most popular market-based instrument, is widely used to solve carbon emission problems in the world. With the development of carbon market, carbon asset has been a popular financial product to invest and the risk management becomes important for government, regulated enterprises and other investors. As carbon prices have tail characteristics, this paper explores the extremal risks between carbon markets in US, Europe and China using tail dependence correlation coefficients. The empirical analysis demonstrates the tail dependence structure between carbon markets in US. and Europe is the same sign, which indicates that it is unwise to hold these two carbon assets as a portfolio. Moreover, the co-movements between European Union Emission Trade Scheme (EU ETS) and China's carbon markets are partly significant, and the operation mechanisms in China should be improved. In addition, the tail dependence test among the carbon pilots in China shows diversity. Hubei carbon trading pilot, located in central China, has extremal dependence with all other selected pilots for its regulatory program operation. The findings give insight to the carbon market regulars to improve the operation mechanism and are also useful for the investors to manage their portfolios, policymakers to make practically applicable regulations, and relevant organizations to develop procedures.

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California's Cap-and-Trade Programme and Insights for China's Pilot Schemes

Cited by 13 publications

References 11 publications

Assessing the design of three carbon trading pilot programs in China

Assessing the design of three carbon trading pilot programs in China

Feasibility Study of a Solar-Powered Electric Vehicle Charging Station Model

The tail dependence of the carbon markets: The implication of portfolio management

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