The distribution and regional determinants of nationally financed emissions-reduction projects in China

Cong, Ren; Lo, Acy; Yu, Wei

doi:10.1016/j.enpol.2021.112215

Cited by 16 publications

(8 citation statements)

References 45 publications

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“…Já Cong et al (2021) pesquisaram o Mecanismo de Desenvolvimento Limpo (Clean Development Mechanism -CDM) de modo a identificarem os determinantes regionais dos projetos de redução de emissões de carbono em 30 províncias chinesas. Os resultados demonstraram que tais projetos são mais propensos de implementação nas regiões com menor PIB per capita, maiores emissões de CO2, maior intensidade energética e quando o montante de empréstimos domésticos em investimentos de ativos fixos é maior.…”

Section: Aspectos Gerais Sobre a Regionalidadeunclassified

O Financiamento Das Empresas Brasileiras À Luz Das Teorias Pecking Order E Market Timing: Evidências Da Regionalidade

et al. 2021

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Objetivo: Este estudo tem como objetivo compreender como os fatores macroeconômicos e as características das firmas impactam na definição da estrutura de capital das empresas brasileiras, tendo em vista o contexto regional. Método: O estudo envolveu 426 empresas brasileiras, não financeiras, listadas na B3 durante o período de 2007 a 2017. Na perspectiva interna, foram utilizadas as variáveis liquidez, ROE, tangibilidade e tamanho, enquanto, na abordagem externa, as variáveis PIB, inflação e a identificação dos períodos de crise, representados pelos anos 2008 e 2015. Resultados: Os resultados evidenciaram que a maioria das organizações está situada nas regiões sudeste e sul (86%), sendo o controle pelas regiões um fator importante na tomada de decisão a respeito do financiamento das empresas. Além disso, foi corroborada a teoria Pecking Order, no que tange às características das firmas, uma vez que as empresas tendem a priorizar a utilização de recursos internos ao de terceiros, especialmente em momentos de recessão econômica, quando há maior impacto nos lucros empresariais. No entanto, não foi ratificada a teoria Market Timing, o que sugere que as empresas não tendem a observar as janelas de oportunidade para a emissão dos títulos. Contribuições: É relevante investigar como as decisões de financiamento das empresas são impactadas por questões que vão além das características das firmas, isto é, como elas sofrem a influência do ambiente no qual estão inseridas, sobretudo no que tange aos fatores macroeconômicos e ao contexto regional. Desse modo, entende-se que esta pesquisa avança na literatura não só por abranger os fatores externos, mas também por considerar as diferenças regionais do Brasil.

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Section: Aspectos Gerais Sobre a Regionalidadeunclassified

O Financiamento Das Empresas Brasileiras À Luz Das Teorias Pecking Order E Market Timing: Evidências Da Regionalidade

et al. 2021

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“…Compared with the eastern region, the central and western regions have lower incomes and more poor counties. As a result, the poorer regions have more emphasis on poverty reduction and a higher potential for poverty reduction (Choi et al, 2012; Cong et al, 2021). Hence, CCER trading is more likely to achieve positive and significant poverty reduction effects in the central and western regions.…”

Section: Additional Impactsmentioning

confidence: 99%

“…Moreover, existing studies only use provincial data (Zhang & Zhang, 2020), which makes it difficult to capture possibly important county‐level variation. Few studies focus on the CCER mechanism in the carbon market (Cong et al, 2021; Ye et al, 2021), probably because CCER trading is a supplementary mechanism to the carbon market. Also, the CCER programme originated late, and considering the small trading volume and the lack of standardisation of several projects in the CCER programme, the NDRC has suspended new CCER project applications since 2017, which results in a lack of continuity of data (Li, Ye, et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

Has Chinese Certified Emission Reduction trading reduced rural poverty in China?

Zhang

Liu

Woodward

2023

Aus J Agri & Res Econ

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Consolidating and expanding poverty alleviation while simultaneously reducing carbon emissions has become one of the main issues facing China. The Chinese Certified Emission Reduction (CCER) trading programme is an important supplementary mechanism to China's carbon trading market. Based on the data of 1782 counties in China from 2006 to 2017 and a difference-in-differences model, this study investigates the rural poverty reduction effect of CCER trading. We find that: (1) during the sample period, CCER trading has increased the per capita net income of rural residents by at least 2.5% or 187.5 RMB (about 27.8 USD or 39.3 AUD) per year. (2) The poverty reduction effect of CCER trading in poor counties is greater than that in nonpoor counties. (3) Some relevant heterogeneous effects are also measured. We find that CCER trading of hydropower projects has played a significant poverty reduction effect; the poverty reduction effect is further enhanced when the county has additional CCER projects; we also identify regional differences with CCER trading having a greater poverty reduction effect in the western and central regions. (4) Compared with the implementation of the CCER project, trading the emission reductions generated by the CCER project has brought more significant poverty reduction effects.

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“…As a method for determining the additionality of a proposed emission reduction project, the CDM investment analysis requires a project to be demonstrated to have a low estimated IRR, in the absence of additional incomes from the sale of credits. The CDM Executive Board does not specify an official benchmark for this purpose, although in China, a value of 8% is predominantly used as the benchmark (Cong et al, 2021; He & Morse, 2013; Lewis, 2010). A project is less likely to be considered additional if it has a higher estimated IRR (excluding credit incomes) than others in the same country.…”

Section: More Credits More Renewables?mentioning

confidence: 99%

Carbon offsetting and renewable energy development

2023

Geographical Research

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New carbon crediting and offsetting mechanisms are being developed under the Paris Agreement. Polluters can meet their emission reduction targets by acquiring and retiring carbon offset credits. Globally, most of these credits come from renewable energy sources. However, their additionality is increasingly questionable. Global renewable electricity capacity continues to grow. Greenhouse gas emissions from coal‐fired power generation are starting to fall, as governments and organisations pledge to curtail emissions, more capital is mobilised for energy transition, and renewable energy technologies become commercially competitive. The opportunity to earn carbon offset credits is becoming less indispensable to renewable energy development. Aggregate emissions could rise above the baseline level when polluters increase their emission budgets by using carbon credits generated from a renewable energy installation that is part of the baseline scenario. To safeguard environmental integrity, the conditions for including renewable energy in carbon crediting and offsetting schemes should be reconsidered.

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The distribution and regional determinants of nationally financed emissions-reduction projects in China

Cited by 16 publications

References 45 publications

O Financiamento Das Empresas Brasileiras À Luz Das Teorias Pecking Order E Market Timing: Evidências Da Regionalidade

O Financiamento Das Empresas Brasileiras À Luz Das Teorias Pecking Order E Market Timing: Evidências Da Regionalidade

Has Chinese Certified Emission Reduction trading reduced rural poverty in China?

Carbon offsetting and renewable energy development

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