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Research on Clean Development Mechanism and Framework Design of Carbon Trading Market in China

Author: LiuHang
Tutor: YangShuWang
School: China University of Geosciences
Course: Resource industries and economic
Keywords: Clean Development Mechanism Carbon Trading Market Framework Design
CLC: X196
Type: PhD thesis
Year: 2013
Downloads: 461
Quote: 0
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At present China has become the world biggest host country in Clean Development Mechanism(CDM) projects, but it is faced with deficiency for discourse right and price right when shares the sustainable development and economic benefits because of lacking domestic carbon trading market. Especially with advent of2013"Post-Kyoto Era", CDM’s market risk and policy risk is increasing. There is an urgent need for China analyzing the problems correctly, forecasting the future development trend of the CDM scientifically and reasonably, reducing the dependence on CDM and speeding up building domestic carbon trading market. We base this paper on related theory of CDM and carbon trading market. First of all, the paper make a deep analysis of interest subject, operation stage, existing problems, external environment and replying measures; Then, make quantitative evaluation of influencing factors and implementation effect of CDM’s regional distribution; Next, mainly analyze the construction progress and development environment of China’s carbon trading market; Finally, propose the framework design of carbon trading market, including target, stage, mechanism, subject and security system, which is based on experience and enlightenment of international carbon trading market construction.This article comprises nine chapters, the content is as follows:The first chapter is the introduction, which mainly introduces paper’s research background and significance together with literature review. Then, it describes the research thinking, content, method and main creative point.Chapter2defines related concepts and theoretical basis. Firstly, it points out CDM can build bridge of cooperation for developed countries and developing countries. For developed countries, CDM provides a flexible fulfillment mechanism. For developing countries, CDM projects can offer partial financial assistance and advanced technology, it mainly involves participation side, executive council and methodology in the process of CDM’s operation; Secondly, CDM is the embodiment of purchase contract indeed, namely one party pays other party in exchange for a quantitative quota or carbon credits, so the buyer can fulfill target in reducing greenhouse gas emission. The payment is various, including cash, convertible bond, equity, bond, warrant or project donation. The essence of carbon trading market is still an economic relation between buyers and sellers and the market subject is mainly composed of transaction participant, transaction object as well as market structure, besides the referent concept includes carbon trading mechanism, price, financial market, etc. Finally, the paper describes the theoretical basis of CDM and carbon trading mark, mainly including institutional economics theory, transaction cost theory, welfare economics theory and environmental finance theory.Chapter3analyzes the development of CDM. It points out CDM mainly involves six aspects:project subject, project buyer, consulting agency, appointed management entity, national department in charge and executive council. A successful CDM project is consist of following eight stages:project identification, design, approval, authorization, registration, implementation, monitoring and reporting, emission reduction’s verification. CDM has a positive role in addressing climate change for both developing countries and developed countries. According to the registration and certified emission reductions, we can see now China has become the biggest provider and demander. At present, China encounter the following problems:deleted price right, complicated approval flow and unbalanced industrial distribution. In the future China will face more complicated external environment, this can be shown in four aspects:European debt crisis, reducing market space, new market mechanism and international political game. This paper mainly puts forward six countermeasures. Firstly, it is to promote project classification and diversified participation side; Secondly, we must accelerate making normative consulting agency industry; Thirdly, it must support the construction and development of specified management entity; Fourthly, we should pay more attention on the study of methodology; Fifthly, the government promote the reform of CDM actively; Sixthly, official should speed up the construction of domestic carbon trading market.Chapter4is the analysis of CDM’s regional distribution influencing factors and implementation effect. In order to construct reasonable index system of China CDM’s regional distribution influencing factors, this part select eighteen indexes together with factor analysis method. Besides, the paper selects Chinese30provinces (autonomous regions, municipalities) as research object and emphatically analyzes influencing factors in2011. The results show that international political situation, the basic level of projects, energy conservation and emission reduction, economical development level as well as science and technology development level are main factors for projects’regional distribution in2011. On this basis, Chinese30provinces (autonomous regions, municipalities) can be divided into different types according to general scores of CDM level and influencing factors.In addition, this section also use multiple linear regression model to analyze the influencing factors of energy conservation and emission reduction, where the panel dates are from2006to2011.Then we respectively select GDP, population growth rate, industrial added value accounting for the GDP, coal accounting for primary energy, CDM projects’registration etc as explanatory variables and carbon dioxide intensity as explained variables. The empirical analysis results show that from2006to2011factors changed obviously for China carbon dioxide intensity. Chapter5is the analysis of China carbon trading market construction and developing environment. Through combing the related policies, this chapter explores the government supervision system, carbon trading platform and the third institutions, analyzes construction status, then points out four main levels. Firstly, the policies and regulations level is mainly presented as absence of laws and regulations in carbon trading market construction. Secondly, government supervision system level, including the gap between existing management system and target, function cross among different sectors, the absence of management object because of imperfect total quantity controlling conditions and the fuzzy management responsibility due to mature first commitment period of the Kyoto Protocol. Thirdly, carbon trading platform level, which mainly manifested as three respects:the absence of access mechanism and repeated construction, business homogenization and poor profitability as well as the absence of carbon trading system. Fourthly, the third institution level, which we can see from following four respects. First, it is the absence of intermediary organizations which engage in emissions trading; Second, the management pattern has not formed and the management is overlapping and vacant; Third, the third institutions don’t have independent status; Four, it is lacking in qualified examinant. Because of different geographical conditions,social and economic conditions, different countries have different interests demand and focus about climatic problems. At present, there are four groups, including EU, umbrella type group, developing great power and isle country alliance. We can divide interests demand and focus into three kinds:survival, development and dominant.Chapter6is the experience and enlightenment of the construction of domestic and international carbon trading market. The author holds that western developed countries have accumulated rich experience about carbon trading market, including how to construct and develop normative carbon market, determine market’s properties and trade variety, allocate carbon emission reduction index fairly, make market’s rules, determine participation subject, etc. International experience has five important enlightenment, including how to perfect trading mechanism and trading system, strength the research of CDM projects, arouse the enthusiasm of financial institution and unify the standard of carbon emission.Chapter7is the summary of all paper and research prospect. This part summarizes the main conclusions, research conclusions and deficiency, then further puts forward research expectation.

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