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The Study on Investment of the Energy Industry in China

Author: YangYi
Tutor: ZhaoGuoHao
School: Shanxi University of Finance
Course: Statistics
Keywords: the investment of energy industry the greenhouse gas emissionreduction panel VAR model bilateral stochastic frontier analysis synergetic theory
Type: PhD thesis
Year: 2014
Downloads: 12
Quote: 0
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The Fourth Assessment report of Intergovernmental Panel on Climate Change(IPCC) of United Nations shows that, the major cause of global warming is the neteffect of human activities (+1.6[+0.6to+2.4] W/m2). Its effect is greater than that ofthe slight warming variations arising from the solar irradiance. The internationalcommunity has reached a consensus on preventing the global climate fromdeterioration by stabilizing greenhouse gas concentrations in the atmosphere. China, asthe world’s largest consumer of coal, the largest emitter of sulfur dioxide and carbondioxide, the second largest consumer of energy, greatly impacted by the climate change,is confronted with the complex political game and the policy options in the process ofcoping with the climate change and implementing ecological environment governance.In wake of China’s industrialization and urbanization of the economic society in recentyears, the energy industry has become the focus areas of greenhouse gas emissionswith the increasing demand of the energy. According to "second nationalcommunications on climate change of People’s Republic of China", China’s carbondioxide emissions from energy activities was5.404billion tons in2005, all from fossilfuel combustion. Among them, the carbon dioxide emissions from the energyproduction sector and processing conversion sector was2.408billion tons, accountedfor44.55%, its absolute amount of emissions and the proportion of emissions occupiedthe first place of all departments, and increased significantly compared with1994.According to the estimation of the carbon dioxide emissions during2006-2011inenergy industry in this article, the share of greenhouse gases emissions from the energyindustry rose gradually from45.03%of2006to48.74%of2011,the inherentcontradictions between the high carbon resource endowments and low carbondevelopment requires sustained highlighted.Based on the above-mentioned background, the paper argues that investment in theenergy industry play a important role to promote the development of China’s low-carbonenergy industry. Chinese energy industry must adhere to the concept of sustainabledevelopment by regulating the role of investment leverage, rational planning of energyproduction and construction layout, strengthening the pollution control of the existingequipment and cleaner production projects to reduce the carbon intensity of the energy industry, push low-carbon energy industry development forward. On the basis of theframework of the energy industry investment analyzes mechanism, this article parse themain problem in respect of the investment into energy to promote declining thegreenhouse gas emissions, makes a profound study from the perspective of impact,efficiency, evaluation and coordination mechanism, finds out the deep-seated causes ofthese problems, and makes policy recommendations. The innovation in terms of energyinvestments in the paper, mainly presents in the following areas:1. The study of the relationship between declining the greenhouse gas emission andinvestment into the energy industry is a forefront, interdisciplinary topic between theclimate change research and energy economics research. Most studies of investment inenergy industry take less account of the policy of declining the greenhouse gas emissiondomestically and abroad. In this paper, on the perspective of declining the greenhousegass emission, on the base of sustainable development theory, resource load theory, andthe resource allocation theory, the author propose a energy industry investment system,elaborate the features and principle of it, sets up a set of index system and a frameworkfor analyze.2. This paper estimates the quantity of the greenhouse gas emissions and thecarbon intensity of the energy industry during2006-2011annually, regionalized,industry-varied, identifies the key industries and key regions of emission. Through theanalysis of the correlation among the emissions of greenhouse gas in energy industry,the author discovers, that the gas reduction policies on the energy industry has a leadingeffect on investment in the energy industry, the energy industry investment has a lock-ineffect on the declining greenhouse gas emissions, meanwhile, find the main problems inthe energy industry to invest in promoting the process of reducing greenhouse gasemissions.3. Based on the Energy-Economy-Climate "tripartite" cycle impact theory,applying the amount of industrial emissions in the certain area as a grouping indicator,we establish the model of the investment in energy industry, energy-economy-climatepanel VAR model, with the panel VAR analysis technology. By using impulse-responsefunction and variance decomposition, this paper analyzes the interaction among theinvestment of energy industry, regional economic growth, carbon intensity of the energyindustry, By empirical studies have the author found that the decrease in the carbonintensity of the energy industry has a promotion effect on the energy industryinvestment growth, demonstrates the theory presented in Chapter3,"greenhouse gas reduction policies has a leading effect on the energy industry ". It also found that theeffect of greenhouse gas emission reduction policies promotes the energy industryinvestment greater in the more heavily polluted area.4. This paper builds the investment model of the energy industry with the bilateralstochastic frontier analysis, empirical tests that the carbon intensity of energy industryhas the significant impact on the efficiency of investment of energy industry, reveals thedeep-seated causes of low efficiency of investment of the energy industry, discoversthat the comprehensive effect of constraints of internal financing and supporting ofexternal financing lowers the investment spending of the energy industry of23.02%than the optimal level. The underinvestment problem is more prominent in thedeveloped areas of the energy industry.5. The author uses the synergetic theory to analyze the coupling and coordinationcharacteristics of the investment and financing of energy industry by grouping the airpollution factor, considers financing energy investments and energy constitute acomplex system, reveals coercive effect that the energy investment and energyfinancing play on the climate and environment,and the constrain effect which theclimate and environment play on the energy investment and energy financing. Thispaper establishes the coupled coordination model and the evaluation system of theinvestment and financing of energy industry, set up a set of indicator System includinggreenhouse gas emissions factors and evaluation index weight, comprehensivelyevaluating the coupling and coordination degree of the30provinces (municipalities) inenergy investment and energy financing, considers that the energy investment andenergy financing have the unbalanced distribution and low degree of coupling andcoordinating, and reveals that the financing dislocation is the important reason forinadequate investment in the energy industry.In addition, due to the energy industry financing dislocation, the deep-seatedcontradictions between the lack of investment in the energy industry and declining thegreenhouse gas emissions is further exacerbated. The author makes efforts to press closeto actual situation of the investment of energy industry, follows the forefront theoreticalresearch, propose the the practically guiding suggestion based on the in-depth research.However, constrained by the shortage of the research literatures on investment ofenergy industry and climate change, the author just make the preliminary study with thethoughts and approach mentioned above. Due to the limited level of theory and practical experience, the author’s study and comprehension about the issues are not profoundenough. The ideas and proposals may be inevitably biased and limited. It may be a roomfor the further study in the future.

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