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An International Comparative Study on Carbon Financial Markets

Author: LiuXinRan
Tutor: YuLiNa
School: Ocean University of China
Course: National Economics
Keywords: Climate Change Greenhouse Gases Carbon Emissions Allowances Cap-and Trade
CLC: X196
Type: Master's thesis
Year: 2011
Downloads: 345
Quote: 0
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Abstract


Nowadays an increasing number of people focus their attention on the issue of climate change. The mainstream view is that climate change is caused by the increasing concentration of greenhouse gases which are produced by human activities in the atmosphere. Carbon trade is considered more feasible and effective than carbon tax to utilize to deal with the problem of climate change. United Nations Framework Convention on Climate Change and Kyoto Protocol provided the foundation for worldwide carbon trade and then carbon financial market came into being. Broadly speaking, carbon finance means all kind of financial activities that contribute to emission reduction of greenhouse gases.There are several influential financial systems in the world including the European Union Emission Trading Scheme and the Greenhouse Gas Reduction Scheme in New South Wales. These schemes have advanced legal systems, climate exchanges and carbon financial products and their characteristics might shed light on the development of carbon financial systems in developing countries. China has the second largest emission of greenhouse gases and if well developed, a large number of resources to utilize. However, lack of a systematic carbon financial market makes such utilization impossible. Technologies related to emission reduction are being improved slowly, and so is industrial structure in China. Chinese firms and individuals have little power of influence on the pricing of carbon financial products in international markets. If international climate negotiations are held, China will surely be in a passive position.The issue of climate change has been researched sense 1970s and there are a large number of literatures about climate change. Up to present, no literature has tried to study and compare the characteristics of the largest and most successful carbon financial markets in the world. And such a study is fundamental for Chinese people to build a fully-formed carbon financial system. Therefore, in this thesis, an international comparative study is made from the aspects of legal scheme, climate exchanges and carbon financial products and these three aspects are the main elements of a whole carbon financial system.The result of this thesis is that according to the experiences of developed countries, to establish a systematic carbon financial market in China, an explicit legal system is needed to define a regulatory authority and delimit its functions, to make regulations for the application and registration, and to make arrangements of the distribution of emission allowances. Besides, policies should be made to encourage the development of intermediaries, including environment exchanges, financial institutions, consulting companies, risk analysis corporations and so on. Apart from that, more kinds of financial derivatives should be exploited to enhance the efficiency of resource allocation and the pricing power of China.

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CLC: > Environmental science, safety science > The basic theory for the Environment and Science > Environmental Economics
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