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The Research on the Carbon Emission Right Trading Mechanism from the Perspective of Low-carbon Economy

Author: ZhaoZuoZuo
Tutor: QinJun
School: Nanjing University of Posts and Telecommunications
Course: Management Science and Engineering
Keywords: Carbon Emission Right Trading Real Option Market Pricing B-S Option Pricing Model
CLC: F205
Type: Master's thesis
Year: 2012
Downloads: 303
Quote: 2
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Abstract


The climatic change problem brought out by greenhouse gas emission has become a global issue of common concern today. For mitigation, reducing the greenhouse gases emissions is an effective measure for resolving this problem. The international community is trying to find a cooperation mechanism on dealing with climate change recently. The carbon emission right trading is an effective market approach of reducing greenhouse gas emission.According to《Kyoto Protocol》China still do not have to enforce across-the-board cuts in emissions at present. Along with the coming of 2012, the first phase undertaking of《Kyoto Protocol》will falls due.China is supposed to get everything ready anytime now for carrying out carbon emission right trading system in domestic companies and making market play a leading role in order to satisfy the demand of international community and improve the international competitiveness of Chinese carbon emission right trading system.Under this background, first of all, this paper summarized recent advances in the foreign and domestic carbon emission right trading system ,investigated the related theories and mainly researched the application of real option theory in carbon emission right trading system. Secondly, by the method of dynamic game theory, the initial allocation of carbon emission right were been particularly analyzed and some comfortable distribution method for china were suggested. Meanwhile, the B-S options pricing model were used to value the carbon emission right and the determination of processing parameter for B-S options pricing model were wrote up. The importance of valuing method for carbon emission right trading system were bored down, and the theoretical exploration and empirical test were also performed for the option pricing of carbon emission right. By simulating the formation of option prices for EUADEC-11 based on the European Union quota, the method used to measure carbon emission right trading price volatility were established and described in detail. At last, the approaches to develop carbon emission right trading system in china were suggested on the basis of European & American developed countries’experiences.

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