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China’s pilot carbon trading schemes : assessment and lessons from EU

Zhang, Li
Master thesis
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URI
http://hdl.handle.net/11250/169877
Date
2013
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  • Master Thesis [3748]
Abstract
This

paper

assesses

the

seven

Chinese

pilot

carbon

schemes

that

will

be

implemented

in

late

2013,

and

relates

the

most

critical

and

relevant

lessons

from

the

European

Union’s

Emission

Trading

Scheme

(EU

ETS)

to

the

Chinese

circumstances.

This

paper

reviews

the

key

policy

designs

of

the

pilot

schemes,

and

discusses

the

unique

Chinese

policies

and

market

environment

that

would

differentiate

the

Chinese

schemes

from

the

EU

ETS.

In

terms

of

expected

emission

abatement,

this

paper

estimates

that,

compared

to

business

as

usual

(BAU)

level,

Guangdong,

Hubei

and

Shanghai

are

expected

to

mitigate

the

highest

amount

of

CO2

emissions.

In

terms

of

carbon

price,

this

paper

expects

the

schemes

of

Guangdong

and

Hubei

to

have

the

highest

carbon

price

while

the

price

in

Beijing

and

Tianjin

will

be

the

lowest.

By

reviewing

EU’s

experience,

this

paper

proposes

recommendations

on

1)

avoiding

allowances

over-­‐supply

and

windfall

profits,

2)

maintaining

market

stability,

3)

bottom-­‐level

allocation,

4)

use

of

allowance

reserve

and

provision,

and

5)

sector

selection

and

allocation.

The

paper

finds

that

the

unique

designs

of

the

Chinese

pilot

schemes

indicate

a

lower

likelihood

of

price

crash

than

EU

ETS.

With

regard

to

these

special

designs,

and

the

size

of

the

Chinese

pilot

schemes,

the

paper

concludes

that

the

Chinese

pilot

schemes

have

a

significant

global

implication

in

terms

of

promoting

a

global-­‐wide

ETS,

reforming

existing

ETS

and

setting

examples

for

developing

countries.

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