A Study of Carbon Trading Markets to Promote Large-Scale Development of Renewable Energy
Against the backdrop of increasingly serious greenhouse effect and China's high carbon dioxide emissions, President Xi has proposed double carbon target. In order to achieve the double carbon target, the development of renewable energy is a matter of urgency, and the carbon trading market is an important way to develop renewable energy. Chinese government first implemented a carbon trading pilot in 2011, and the carbon trading market promotes the development of renewable energy by reducing fossil energy consumption, improving carbon offset mechanisms, introducing quota auctions and building a futures market. To illustrate the effectiveness of the development, the paper innovatively employed a multi-period difference-in-difference method based on panel data from 2008 to 2019 for 30 provinces across China. The results demonstrated that carbon trading markets had a significant effect on the development of renewable energy. However, China's carbon trading market started late and has much room for development and progress compared to mature carbon markets such as the EU and the US. Therefore, China still needs to improve the carbon trading market system, accelerate the relevant legislation, and learn from the development experience of typical carbon markets around the world, and gradually establish a carbon emission system with Chinese characteristics
Year of publication: |
2022
|
---|---|
Authors: | Wan, Furong ; Wang, Jinghe |
Publisher: |
[S.l.] : SSRN |
Subject: | Erneuerbare Energie | Renewable energy | Treibhausgas-Emissionen | Greenhouse gas emissions | Emissionshandel | Emissions trading | Förderung erneuerbarer Energien | Renewable energy policy |
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