The international carbon market, specifically the Clean Development Mechanism (CDM) created by the Kyoto Protocol, is an important contributor to the breathtaking growth of renewable energy in China. Ever since its debut, it has been at the center of the policy debate whether the CDM achieves...

The People's Republic of China, Japan, and the Republic of Korea have launched individual emission trading schemes to control greenhouse gas emissions cost-effectively. This paper reviews key carbon market design elements in the three countries in terms of emission allowances, covered sectors,...

We examine the impacts of China’s unconventional emission trading system (ETS), a rate-based tradable performance standard (TPS), on firm competitiveness. Our analysis takes advantage of the quasi-natural experiment created by China's regional ETS pilots and firm-level data on innovation and...

In the 2009 Copenhagen Accord, China agreed to slash its carbon intensity (carbon dioxide emissions/GDP) by 40% to 45% from the 2005 level by 2020. We assess whether China can achieve the target under the business-as-usual scenario by forecasting its emissions from energy consumption. Our...