气候变化领域集成服务门户(CCPortal): Financing mode of energy performance contracting projects with carbon emissions reduction potential and carbon emissions ratings

CCPortal

DOI	10.1016/j.enpol.2020.111632
	Financing mode of energy performance contracting projects with carbon emissions reduction potential and carbon emissions ratings
	Shang T.; Yang L.; Liu P.; Shang K.; Zhang Y.
发表日期	2020
ISSN	03014215
卷号	144
英文摘要	This paper focuses on energy performance contracting (EPC) projects that can potentially reduce carbon emissions. Based on the reasons for financing difficulties in China's EPC projects, the paper delineates opportunities for the energy-saving service industry as well as the ownership of carbon emissions. According to the transaction cost and resource dependence theories, this paper constructs a financing mode for EPC projects based on the total amount of control and quota trading. Financing mode is divided into two types according to the carbon emissions objectives noted by emissions demanders: self-use and non-self-use. Each financing mode is then categorized as either pre- or post-transaction given the differences in carbon emissions trading periods, and their characteristics are compared. Regarding carbon emissions ratings, a parabolic fuzzy number is used to describe how carbon emissions trading prices fluctuate and how the risk-neutral probability and weighted interval of European call option prices are obtained. The option price interval is then converted into a certain value by defuzzification. The financing mode this paper designs not only improves the possibility of EPC projects' financing and profitability, but also expands energy service companies' scope in choosing projects. This paper's carbon emissions rating method enables participants' understanding of the magnitude of uncertainty, obtains more accurate market price forecasts, and helps investors choose their acceptable confidence levels to guide investment strategies. © 2020
关键词	Carbon emissions rating Energy performance contracting projects Energy service company Fuzzy binary tree model Post-transaction Pre-transaction
英文关键词	Carbon; Commerce; Emission control; Energy efficiency; Fuzzy sets; Investments; Service industry; Carbon emissions reductions; Confidence levels; Energy performance contracting; Energy service company; Investment strategy; Resource dependences; Risk-neutral probability; Weighted intervals; Costs; carbon emission; emission control; emissions trading; energy market; environmental economics; financial system; performance assessment; price dynamics; service sector; transaction cost; China
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/204854
作者单位	College of Management and Economics, Tianjin University, Tianjin, 300072, China; College of Culture and Health Communication, Tianjin University of Traditional Chinese Medicine, Tianjin, 301617, China; Faculty of Management, Bournemouth University, Fern Barrow, Poole, Dorset BH12 5BB, United Kingdom
推荐引用方式 GB/T 7714	Shang T.,Yang L.,Liu P.,et al. Financing mode of energy performance contracting projects with carbon emissions reduction potential and carbon emissions ratings[J],2020,144.
APA	Shang T.,Yang L.,Liu P.,Shang K.,&Zhang Y..(2020).Financing mode of energy performance contracting projects with carbon emissions reduction potential and carbon emissions ratings.Energy Policy,144.
MLA	Shang T.,et al."Financing mode of energy performance contracting projects with carbon emissions reduction potential and carbon emissions ratings".Energy Policy 144(2020).