气候变化领域集成服务门户(CCPortal): China's ETS pilots: Program design, industry risk, and long-term investment

CCPortal

DOI	10.1016/j.accre.2021.11.002
	China's ETS pilots: Program design, industry risk, and long-term investment
	Li K.; Qi S.-Z.; Yan Y.-X.; Zhang X.-L.
发表日期	2022
ISSN	1674-9278
卷号	13 期号:1
英文摘要	The emissions trading scheme (ETS) is considered an effective policy tool for achieving emission reductions. At present, China's ETS pilots have completed several compliance periods and provided rich experience for a national ETS. Taking advantage of the variations in the regional ETS pilots across regions and sectors and over time, this study used a difference-in-difference-in-differences (DDD) model to examine the effects of ETS pilots and differential program design on industry risk and the impacts of risk on future investment horizon. First, we found that the ETS pilots significantly increase profit variability (total risk) in China's industry; that is, ETS induces greater uncertainty in the covered sectors. In terms of industry heterogeneity, non-electricity sectors (specifically ferrous metal) engage in higher levels of risk taking. Second, the influence of such program features as the allowance allocation (total amounts and approaches), China Certification Emission Reduction (CCER) trading volumes, and penalties are heterogeneous. Finally, during the period around the treatment, industry risk can significantly encourage longer rather than shorter investment. In particular, the punishment mechanism and benchmarking allocation play a positive role in regulating the risk–investment relationship. © 2021 The Authors
英文关键词	China; ETS; Industry risk; Long-term investment; Program design
语种	英语
来源期刊	Advances in Climate Change Research
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/251228
作者单位	Climate Change and Energy Economics Study Center, Wuhan University, Wuhan, 430070, China; Institute of Sociology, Zhongnan University of Economics and Law, Wuhan, 430073, China; Department of Public Policy, City University of Hong Kong, Hong Kong, 999077, Hong Kong; Shenzhen Research Institute, City University of Hong Kong, Shenzhen, 518057, China
推荐引用方式 GB/T 7714	Li K.,Qi S.-Z.,Yan Y.-X.,et al. China's ETS pilots: Program design, industry risk, and long-term investment[J],2022,13(1).
APA	Li K.,Qi S.-Z.,Yan Y.-X.,&Zhang X.-L..(2022).China's ETS pilots: Program design, industry risk, and long-term investment.Advances in Climate Change Research,13(1).
MLA	Li K.,et al."China's ETS pilots: Program design, industry risk, and long-term investment".Advances in Climate Change Research 13.1(2022).