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| 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 |
| 起始页码 | 82 |
| 结束页码 | 96 |
| 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/262102 |
| 作者单位 | Climate Change and Energy Economics Study Center, Wuhan University, Wuhan, 430070, China |
| 推荐引用方式 GB/T 7714 | Li K.； Qi S.-Z.； Yan Y.-X.； Zhang X.-L.. 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.； Qi S.-Z.； Yan Y.-X.； Zhang X.-L.."China's ETS pilots: Program design, industry risk, and long-term investment".Advances in Climate Change Research 13.1(2022). |
| 条目包含的文件 | 条目无相关文件。 | |||||
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