Study on carbon intensity trading market based on carbon finance mechanism

作     者：Zhen-WEI 

作者机构：School of Economics and Management North China Electric Power University Beijing 102206 China 

出 版 物：《International Journal of Technology Management》 (国际技术管理)

年 卷 期：2015年第9期

页      面：110-112页

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 07[理学] 070602[理学-大气物理学与大气环境] 0706[理学-大气科学] 

主　　题：Climate change Carbon intensity Emission permits trade of carbon Market mechanism Carbon finance 

摘      要：As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China＇ s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models＇ results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development： trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the car