Heterogeneous emission trading schemes and green innovation
| Autor: | Shiyan Wen, Xueying Yu, Sen Yan, Shiyue Yao |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
Mechanism design
Technological change 020209 energy Allowance (money) Carbon emission trading 02 engineering and technology 010501 environmental sciences Management Monitoring Policy and Law 01 natural sciences General Energy Beijing 0202 electrical engineering electronic engineering information engineering Emissions trading Business Database transaction Zero emission Industrial organization 0105 earth and related environmental sciences |
| Zdroj: | Energy Policy. 155:112367 |
| ISSN: | 0301-4215 |
| DOI: | 10.1016/j.enpol.2021.112367 |
| Popis: | To stabilize the global CO2 concentration in the long run and secure a net zero emission development path, low-carbon innovation is imperative. This paper evaluates the impact of emission trading schemes on low-carbon innovation. Particularly, we focus on the seven emission trading pilots in China. They employed diversified scheme designs, and reaping heterogeneous low-carbon innovation effects. The empirical results show that 1) low-carbon innovation in the three pilots of Beijing, Shanghai, and Guangdong responds more to the national demand for green technological changes, rather than to local policy shocks; 2) the Hubei pilot is the only successful one in raising low-carbon innovation motivations. Its success may be related to distinctive features of the market, including active transaction of carbon allowances, ambitious utilization of the auction mechanism in initial allowance allocation, and focus of regulation capacities on the most influential emitting entities. These features should be deliberately utilized in design the national carbon market, which has been pronounced at the end of 2017. Our research highlights the importance of detailed mechanism design for securing dynamic effectiveness of carbon emission trading schemes. |
| Databáze: | OpenAIRE |
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