Pub Date : 2022-03-03DOI: 10.1142/s2010007822400073
Zhen Liu, Tong Yin, Ahmad Romadhoni SURYA PUTRA, Muhammad Sadiq
Green economy talks about combing final mechanisms that have ecological and macroeconomic system gains. Likewise, this research piece examined the effects of increased spending on fiscal policies and tightening fiscal policies concerning greening the economic activity as the globe reclaims itself from the COVID-19 in China. Analysis was done applying the China longitudinal data for the period 2008–2018. We utilized the ordinary least square as well as the quantile regression equation to meticulously approximate the influences of increased fiscal spending policies in addition to tightening fiscal policies has on greening the economic system acts as the countries reclaim themselves from the pandemic via a formulated green performance indicator of China nations. The findings indicate a rather exciting pattern by saying a percentage growth in fiscal policy led to nearly 6.5% growth, that is, less than 0.5 growth in the minimum carbon dioxide polluting vaporous from energy suppliers, such as natural gas, and a 0.2% less than 0.01 cuts in the midway carbon dioxide polluting liquefied energy suppliers, that is, hydrocarbon byproducts and a nonsignificant expansion of 0.2%, more significant than 0.5 in the entire case scenario coming from polluting dense energy suppliers, that is, from coal byproduct sources. At the same time, a 1% expansion in fiscal policy reduces cumulative carbon dioxide pollution to 0.2%, less than 0.05%. On this score, the presence of the environmental hypothesis was authenticated in all scenarios analyzed. Furthermore, the causality test indicated a dual movement causative correlation between fiscal policy and carbon dioxide pollution and one-way movement concerning the fiscal policy to energy use. The findings demonstrated that China witnessed a rising switch to green advancement in China; their Green Economic Efficiency increased steadily.
{"title":"PUBLIC SPENDING AS A NEW DETERMINATE OF SUSTAINABLE DEVELOPMENT GOAL AND GREEN ECONOMIC RECOVERY: POLICY PERSPECTIVE ANALYSIS IN THE POST-COVID ERA","authors":"Zhen Liu, Tong Yin, Ahmad Romadhoni SURYA PUTRA, Muhammad Sadiq","doi":"10.1142/s2010007822400073","DOIUrl":"https://doi.org/10.1142/s2010007822400073","url":null,"abstract":"Green economy talks about combing final mechanisms that have ecological and macroeconomic system gains. Likewise, this research piece examined the effects of increased spending on fiscal policies and tightening fiscal policies concerning greening the economic activity as the globe reclaims itself from the COVID-19 in China. Analysis was done applying the China longitudinal data for the period 2008–2018. We utilized the ordinary least square as well as the quantile regression equation to meticulously approximate the influences of increased fiscal spending policies in addition to tightening fiscal policies has on greening the economic system acts as the countries reclaim themselves from the pandemic via a formulated green performance indicator of China nations. The findings indicate a rather exciting pattern by saying a percentage growth in fiscal policy led to nearly 6.5% growth, that is, less than 0.5 growth in the minimum carbon dioxide polluting vaporous from energy suppliers, such as natural gas, and a 0.2% less than 0.01 cuts in the midway carbon dioxide polluting liquefied energy suppliers, that is, hydrocarbon byproducts and a nonsignificant expansion of 0.2%, more significant than 0.5 in the entire case scenario coming from polluting dense energy suppliers, that is, from coal byproduct sources. At the same time, a 1% expansion in fiscal policy reduces cumulative carbon dioxide pollution to 0.2%, less than 0.05%. On this score, the presence of the environmental hypothesis was authenticated in all scenarios analyzed. Furthermore, the causality test indicated a dual movement causative correlation between fiscal policy and carbon dioxide pollution and one-way movement concerning the fiscal policy to energy use. The findings demonstrated that China witnessed a rising switch to green advancement in China; their Green Economic Efficiency increased steadily.","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"207 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84576112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-03DOI: 10.1142/s2010007822400097
Rong Ma, Haoqi Qian
China’s national emission trading scheme (ETS) started operating in 2021 after four years of preparation. In the initial stage of national ETS, benchmarking approach is one of the hottest topics that have gained sufficient attention. For the reason that benchmarks will greatly affect the permits allocation results and thus affect the effectiveness of the carbon market. This paper attempts to investigate the impacts of the benchmark designs of China’s ETS by using plant-level data. Main results show that the current lax benchmark standards adopted by the national ETS will lead to excess surplus of permits. The whole carbon market will achieve market clearance only when the benchmark standards are set as high as the top 2% efficiency levels. If the carbon price is 200[Formula: see text]yuan/ton, the annual trading volume will be 16.4 billion yuan and 13.2 billion yuan in extra will be spent on carbon offsetting for compliance. If the auction mechanism is introduced, the total market size will significantly increase. The auction revenue will exceed 300 billion yuan when 50% of permits are allocated through auction and will exceed 600 billion yuan when all permits are auctioned. These revenues can provide sufficient funds to accelerate China’s low-carbon transformation as well as improve social welfare.
{"title":"PLANT-LEVEL EVALUATION OF CHINA’S NATIONAL EMISSIONS TRADING SCHEME: BENCHMARK MATTERS","authors":"Rong Ma, Haoqi Qian","doi":"10.1142/s2010007822400097","DOIUrl":"https://doi.org/10.1142/s2010007822400097","url":null,"abstract":"China’s national emission trading scheme (ETS) started operating in 2021 after four years of preparation. In the initial stage of national ETS, benchmarking approach is one of the hottest topics that have gained sufficient attention. For the reason that benchmarks will greatly affect the permits allocation results and thus affect the effectiveness of the carbon market. This paper attempts to investigate the impacts of the benchmark designs of China’s ETS by using plant-level data. Main results show that the current lax benchmark standards adopted by the national ETS will lead to excess surplus of permits. The whole carbon market will achieve market clearance only when the benchmark standards are set as high as the top 2% efficiency levels. If the carbon price is 200[Formula: see text]yuan/ton, the annual trading volume will be 16.4 billion yuan and 13.2 billion yuan in extra will be spent on carbon offsetting for compliance. If the auction mechanism is introduced, the total market size will significantly increase. The auction revenue will exceed 300 billion yuan when 50% of permits are allocated through auction and will exceed 600 billion yuan when all permits are auctioned. These revenues can provide sufficient funds to accelerate China’s low-carbon transformation as well as improve social welfare.","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"2 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74106099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-25DOI: 10.1142/s201000782240005x
XU Tan, Sheng Lin, Bai-Chen Xie
China suffers significant heterogeneities in resource endowments and geological conditions across the regions. Ultra-high voltage (UHV) line construction is a project put forward by the government to boost the inter-regional transmission grid expansion, benefiting economic development by reducing pollutant emissions and absorbing more clean energy. This study investigates the extent to which this giant infrastructure has distributional effects on China’s power industry. We estimate the distributional effect of UHV lines from the perspective of power deployment, carbon emissions, and producer surplus by simulating an equilibrium model of the national electricity market through the mixed complementarity problems (MCPs) method. Furthermore, the Lorenz curve is also employed to investigate the distributional effect of UHV introduction. The results indicate that: (1) the distributional effect of introducing UHV lines is regressive considering its limited contributions to the equalization of environmental and economic welfare; (2) the emission reduction effect of the UHV lines has been improved between 2015 and 2018; (3) power plants with a large installation capacity could seek more economic profits while emitting more pollution; (4) the deployment of clean power in the resource-abundant regions is far below its potential. Meanwhile, we propose improving the structure and technology of the power mix, which can accelerate China’s market-oriented reform of the power system by equally distributing the benefits.
{"title":"THE DISTRIBUTIONAL EFFECT OF INTER-REGIONAL TRANSMISSION GRID EXPANSION ON CHINA’S POWER INDUSTRY","authors":"XU Tan, Sheng Lin, Bai-Chen Xie","doi":"10.1142/s201000782240005x","DOIUrl":"https://doi.org/10.1142/s201000782240005x","url":null,"abstract":"China suffers significant heterogeneities in resource endowments and geological conditions across the regions. Ultra-high voltage (UHV) line construction is a project put forward by the government to boost the inter-regional transmission grid expansion, benefiting economic development by reducing pollutant emissions and absorbing more clean energy. This study investigates the extent to which this giant infrastructure has distributional effects on China’s power industry. We estimate the distributional effect of UHV lines from the perspective of power deployment, carbon emissions, and producer surplus by simulating an equilibrium model of the national electricity market through the mixed complementarity problems (MCPs) method. Furthermore, the Lorenz curve is also employed to investigate the distributional effect of UHV introduction. The results indicate that: (1) the distributional effect of introducing UHV lines is regressive considering its limited contributions to the equalization of environmental and economic welfare; (2) the emission reduction effect of the UHV lines has been improved between 2015 and 2018; (3) power plants with a large installation capacity could seek more economic profits while emitting more pollution; (4) the deployment of clean power in the resource-abundant regions is far below its potential. Meanwhile, we propose improving the structure and technology of the power mix, which can accelerate China’s market-oriented reform of the power system by equally distributing the benefits.","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"2 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87935368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-25DOI: 10.1142/s2010007822400085
Sitara Karim, Shabeer Khan, Nawazish Mirza, S. Alawi, Farhad Taghizadeh‐Hesary
Focusing on raising climate concerns and sustaining a clean ecosystem, the current study strives to examine the connectedness of clean energy markets with conventional energy markets and four regional stock markets of Asia, Pacific, Europe, and America for the period spanning January 1, 2004 to August 31, 2021. We employed the volatility connectedness methodology using dynamic conditional correlation (DCC-GARCH) estimates for analysis purposes. There is pronounced within class connectedness of all markets except conventional energy markets, which showed strong disconnection from the network. However, strong inter-class spillovers are reported between clean energy and regional stock markets. Time-varying analysis revealed that intense spillovers are shaped during the Global Financial Crisis, Shale Oil Crisis, and COVID-19 pandemic. Meanwhile, time-varying net connectedness estimates illuminate that world renewable energy and American stock markets are net transmitters, whereas leftover markets are net recipients of spillovers. Further analysis of sub-sample periods during GFC, SOR, and COVID-19 validate that intense spillovers are formed when markets experience unexpected financial, economic, and global health turmoil. We proposed significant implications for regional stock markets of Asia, Pacific, Europe and America to concentrate on the climate-friendly energy markets than conventional energy markets as they service the clean ecosystem motives more specifically.
{"title":"CLIMATE FINANCE IN THE WAKE OF COVID-19: CONNECTEDNESS OF CLEAN ENERGY WITH CONVENTIONAL ENERGY AND REGIONAL STOCK MARKETS","authors":"Sitara Karim, Shabeer Khan, Nawazish Mirza, S. Alawi, Farhad Taghizadeh‐Hesary","doi":"10.1142/s2010007822400085","DOIUrl":"https://doi.org/10.1142/s2010007822400085","url":null,"abstract":"Focusing on raising climate concerns and sustaining a clean ecosystem, the current study strives to examine the connectedness of clean energy markets with conventional energy markets and four regional stock markets of Asia, Pacific, Europe, and America for the period spanning January 1, 2004 to August 31, 2021. We employed the volatility connectedness methodology using dynamic conditional correlation (DCC-GARCH) estimates for analysis purposes. There is pronounced within class connectedness of all markets except conventional energy markets, which showed strong disconnection from the network. However, strong inter-class spillovers are reported between clean energy and regional stock markets. Time-varying analysis revealed that intense spillovers are shaped during the Global Financial Crisis, Shale Oil Crisis, and COVID-19 pandemic. Meanwhile, time-varying net connectedness estimates illuminate that world renewable energy and American stock markets are net transmitters, whereas leftover markets are net recipients of spillovers. Further analysis of sub-sample periods during GFC, SOR, and COVID-19 validate that intense spillovers are formed when markets experience unexpected financial, economic, and global health turmoil. We proposed significant implications for regional stock markets of Asia, Pacific, Europe and America to concentrate on the climate-friendly energy markets than conventional energy markets as they service the clean ecosystem motives more specifically.","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"8 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87839289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-21DOI: 10.1142/s2010007822400140
Lijing Lu, Haiyang Zheng, Mei-xia Chen, Hina Najam
{"title":"Tackling carbon intensity with green finance in COVID-19: Recommendations for OECD economies","authors":"Lijing Lu, Haiyang Zheng, Mei-xia Chen, Hina Najam","doi":"10.1142/s2010007822400140","DOIUrl":"https://doi.org/10.1142/s2010007822400140","url":null,"abstract":"","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"14 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82468285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-14DOI: 10.1142/s2010007822500038
Lily Hsueh
{"title":"Do Businesses that Disclose Climate Change Information Emit Less Carbon? Evidence from S&P 500 Firms","authors":"Lily Hsueh","doi":"10.1142/s2010007822500038","DOIUrl":"https://doi.org/10.1142/s2010007822500038","url":null,"abstract":"","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"143 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80616064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-04DOI: 10.1142/s2010007822400048
Siyu Peng, Jing-Yu Liu, Yong Geng
To realize China’s target of carbon neutrality by 2060, the country’s domestic textile industry faces tremendous pressure to reduce emissions. We assessed the potential of socioeconomic conditions and climate policies for reducing the greenhouse gas (GHG) emissions of textile products in China up to 2050 using a life cycle assessment (LCA) approach and integrated assessment model (IAM) within the Shared Socioeconomic Pathways (SSP) framework. The results showed that a combination of socioeconomic conditions and climate policies can reduce annual carbon emissions by 89.0% and reduce accumulate emissions by 34.3% by 2050. Among the strategies examined in this study, energy decarbonization and power conservation exhibited the highest potential for reducing emissions. We also demonstrated the importance of improving industry interconnectivity, developing textile recycling frameworks, and promoting sustainable consumption.
{"title":"ASSESSING STRATEGIES FOR REDUCING THE CARBON FOOTPRINT OF TEXTILE PRODUCTS IN CHINA UNDER THE SHARED SOCIOECONOMIC PATHWAYS FRAMEWORK","authors":"Siyu Peng, Jing-Yu Liu, Yong Geng","doi":"10.1142/s2010007822400048","DOIUrl":"https://doi.org/10.1142/s2010007822400048","url":null,"abstract":"To realize China’s target of carbon neutrality by 2060, the country’s domestic textile industry faces tremendous pressure to reduce emissions. We assessed the potential of socioeconomic conditions and climate policies for reducing the greenhouse gas (GHG) emissions of textile products in China up to 2050 using a life cycle assessment (LCA) approach and integrated assessment model (IAM) within the Shared Socioeconomic Pathways (SSP) framework. The results showed that a combination of socioeconomic conditions and climate policies can reduce annual carbon emissions by 89.0% and reduce accumulate emissions by 34.3% by 2050. Among the strategies examined in this study, energy decarbonization and power conservation exhibited the highest potential for reducing emissions. We also demonstrated the importance of improving industry interconnectivity, developing textile recycling frameworks, and promoting sustainable consumption.","PeriodicalId":45922,"journal":{"name":"Climate Change Economics","volume":"3 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88887261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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