Yu, Zhongjue;
Geng, Yong;
Calzadilla, Alvaro;
Bleischwitz, Raimund;
(2022)
China's unconventional carbon emissions trading market: The impact of a rate-based cap in the power generation sector.
Energy
, 255
, Article 124581. 10.1016/j.energy.2022.124581.
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Abstract
China has launched a national level carbon emissions trading market with a rate-based cap and benchmarks in the power generation sector. This emissions trading system (ETS) differs from a mass-based one, which lacks an absolute carbon cap. This study assesses the impact of such an unconventional ETS on economic development, carbon emission mitigation, and power system transition by applying a multi-regional dynamic computable general equilibrium model. The results show that ETS can facilitate the decarbonisation of the power sector and reduce carbon intensities of coal and gas power, the two technologies covered at the first stage of China's ETS. Furthermore, power generation of these technologies will be decreased significantly, and a noticeable fallback of electrification will occur. National GDP loss under a rate-based cap is slightly higher than the one under a mass-based cap, while provincial GDP losses have close relations with coal phaseout and permit scarcity.
| Type: | Article |
|---|---|
| Title: | China's unconventional carbon emissions trading market: The impact of a rate-based cap in the power generation sector |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1016/j.energy.2022.124581 |
| Publisher version: | https://doi.org/10.1016/j.energy.2022.124581 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | General equilibrium, ETS, Renewable energy, Coal and gas power |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources UCL > Provost and Vice Provost Offices > UCL BEAMS UCL |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10153017 |
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