Outward Foreign Direct Investment Patterns of Italian Firms in the European Union's Emission Trading Scheme*

We consider the role played by the European Union's Emissions Trading System (EU ETS) as a possible driver of outward foreign direct investment (FDI) for Italian manufacturing firms. Using a panel dataset of about 22,000 firms covering the first two phases of the EU ETS and the period before the EU ETS, we measure the patterns of FDI towards countries not covered by the EU ETS. The results show that the EU ETS had a weak effect on the number of new subsidiaries abroad (extensive margin), while it had a larger impact on production taking place in foreign subsidiaries (intensive margin), especially in trade-intensive sectors.     

Extending the Sectoral Coverage of an International Emission Trading Scheme

In a model inspired by the EU Emissions Trading Scheme, non-cooperative countries allocate their emissions to internationally trading and non-trading sectors. Each country is better off with trading than without, and aggregate welfare is maximized with all sectors in the trading scheme. We analyze the effects of extending the sectoral coverage of the trading scheme in a two-country model with quadratic abatement costs. If only the original trading sector is asymmetric between countries, the welfare change is always positive and the same in both countries. If the original and additional trading sectors are asymmetric, one country might lose, but there is an aggregate welfare gain. If the original trading sector and the non-trading sector are asymmetric, both countries always gain.     

Strategic partitioning of emission allowances under the EU Emission Trading Scheme

The EU Emission Trading Scheme (ETS) is breaking new ground in the experience with emission trading regimes across multiple jurisdictions. Since the EU ETS covers only some industries, it implies a hybrid emission control scheme where EU member states must apply complementary domestic emissions regulation for the non-trading sectors of their economies in order to comply with their national emission reduction targets. The EU ETS thus opens up for strategic partitioning of national emissions budgets by the member states between trading and non-trading sectors. In this paper we examine the potential effects of such strategic behavior on compliance cost and emissions prices. We show that concerns on efficiency losses from strategic partitioning are misplaced. In turn, our analysis implicitly indicates significant political economy forces behind EU climate policy, as both cost-effective and strategically motivated partitioning of national emission budgets are far off from the actual break-down between trading and non-trading sectors.     

论排污权交易

排污权交易是一种采用经济手段进行环境保护的手段,越来越多地受到了国际及国内社会的重视。本文对排污权交易进行了系统地介绍,论述了排污权交易的含义、性质、目的、特征,并在此基础上论述了排污权交易法律关系的构成。最后,对我国的排污权交易制度建立的障碍进行了分析,提出了构建我国排污权交易制度的若干设想。     

排污权交易的产权分析

本文运用产权理论对排污权交易进行分析和考察,认为排污权交易形成的根本动力是环境容量稀缺程度的提高、相对价格的上升导致了对更有效的污染治理技术的强烈需求。但技术创新需要产权制度的保护,只有对环境容量产权明晰,才能导致市场形成价格,从而诱发技术创新。而国家权利的介入是环境容量产权明晰的必要保障。     

The Economic Impact of the Proposed National Superannuation Scheme for Australia*

Employing a framework commonly used in the analysis of Government tax-transfer programmes, an attempt is made to assess the proposed National Superannuation Scheme for Australia. It is argued that the scheme would almost totally relieve poverty amongst pensioners, as well as being likely to reduce income inequality in a more general sense and compensate for fundamental failures in the capital market. However, the scheme does not compensate for a major failure in the insurance market which, if it did, would provide a justification for one important aspect of the scheme, namely earnings related benefits.     

排污权交易中的政府行为探析

排污权交易制度是基于市场的环境经济政策。中国排污权交易制度的发展实践始于20世纪80年代，主要是在部分省市以试点的形式进行。目前排污权交易在其基础、保障、运行等方面存在的问题，阻碍了其实践活动的开展。限制了其控污作用的发挥。而政府在这些方面发挥着不可替代的作用。明晰、规范并完善政府行为，才能为排污权交易的进行打牢基础，夯实保障，辅助运行，实现经济、环境协调发展。     

排污权用益物权性质的探讨

从法学的视角考察,排污权的性质是什么,学界存在着比较大的分歧。本文认为排污权具有作为权利的一般属性,是一种基于所有权或物权而衍生的权利。排污权虽然是用益物权,但是和其他的用益物权相比,排污权具有自身的特殊性,是一种新型的用益物权。     

碳交易试点政策对中国区域经济绿色增长的影响机制研究

碳排放权交易既是实现“双碳”目标的必然选择,也是推动中国区域经济绿色增长的重要途径。本文基于“波特假说”和新发展理念,探讨碳交易试点政策对中国区域经济绿色增长的影响机制。将试点政策作为一项准自然实验,基于2005—2018年中国内地30个省份面板数据（因数据缺失,不包括西藏和港澳台地区）,采用双重差分模型进行实证检验。结果表明：(1)碳交易试点政策对中国区域经济绿色增长起显著促进作用,且存在正向累积动态效应,经过安慰剂检验和PSM-DID检验,发现结论依然成立。(2)碳交易试点政策对中国区域经济绿色增长的影响具有区域异质性,东部地区政策促进效应显著,而中部地区不显著,西部地区则呈现不明显的抑制效应。(3)机制研究表明,碳交易试点政策通过推动绿色技术创新、调整产业结构、优化能源结构、吸引外商直接投资以及促进共享发展以实现中国区域经济绿色增长。其中,共享发展的中介效应最大,其次为绿色技术创新和产业结构,而能源结构和外商直接投资的中介效应较小。(4)分区域机制检验发现,东部地区共享发展的中介效应最大,绿色技术创新和产业结构次之,能源结构的中介效应最小;中部地区中介效应最大为能源结构,其次为绿...     

Capital Malleability, Emission Leakage and the Cost of Partial Climate Policies: General Equilibrium Analysis of the European Union Emission Trading System

Computable general equilibrium (CGE) models are the premier analytical platform for assessing the economic impacts of climate change mitigation. But these models tend to treat physical capital as “malleable”, capable of reallocation among sectors over the time-period for which equilibrium is solved. Because the extent to which capital adjustment costs might dampen reallocation is not well understood, there is concern that CGE assessments understate the true costs of greenhouse gas (GHG) reduction policies. This paper uses a multi-region, multi-sector CGE model to investigate cap-and-trade schemes, such as the European Union Emission Trading System which cover a subset of the economy, elucidating the effects of capital malleability on GHG abatement, the potential for emission leakage from abating to non-abating sectors, and the impacts on welfare. To simplify the complex interactions being simulated within the CGE model, that analysis is complemented with an analytical model. A partial climate policy results in negative internal carbon leakage, with emissions declining not only in capped sectors but also in non-regulated ones. This result is stronger when capital is intersectorally mobile. Interestingly, in partial climate policy settings capital malleability can amplify or attenuate welfare losses depending on the attributes of the economy.     

环境创新水平调节下制造业企业环境绩效对经济绩效的影响——不同所有制类型企业比较

通过对318家制造业企业的实际调研,探究环境创新水平和企业所有制性质对企业环境绩效与经济绩效间关系的调节作用,并比较不同所有制类型企业间环境创新水平调节效应的差异性。研究得出：制造业企业创造环境绩效对其经济绩效的直接影响在本样本下未得到验证,环境创新水平在环境绩效与经济绩效间具有显著调节效应,企业所有制性质在环境绩效与经济绩效间未起到调节作用,但是在环境创新情境下对环境绩效与经济绩效间关系具有显著调节效应。具体体现为,在内资企业中,环境绩效只有在低环境创新水平时才能够很好地提升企业经济绩效,环境创新水平越高,促进作用反而越弱。而在FDI企业中,环境绩效对经济绩效的促进作用随着环境创新水平的升高而增强,但增长幅度并不明显。     

河北省实施排污权交易的实践与反思——基于河北省满城县经验的探讨

排污权交易作为环境控制政策的手段之一,已成为备受关注的环境经济政策。河北省满城县进行了排污权交易的试点探索,在实践中存在不少问题和困惑,诸如：排污权性质、排污总量的确定、交易价格等都需要进一步研究和探讨。     

基于排放税与排放权交易的企业生产减排优化

为了改善环境绩效,政府需要采取有力的环境规制工具来控制企业污染物排放,那么这些规制工具的实施会对企业生产减排产生怎样的影响?文章基于排放税与排放权交易两种经济激励型环境规制工具,通过将污染物的净化成本和排放成本引入生产决策模型,给出了污染物的净化条件,求解了最优净化水平、最优产量与利润等决策变量。分析结果表明,排放税与排放权交易的实施,会促使企业转向更经济的内部净化处理方式,同时降低产品产量,提高产品价格,以实现利润最大化。对企业利润的影响上,征收排放税会直接减少企业利润,但排放权交易具有不确定性,与企业的减排成本、排放权价格、排放配额等因素有关。     

我国排污权初始分配和交易的证券化设想

在总量控制的前提下实行排污权交易首先涉及排污权的初始分配问题,如何对排污权进行初始分配是阻碍排污权交易市场形成的主要障碍.现有的排污权初始分配模式复杂且欠缺合理性和可操作性,不利于形成成本较低的排污权交易市场.排污权证券化设想提出了"认购权证-许可确权-自由交易"的排污权初始分配和交易设计思路,简化了初始分配的手段,增加了排污权分配和交易的合理性和可操作性,同时为建立完善排污权交易市场留下了许多制度设计空间.     

启动全国碳排放权交易市场的难点与对策研究

随着全球低碳经济转型的逐步推进,碳交易市场成为极具发展潜力的商品交易市场。作为全球最大的碳排放国,我国一直积极采取措施应对气候变化。2011年国家发改委批准北京、上海、重庆、天津等七个碳交易试点,为推动全国碳市场进行初步探索。2015年12月,我国在巴黎气候大会上明确表示将于2017年启动全国碳交易市场。通过对碳交易试点运行现状的分析,对全面推行碳交易过程中存在的难点及相关对策进行探讨,并对启动全国碳交易市场的前景做出展望。     

Assessing the performance of the UK Emissions Trading Scheme

The UK’s Climate Change Programme introduced an Emissions Trading Scheme (ETS) for greenhouse gases. Firms in over 40 industrial sectors which have negotiated “Climate Change Agreements” setting quantitative energy efficiency targets can use the ETS to trade over-and under-compliance with these targets. In parallel, a limited number of firms have become major participants in the ETS as a result of an auction of subsidies for additional abatement commitments. The paper describes the UK arrangements and assesses the economic efficiency and environmental effectiveness of the ETS, drawing on evidence of participants’ behaviour both in the incentive auction, and in subsequent trading.     

中国可再生能源温室气体减排交易的机遇与挑战

通过清洁发展机制(CDM)等全球温室气体减排交易对中国可再生能源的影响,结合自愿减排意识的增强、减排交易与可再生能源的相互关系、国际交易环境的变化和国内交易体系的兴起,分析了中国可再生能源行业面临的机遇和挑战。建议可再生能源行业率先开展与国内温室气体减排交易体系的融合,利用市场手段发掘其巨大的减排和增收双重效益。同时,也为未来各行业顺利融入全国性碳交易市场提供经验借鉴,为中国在未来国际碳减排交易市场的定价中争得话语权。     

影响排污权实施效果的关键因素分析

文章介绍了排污权交易的基本概念,分析了实施排污权交易的必要性,总结了我国现存排污权交易的不足,探析了排污交易系统的基本构架和工作程序,在此基础上指出排污初始权的分配是影响排污权交易实施效果的关键因素,并就此进行了分析和讨论,给出了对策建议.     

控制火电厂二氧化硫排放的有效途径——排污权交易

目前,我国工业二氧化硫排放量中有42%是火电厂排放的,因此高效控制火电厂的二氧化硫排放是提高空气质量的主要途径.美国利用排污权交易治理火电厂的二氧化硫排放取得了巨大的成功,不仅二氧化硫排放量大幅下降,而且排污权交易也被证明是成本最低的方法.借鉴美国的经验,可以为我国治理火电厂二氧化硫排放提供高效途径.