Research on China’s Carbon Emissions Trading Market and Pricing
|Keywords||Carbon Emissions Right Primary Market Secondary Market HoldingCost Pricing Model Pricing power|
With the development of industrialization, carbon dioxide and other greenhousegas emissions are doubling, produced a series of problems of resources andenvironment. International Society has been concern for carbon emissions tradingmarket, carbon dioxide emissions gradually become another emerging tradingcommodities after oil. At present,international carbon emissions trading market hasmade rapid development, In particular the EU emissions trading system for theoperation of the market has been relatively mature, has set up a large scale climateexchange, preliminary controlled the carbon emissions trading commodity pricingpower; Although China has a very rich carbon resources and huge market potential ofclean development mechanism, has become the largest supplier of the CERs in theprimary market,China is on the low of global CDM industry value chain,and theinternational carbon market participation degree and status remains relatively low, thedomestic market price is far below the international price, thus lack pricing power inthe global carbon market.Based on the center argument, this paper firstly Analysis the present situations ofChina’s carbon emissions trading market and pricing,summarizes the characteristicsand problems in the developme of CDM projects and carbon emissions exchangedevelopment and pricing situations. Secondly, considering the particularity of China’scarbon emissions trading development, separately from the primary market andsecondary market perspective to study the price issue of China’s carbon emissionscommodity CER. Study comes to the conclusion that: China’s carbon emissionstrading market is developing rapidly, carbon emissions exchange took shape, but theCDM project type distribution is too concentrated, CDM project uneven geographicaldistribution, carbon trading is lack of pricing power. In addition，according to theprimary CER pricing mechanisms that, demand, supply, government price-fixing andinternational market factors are the main influencing factors to pricing of CER. Butfrom secondary CER pricing function empirically derived, the EU emissions tradingsystem under the European Climate Exchange CER pricing efficiency and informationefficiency have been able to show based on the theory of the futures holding costpricing model.Finally, based on the previous analysis, put forward to accelerate the development of China’s carbon emissions trading market for the early realization ofcarbon emissions trading commodity pricing power: we must constantly improveChina’s CDM primary market,while accelerate build China’s CDM secondary market.Only when the levels of China’s CDM primary market and secondary market to obtainthe development, can China for carbon emissions trading pricing power to speed upthe pace.