Climate for Business: Opportunities for Financial Institutions and Sustainable Development in the Chinese Carbon Market

被引:17
作者
Lo, Alex Y. [1 ]
Yu, Xiang [2 ]
机构
[1] Univ Hong Kong, Kadoorie Inst, Hong Kong, Hong Kong, Peoples R China
[2] Chinese Acad Social Sci, Inst Urban & Environm Studies, Beijing, Peoples R China
关键词
carbon market; emission trading; financial institution; climate change governance; sustainable development; stakeholder engagement; environmental policy; China; STATE; CAP;
D O I
10.1002/sd.1597
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
Considerable efforts are being organized to build a functioning carbon market in China. This paper presents an overview of the development of the Chinese carbon market and offers an industry perspective on the domestic regulatory and investment environments. It is based on a review of relevant publications and interviews with Beijing-based finance executives. We found that few financial institutions with the expertise required have been brought into the process of institutional development. Corporate demand for advanced financial services linked to emission trading is weak. Current regulations permit limited trading options, significantly reducing investment opportunities. The market scale is too small to attract investors and financial service providers. Consequently, the Chinese carbon market remains illiquid. Domestic financial institutions have not assumed a critical role in market development. It is suggested that policy-makers minimize administrative intervention in the market, but a modest degree of direct administrative control is still considered to be instrumental. Copyright (C) 2015 John Wiley & Sons, Ltd and ERP Environment
引用
收藏
页码:369 / 380
页数:12
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