File Download
Links for fulltext
(May Require Subscription)
- Publisher Website: 10.3389/fenvs.2020.599231
- Scopus: eid_2-s2.0-85098947840
- WOS: WOS:000604590700001
- Find via
Supplementary
- Citations:
- Appears in Collections:
Article: Impacts of China's Emissions Trading Scheme on the National and Hong Kong Economies: A Dynamic Computable General Equilibrium Analysis
Title | Impacts of China's Emissions Trading Scheme on the National and Hong Kong Economies: A Dynamic Computable General Equilibrium Analysis |
---|---|
Authors | |
Keywords | emission trading scheme climate change China Hong Kong computable general equilibrium |
Issue Date | 2020 |
Publisher | Frontiers. The Journal's web site is located at http://frontiersin.org/Environmental_Science |
Citation | Frontiers in Environmental Science, 2020, v. 8, p. article no. 599231 How to Cite? |
Abstract | In this study, we estimate the economic impacts of China’s official carbon-mitigation targets, in connection with Hong Kong’s potential participation in a proposed national emissions trading scheme. We find that moderate intensity-reduction targets emulating China’s pledged Paris Agreement commitment would incur much larger policy-compliance costs in Hong Kong (0.1% - 2.5% of baseline gross domestic product) than in Mainland China (0.1% - 0.7%) in each of the modelled years 2021 to 2030 when each economy operates its own independent carbon market. By comparison, an integrated carbon market enables Hong Kong to achieve the same reduction goal at up to 78% lower costs compared to an independent market, and this is achieved without significantly affecting the Mainland’s economy. These savings in compliance costs for Hong Kong are greater when pre-integration local carbon prices in both economies are subject to a larger gap. Effectively, the cheaper pre-integration carbon prices in the Mainland indirectly subsidize the Hong Kong economy in the initial years of the integration scenario, buffering the policy shock. In sum, an integrated carbon market in China would improve overall efficiency at the national level, but the benefits are biased toward Hong Kong. This finding suggests that it is in the city’s interest to play a more active role in cross-border collaboration on climate mitigation and emissions trading. |
Persistent Identifier | http://hdl.handle.net/10722/295748 |
ISSN | 2023 Impact Factor: 3.3 2023 SCImago Journal Rankings: 0.715 |
ISI Accession Number ID |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Wang, Y | - |
dc.contributor.author | Winchester, N | - |
dc.contributor.author | Webster, CJ | - |
dc.contributor.author | Nam, KM | - |
dc.date.accessioned | 2021-02-08T08:13:27Z | - |
dc.date.available | 2021-02-08T08:13:27Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Frontiers in Environmental Science, 2020, v. 8, p. article no. 599231 | - |
dc.identifier.issn | 2296-665X | - |
dc.identifier.uri | http://hdl.handle.net/10722/295748 | - |
dc.description.abstract | In this study, we estimate the economic impacts of China’s official carbon-mitigation targets, in connection with Hong Kong’s potential participation in a proposed national emissions trading scheme. We find that moderate intensity-reduction targets emulating China’s pledged Paris Agreement commitment would incur much larger policy-compliance costs in Hong Kong (0.1% - 2.5% of baseline gross domestic product) than in Mainland China (0.1% - 0.7%) in each of the modelled years 2021 to 2030 when each economy operates its own independent carbon market. By comparison, an integrated carbon market enables Hong Kong to achieve the same reduction goal at up to 78% lower costs compared to an independent market, and this is achieved without significantly affecting the Mainland’s economy. These savings in compliance costs for Hong Kong are greater when pre-integration local carbon prices in both economies are subject to a larger gap. Effectively, the cheaper pre-integration carbon prices in the Mainland indirectly subsidize the Hong Kong economy in the initial years of the integration scenario, buffering the policy shock. In sum, an integrated carbon market in China would improve overall efficiency at the national level, but the benefits are biased toward Hong Kong. This finding suggests that it is in the city’s interest to play a more active role in cross-border collaboration on climate mitigation and emissions trading. | - |
dc.language | eng | - |
dc.publisher | Frontiers. The Journal's web site is located at http://frontiersin.org/Environmental_Science | - |
dc.relation.ispartof | Frontiers in Environmental Science | - |
dc.rights | This Document is Protected by copyright and was first published by Frontiers. All rights reserved. It is reproduced with permission. | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject | emission trading scheme | - |
dc.subject | climate change | - |
dc.subject | China | - |
dc.subject | Hong Kong | - |
dc.subject | computable general equilibrium | - |
dc.title | Impacts of China's Emissions Trading Scheme on the National and Hong Kong Economies: A Dynamic Computable General Equilibrium Analysis | - |
dc.type | Article | - |
dc.identifier.email | Webster, CJ: cwebster@hku.hk | - |
dc.identifier.email | Nam, KM: kmnam@hku.hk | - |
dc.identifier.authority | Webster, CJ=rp01747 | - |
dc.identifier.authority | Nam, KM=rp01953 | - |
dc.description.nature | published_or_final_version | - |
dc.identifier.doi | 10.3389/fenvs.2020.599231 | - |
dc.identifier.scopus | eid_2-s2.0-85098947840 | - |
dc.identifier.hkuros | 321191 | - |
dc.identifier.volume | 8 | - |
dc.identifier.spage | article no. 599231 | - |
dc.identifier.epage | article no. 599231 | - |
dc.identifier.isi | WOS:000604590700001 | - |
dc.publisher.place | Switzerland | - |