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ID:
136193
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| Summary/Abstract |
We assess recent Chinese climate policy proposals in a multi-region, multi-sector computable general equilibrium model with a Chinese carbon emissions trading scheme (ETS). When the emissions intensity per GDP in 2020 is required to be 45% lower than in 2005, the model simulations indicate that the climate policy induced welfare loss in 2020, measured as the level of GDP and welfare in 2020 under climate policy relative to their level under business-as-usual (BAU) in the same year, is about 1%. The Chinese welfare loss in 2020 slightly increases in the Chinese rate of economic growth in 2020. When keeping the emissions target fixed at the 2020 level after 2020 in absolute terms, the welfare loss will reach about 2% in 2030. If China׳s annual economic growth rate is 0.5 percentage points higher (lower), the climate policy-induced welfare loss in 2030 will rise (decline) by about 0.5 percentage points. Full auctioning of carbon allowances results in very similar macroeconomic effects as free allocation, but full auctioning leads to higher reductions in output than free allocation for ETS sectors. Linking the Chinese to the European ETS and restricting the transfer volume to one third of the EU׳s reduction effort creates at best a small benefit for China, yet with smaller sectoral output reductions than auctioning. These results highlight the importance of designing the Chinese ETS wisely.
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| 2 |
ID:
105762
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| Publication |
2011.
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| Summary/Abstract |
Along the lines of the Kaya identity, we perform a decomposition analysis of historical and projected emissions data for China. We compare the results with reduction requirements implied by globally cost-effective mitigation scenarios and official Chinese policy targets. For the years 1971-2000 we find that the impact of high economic growth on emissions was partially compensated by a steady fall in energy intensity. However, the end - and even reversal - of this downward trend, along with a rising carbon intensity of energy, resulted in rapid emission growth during 2000-2007. By applying an innovative enhanced Kaya-decomposition method, we also show how the persistent increase in the use of coal has caused carbon intensity to rise throughout the entire time-horizon of the analysis. These insights are then compared to model scenarios for future energy system developments generated by the ReMIND-R model. The analysis reaffirms China's indispensable role in global efforts to implement any of three exemplary stabilization targets (400, 450, or 500 ppm CO2-only), and underscore the increasing importance of carbon intensity for the more ambitious targets. Finally, we compare China's official targets for energy intensity and carbon intensity of GDP to projections for global cost-effective stabilization scenarios, finding them to be roughly compatible in the short-to-mid-term.
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