中国碳市场研究报告-英文版TABLE OF CONTENTS
PREFACE....................................................................................................................................................................................................................................................................................... I
EXECUTIVE SUMMARY.......................................................................................................................................................................................................................................................... II
TABLE OF CONTENTS........................................................................................................................................................................................................................................................... IV
FIGURES....................................................................................................................................................................................................................................................................................... V
TABLE............................................................................................................................................................................................................................................................................................ V
ABBREVIATIONS..................................................................................................................................................................................................................................................................... VI
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1. Background and Development of the Carbon Market.......................................................................................................................................................................... 1
1.1. Challenges of climate change facing China............................................................................................................................................................... 1
1.2. China’s attitude towards CDM.............................................................................................................................................................................................. 1
1.3. China’s expectations for CDM implementation.......................................................................................................................................................... 2
1.3.1 Promotion of renewable energy development and energy efficiency............................................................................................. 2
1.3.2 Additional economic income.................................................................................................................................................................................... 2
1.3.3 Getting technology transfer...................................................................................................................................................................................... 2
1.3.4 Environmental protection........................................................................................................................................................................................... 2
2. China’s management system and policies on carbon market........................................................................................................................................................ 3
2.1. China’s CDM project management system.................................................................................................................................................................. 3
2.1.1 National Leading Group on Climate Change................................................................................................................................................. 3
2.1.2 National CDM Board....................................................................................................................................................................................................... 3
2.1.3 Designated National Authority................................................................................................................................................................................ 3
2.1.4 CDM Fund............................................................................................................................................................................................................................. 3
2.1.5 CDM Project Management Center......................................................................................................................................................................... 4
2.2. China’s key CDM policies....................................................................................................................................................................................................... 5
2.2.1 Priority areas..................................................................................................................................................................................................................... 5
2.2.2 Collection ratio of national benefits................................................................................................................................................................... 5
2.2.3 China’s requirements for eligibility of CDM projects.................................................................................................................................5
2.2.4 Domestic procedures for implementation of CDM projects.................................................................................................................. 5
2.2.5 Supplemental regulations.......................................................................................................................................................................................... 6
3. Current Status and Barriers of Carbon Market in China................................................................................................................................................................... 7
3.1. Overview of Chinese Carbon Market................................................................................................................................................................................ 7
3.2. Regional Distribution of CDM Projects in China...................................................................................................................................................... 8
3.3. Sectoral Distribution of CDM Projects in China...................................................................................................................................................... 9
3.4. Voluntary Emissions Trading............................................................................................................................................................................................. 10
3.5. Barriers to the Chinese Carbon Market..................................................................................................................................................................... 11
3.5.1 Disputes of the additionality of Chinese CDM projects........................................................................................................................ 11
3.5.2 High uncertainties beyond 2012......................................................................................................................................................................... 11
3.5.3 Over complicated regulations............................................................................................................................................................................... 11
3.5.4 High transaction costs.............................................................................................................................................................................................. 12
3.5.5 Long approval periods for project registration and issuance.......................................................................................................... 12
3.5.6 Sharp reduced demand............................................................................................................................................................................................ 12
3.5.7 Decrease in “low-hanging fruit” projects..................................................................................................................................................... 12
3.5.8 Technology transfer or technology trade...................................................................................................................................................... 13
4. China’s strategies and policies to address climate change........................................................................................................................................................ 14
4.1. A contextual review................................................................................................................................................................................................................ 14
4.1.1 Energy efficiency........................................................................................................................................................................................................... 15
4.1.2 Renewable energy......................................................................................................................................................................................................... 15
4.2. The principles and objectives of China’s response to climate change................................................................................................... 16
4.3. New Energy Policies................................................................................................................................................................................................................. 16
4.3.1 Renewable energy policies..................................................................................................................................................................................... 16
4.3.2 Additional economic income.................................................................................................................................................................................. 18
4.4. Energy efficiency policies and projects...................................................................................................................................................................... 18
4.4.1 Renovation of coal-burning industrial furnaces (kilns)........................................................................................................................ 18
4.4.2 Projects to utilize waste heat and residual pressure.......................................................................................................................... 18
4.4.3 Petroleum conservation and substitution projects.................................................................................................................................. 18
4.4.4 Electrical motor energy conservation............................................................................................................................................................. 18
V
4.5. EEB Policies................................................................................................................................................................................................................................. 19
4.6. Transport energy policy and planning......................................................................................................................................................................... 20
4.7. Low Carbon Development in China................................................................................................................................................................................ 20
5. China’s Position on the Copenhagen Climate Conference and opinions on key issues................................................................................................ 21
5.1. China’s position on climate negotiation............................................................................................................................................................ 21
5.1.1 Emissions reduction targets for medium- and long-term periods............................................................................................... 21
5.1.2 Mitigation........................................................................................................................................................................................................................... 21
5.1.3 Adaption............................................................................................................................................................................................................................. 21
5.1.4 Finance................................................................................................................................................................................................................................ 22
5.1.5 Technology transfer..................................................................................................................................................................................................... 22
5.1.6 Summary............................................................................................................................................................................................................................ 22
5.2. China’s requirements or expectations of developed countries.................................................................................................................... 22
5.2.1 Identification of medium-term emission reduction target for Annex I Parties..................................................................... 22
5.2.2 Deeper quantified emissions reduction targets........................................................................................................................................ 22
5.2.3 Technology, financing and capacity building support to developing countries.................................................................... 23
5.3. China’s opinions on key issues........................................................................................................................................................................................ 24
5.3.1 CDM Mechanism............................................................................................................................................................................................................ 24
5.3.2 CCS........................................................................................................................................................................................................................................ 24
5.3.3 NAMAs................................................................................................................................................................................................................................. 24
5.3.4 REDD..................................................................................................................................................................................................................................... 25
5.4. Carbon budget............................................................................................................................................................................................................................. 25
5.5. China’s possible commitment........................................................................................................................................................................................... 25
5.6. The impacts of international negotiations on China's future carbon market..................................................................................... 26
6. Prospects for China’s future carbon markets........................................................................................................................................................................................ 27
6.1. Compliance market based on energy intensity or carbon intensity......................................................................................................... 27
6.2. Voluntary carbon market..................................................................................................................................................................................................... 27
6.3. Sectoral CDM............................................................................................................................................................................................................................... 28
6.4. Size of the future carbon market.................................................................................................................................................................................. 28
Reference................................................................................................................................................................................................................................................................................. 28
FIGURES
Figure 1: China’s CDM Project Management System....................................................................................................................................................................................... 4
Figure 2: Domestic Procedures for Approval of CDM Projects in China............................................................................................................................................ 6
TABLES
Table 1: Chinese CDM Projects and Annual CER-volume-by Project Type........................................................................................................................................ 8
Table 2: Regional distribution of CDM projects in China.............................................................................................................................................................................. 9
Table 3: Sectoral distribution of CDM projects in China............................................................................................................................................................................ 10
Table 4: Total volume for the pre-2012 carbon market Unit: Gt....................................................................................................................................................... 11
Table 5: Transaction costs for CDM......................................................................................................................................................................................................................... 12
Table 6: Scale of renewable energy utilization expected in 2010 and 2020............................................................................................................................... 17
Table 7: Estimated progress of nuclear construction................................................................................................................................................................................. 18
Table 8: Information of the low-pledge and high-pledge of individual annex I countries for the year 2020......................................................... 23
Table 9: Medium- and long-term emission reductions targets of some annex I parties...................................................................................................... 23