Emission Trading Schemes in China and the European Union, Achievements and Challenges

摘要

A comparison of the European Union (EU) and China's emission trading schemes (ETS) is made and we analyze a field survey concerning the pilot ETS in China. The comparison shows that EU's carbon market is relative mature, given that EU has adopted more flexible and market based measures for its ETS. In China there are more governmental interventions to make the ETS work, but there is lack of a legal foundation and market measures for China's ETS. The survey yielded information on the attitudes of the participants towards ETS and the linkages between carbon price and the actions by ETS participants to diminish carbon emissions. The survey results show that most participants are willing to participate in ETS and that the ETS does have positive impact on the reduction of CO_2 emission. However China is not yet well prepared to move from seven small pilot ETS to a nationwide ETS, since relevant laws and regulations are not well formulated. This also explains why there are much governmental interventions for the 7 pilot ETS in China. The survey result shows that the existing carbon price in China is too low to mobilise industrial investment in abatement technology.