Abstract
The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization, especially for China. A few systematic studies exist on China’s carbon market auction mechanism. This article focuses on the five auction mechanisms in Chinese pilot emission trading schemes (ETS), reviews the structures and bidding situation of the five-pilot auction mechanism, extracts the similarities, and analyzes their different features, such as auction mode, bidding scale, participants, pricing mode, auction frequency, and so on. This study conducts an in-depth analysis of the carbon allowance auction mechanism in the Guangdong pilot ETS of China, including its development and the evolution of the key elements, its operational effects, and related disputes. Finally, this study puts forward the trend forecast and suggestions for the Chinese allowance auction mechanism, such as the time window of launching national allowance auctions, the most likely auction mode, carbon pricing, and bidding revenue management. Carbon pricing by auction is the most powerful policy tool for addressing carbon emissions reduction and implementing the Glasgow Climate Pact.
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