Abstract
ABSTRACTThis article proposes a comprehensive framework to explore a possible carbon cap-and-trade scheme in China. By applying the case of China, our empirical results present the demand side and supply side of carbon-emission permits in the market and several other significant findings: (i) carbon dioxide (CO2) marginal abatement cost varies a lot among different regions; (ii) in total, CO2 emissions could have been reduced by 5.14 billion tons if all the provinces had achieved their anticipated environmental performance during 1997–2014; (iii) the equilibrium price of CO2 trading is 241 RMB/ton, irrelevant to the original allocation of allowances.
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