www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Make me your Homepage
left corner left corner
China Daily Website

Making a market for carbon 'commodity'

Updated: 2012-11-23 07:49
By Jeff Huang (China Daily)

Making a market for carbon 'commodity'

The Three Georges Dam project in Yichang, Hubei province, is the world's biggest producer of hydropower. Hydro-electic generation now meets 17 percent of the?country's power demand. [Liu Junfeng/China Daily] 

Global warming is not only an environmental issue - it is complicated by political and economic elements. A cap-and-trade system that combines policy and market forces can be adopted as an innovative approach to cost effectively address the global warming challenge.

In the EU, Australia, New Zealand, California of the United States, and more recently South Korea, carbon is rising as a new "commodity". China is about to take its first step to reduce emissions of greenhouse gases by embracing the market.

According to its 12th Five-Year Plan (2011-15), China is determined to cut its nationwide carbon intensity by 17 percent by 2015.

The ambitious policy creates a demand from emitters for carbon emission rights. But demand itself does not ensure that the market will price carbon efficiently. Just like other commodity markets, a reliable price discovery process depends on a truly open and transparent marketplace with liquidity.

It takes time and effort to nurture liquidity in a fledging carbon market. As the most recent emerging carbon market, California could be a good reference for China.

The California cap-and-trade program will not start until next year, but a futures market was launched in 2011 by the Intercontinental Exchange Inc.

Making a market for carbon 'commodity'

The products provided an early price signal and risk management tools for participants well before the program's first allowance auction on Nov 14. The experience from Europe and California establishes a practical example for China to see how well-developed derivative markets can bring liquidity.

Unlike state or regional markets, China has the opportunity to benefit from scale. Though only seven pilot regions are included in its first attempt, China could be the world's second-largest carbon market after EU.

The key question for market designers is how to really take advantage of this scale. During the trial period, policy makers should pay special attention to standardization of measurement, registration and auditing methods across the pilot areas.

Linkage of internal and external markets also promotes liquidity. Major carbon markets in the world are looking to broaden their reach.

While it is too early for China's carbon market to link with other countries, market designers should at least try to link the pilots by standardization of MRA.

China's current approach is having pilot areas following varied design plans. To establish an integrated market, China should select a single national approach.

A healthy and robust market is also an open market. Participation should not be limited to compliance entities. Other entities, like financial institutions and brokers should be welcomed.

In China, the community that today prices commodities in the futures markets will ultimately have to play a key role in carbon price discovery and risk management.

Going forward, meaningful participation from qualified international institutions will help draw the right liquidity.

As market reforms deepen, China's commodity trading sector is on its way to becoming more open.

Further market liberalization could create room for international participation in China's carbon market, drawing first-hand experience from the commodity trading markets.

 

The author is the Greater China managing director for Intercontinental Exchange, and chair of International Emissions Trading Association China Working Group.

 
8.03K
 
...
主站蜘蛛池模板: 成人国产亚洲欧美成人综合网 | 丝袜一级片 | 中文字幕在线播放 | 国产免费一级高清淫曰本片 | 国产三级视频在线播放 | 九九视频免费观看 | 欧美成人精品高清在线观看 | 精品亚洲一区二区 | 久久草在线观看 | 91精品国产综合久久久久 | 欧美日韩视频一区三区二区 | 亚洲女人被黑人猛躁进女人 | 中文精品爱久久久国产 | 欧美乱一级在线观看 | 国产成人综合亚洲一区 | 一本色道久久88亚洲精品综合 | 国产在线视频自拍 | 美国一级毛片免费看成人 | 一级网站在线观看 | 华人色 | 中国hd高清╳xxx | 精品韩国主播福利视频在线观看一 | 国产黄色片一级 | 美女午夜影院 | 国产亚洲欧美日韩在线看片 | 国产真实生活伦对白 | 日韩精品一区二区三区视频 | 一级毛片一级毛片a毛片欧美 | 午夜伊人网 | 国产乱子伦片免费观看中字 | 欧美激情综合亚洲五月蜜桃 | 亚洲 欧美 丝袜 | 亚洲视频一区二区三区 | 韩国午夜三级理论 | 久久精品国产99久久99久久久 | 最近中文字幕精彩视频 | 亚洲精品高清国产麻豆专区 | 亚洲一区欧美 | 可以免费看黄的网址 | 久久久久久久久久久久久久久久久久 | 在线精品欧美日韩 |