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題名 排放交易系統和投資機會
Emission Trading Systems and Investment Opportunities
作者 費馬凱
Fefelov, Mikhail
貢獻者 郭維裕
Kuo, Weiyu
費馬凱
Mikhail Fefelov
關鍵詞 排放交易系統
排放配額
投資
Emissions trading systems
emission allowances
investments
日期 2022
上傳時間 1-Aug-2022 17:41:13 (UTC+8)
摘要 This thesis examines investment characteristics of emerging emission allowance markets, which are created under special mandatory regimes – emissions trading systems (ETSs). As a relatively new class of assets emission allowances can potentially provide many opportunities for diversification, hedging, and enhanced returns in the context of global climate policy responses. Using a broad secondary literature analysis, the thesis shows that the four emission allowance markets, where participation of financial investors is permitted, have stabilized over the recent years and can generally be considered investable in terms of liquidity, size, product standardization, price transparency, and credibility of market infrastructure. Nevertheless, investors need to pursue a balanced approach as the markets remain highly susceptible to regulatory changes, which can significantly impact the risk-return profile of emission allowances.
參考文獻 1. ADB (Asian Development Bank) (2016). Emissions Trading Schemes and Their Linking - Challenges and Opportunities in Asia and the Pacific. Mandaluyong City, Philippines: Asian Development Bank
     2. ADB (Asian Development Bank) (2020). Decoding Article 6 of the Paris Agreement, Version II. Mandaluyong City, Philippines: Asian Development Bank https://www.adb.org/sites/default/files/publication/664051/article6-paris-agreement-v2.pdf (accessed 7 June, 2022)
     3. Ares, E (2021). The UK Emissions Trading Scheme, Briefing Paper. House of Commons Library. https://researchbriefings.files.parliament.uk/documents/CBP-9212/CBP-9212.pdf (accessed 8 June, 2022)
     4. Azlen, M et al. (2022). ‘The Carbon Risk Premium’. The Journal of Alternative Investments, Summer. https://jai.pm-research.com/content/iijaltinv/early/2022/06/11/jai.2022.1.166.full.pdf (accessed 18 June, 2022)
     5. Blue, B (2022). What Are Carbon Markets, and Should You Invest in Them? Morningstar. https://www.morningstar.com/articles/1091600/what-are-carbon-markets-and-should-you-invest-in-them (accessed 17 June, 2022)
     6. BNP Paribas (2022). UK Set to Launch World’s second-largest carbon market. BNP Paribas Asset Management. https://investors-corner.bnpparibas-am.com/investing/uk-set-to-launch-worlds-second-largest-carbon-market/ (accessed 18 June, 2022)
     7. Busch, C (2022). ‘China’s Emissions Trading System Will be the World’s Biggest Climate Policy. Here’s What Comes Next’. Forbes, 18 April. https://www.forbes.com/sites/energyinnovation/2022/04/18/chinas-emissions-trading-system-will-be-the-worlds-biggest-climate-policy-heres-what-comes-next/?sh=2d9936842d59 (accessed 15 June, 2022)
     8. C2ES (Center for Climate and Energy Solutions) (2016). Secondary Carbon Markets. https://www.c2es.org/wp-content/uploads/2016/04/secondary-carbon-markets.pdf (accessed 30 June, 2022).
     9. Chesney, M et al. (2016). Environmental Finance and Investments, Second Edition. Berlin: Springer-Verlag
     10. Coase, R (1960). ‘The Problem of Social Cost’. Journal of Law and Economics, 3, pp 1-44
     11. Cole, D (2016). ‘Origins of Emissions Trading in Theory and Early Practice’. Research Handbook on Emissions Trading, Weishaar, S (ed). Cheltenham, UK: Edward Elgar Publishing
     12. Convery, FJ (2009). ‘Origins and Development of the EU ETS’. Environmental and Resource Economics, 43, pp 391-412
     13. Credit Suisse (2022). Treeprint - Carbon Markets: The Beginning of the Big Carbon Age. https://www.credit-suisse.com/media/assets/sustainability/treeprint-carbon-markets.pdf (accessed 23 June, 2022)
     14. Dechezleprêtre, A et al. (2018). The Joint Impact of The European Union Emissions Trading System on Carbon Emissions and Economic Performance, Economics Department Working Papers No. 1515. Organisation for Economic Co-operation and Development. https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2018)63&docLanguage=En (accessed 5 June, 2022)
     15. Di Leva, C and Vaughan, S (2021). The Paris Agreement’s New Article 6 Rule: The Promise and Challenge of Carbon Market and Non-Market Approaches. International Institute for Sustainable Development. https://www.iisd.org/articles/paris-agreement-article-6-rules (accessed 1 June, 2022)
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     17. EPA (Environmental Protection Agency) (2003). Tools of the Trade: A Guide to Designing and Operating a Cap and Trade Program for Pollution Control. United States Environmental Protection Agency
     18. European Central Bank (2022). The Role of Speculation during the Recent Increase in EU Emissions Allowance Prices. https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202203_06~ca1e9ea13e.en.html (accessed 2 July, 2022)
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描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
109933036
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109933036
資料類型 thesis
dc.contributor.advisor 郭維裕zh_TW
dc.contributor.advisor Kuo, Weiyuen_US
dc.contributor.author (Authors) 費馬凱zh_TW
dc.contributor.author (Authors) Mikhail Fefeloven_US
dc.creator (作者) 費馬凱zh_TW
dc.creator (作者) Fefelov, Mikhailen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:41:13 (UTC+8)-
dc.date.available 1-Aug-2022 17:41:13 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:41:13 (UTC+8)-
dc.identifier (Other Identifiers) G0109933036en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141129-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 109933036zh_TW
dc.description.abstract (摘要) This thesis examines investment characteristics of emerging emission allowance markets, which are created under special mandatory regimes – emissions trading systems (ETSs). As a relatively new class of assets emission allowances can potentially provide many opportunities for diversification, hedging, and enhanced returns in the context of global climate policy responses. Using a broad secondary literature analysis, the thesis shows that the four emission allowance markets, where participation of financial investors is permitted, have stabilized over the recent years and can generally be considered investable in terms of liquidity, size, product standardization, price transparency, and credibility of market infrastructure. Nevertheless, investors need to pursue a balanced approach as the markets remain highly susceptible to regulatory changes, which can significantly impact the risk-return profile of emission allowances.en_US
dc.description.tableofcontents 1. Introduction 1
     1.1. Background 1
     1.2. Purpose, objective and outline 4
     2. Greenhouse Gas Emissions Trading as a Policy Instrument 6
     2.1. Characteristics of greenhouse gas ETSs 6
     2.2. Main aspects in designing and implementing greenhouse gas ETSs 8
     2.3. Comparison of ETSs, carbon taxes and command-and-control regulation 17
     3. International Experience with Greenhouse Gas ETSs 21
     3.1. Development of the European Union ETS 21
     3.2. Development of greenhouse gas ETSs in North America and East Asia 30
     3.3. COP 26 and beyond – on the way to a global greenhouse gas ETS? 37
     4. Greenhouse Gas ETSs and Investment Opportunities 42
     4.1. Recent growth of greenhouse gas emission allowance markets 42
     4.2. Market players and trading activities 45
     4.3. Emission allowances as an asset class 48
     5. Conclusion 52
     Reference 56
     Appendix A 66		zh_TW
dc.format.extent 3028686 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109933036en_US
dc.subject (關鍵詞) 排放交易系統zh_TW
dc.subject (關鍵詞) 排放配額zh_TW
dc.subject (關鍵詞) 投資zh_TW
dc.subject (關鍵詞) Emissions trading systemsen_US
dc.subject (關鍵詞) emission allowancesen_US
dc.subject (關鍵詞) investmentsen_US
dc.title (題名) 排放交易系統和投資機會zh_TW
dc.title (題名) Emission Trading Systems and Investment Opportunitiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. ADB (Asian Development Bank) (2016). Emissions Trading Schemes and Their Linking - Challenges and Opportunities in Asia and the Pacific. Mandaluyong City, Philippines: Asian Development Bank
     2. ADB (Asian Development Bank) (2020). Decoding Article 6 of the Paris Agreement, Version II. Mandaluyong City, Philippines: Asian Development Bank https://www.adb.org/sites/default/files/publication/664051/article6-paris-agreement-v2.pdf (accessed 7 June, 2022)
     3. Ares, E (2021). The UK Emissions Trading Scheme, Briefing Paper. House of Commons Library. https://researchbriefings.files.parliament.uk/documents/CBP-9212/CBP-9212.pdf (accessed 8 June, 2022)
     4. Azlen, M et al. (2022). ‘The Carbon Risk Premium’. The Journal of Alternative Investments, Summer. https://jai.pm-research.com/content/iijaltinv/early/2022/06/11/jai.2022.1.166.full.pdf (accessed 18 June, 2022)
     5. Blue, B (2022). What Are Carbon Markets, and Should You Invest in Them? Morningstar. https://www.morningstar.com/articles/1091600/what-are-carbon-markets-and-should-you-invest-in-them (accessed 17 June, 2022)
     6. BNP Paribas (2022). UK Set to Launch World’s second-largest carbon market. BNP Paribas Asset Management. https://investors-corner.bnpparibas-am.com/investing/uk-set-to-launch-worlds-second-largest-carbon-market/ (accessed 18 June, 2022)
     7. Busch, C (2022). ‘China’s Emissions Trading System Will be the World’s Biggest Climate Policy. Here’s What Comes Next’. Forbes, 18 April. https://www.forbes.com/sites/energyinnovation/2022/04/18/chinas-emissions-trading-system-will-be-the-worlds-biggest-climate-policy-heres-what-comes-next/?sh=2d9936842d59 (accessed 15 June, 2022)
     8. C2ES (Center for Climate and Energy Solutions) (2016). Secondary Carbon Markets. https://www.c2es.org/wp-content/uploads/2016/04/secondary-carbon-markets.pdf (accessed 30 June, 2022).
     9. Chesney, M et al. (2016). Environmental Finance and Investments, Second Edition. Berlin: Springer-Verlag
     10. Coase, R (1960). ‘The Problem of Social Cost’. Journal of Law and Economics, 3, pp 1-44
     11. Cole, D (2016). ‘Origins of Emissions Trading in Theory and Early Practice’. Research Handbook on Emissions Trading, Weishaar, S (ed). Cheltenham, UK: Edward Elgar Publishing
     12. Convery, FJ (2009). ‘Origins and Development of the EU ETS’. Environmental and Resource Economics, 43, pp 391-412
     13. Credit Suisse (2022). Treeprint - Carbon Markets: The Beginning of the Big Carbon Age. https://www.credit-suisse.com/media/assets/sustainability/treeprint-carbon-markets.pdf (accessed 23 June, 2022)
     14. Dechezleprêtre, A et al. (2018). The Joint Impact of The European Union Emissions Trading System on Carbon Emissions and Economic Performance, Economics Department Working Papers No. 1515. Organisation for Economic Co-operation and Development. https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2018)63&docLanguage=En (accessed 5 June, 2022)
     15. Di Leva, C and Vaughan, S (2021). The Paris Agreement’s New Article 6 Rule: The Promise and Challenge of Carbon Market and Non-Market Approaches. International Institute for Sustainable Development. https://www.iisd.org/articles/paris-agreement-article-6-rules (accessed 1 June, 2022)
     16. Eden, A et al. (2018). Benefits of Emissions Trading: Taking Stock of the Impacts of Emissions Trading Systems Worldwide. Berlin: International Carbon Action Partnership
     17. EPA (Environmental Protection Agency) (2003). Tools of the Trade: A Guide to Designing and Operating a Cap and Trade Program for Pollution Control. United States Environmental Protection Agency
     18. European Central Bank (2022). The Role of Speculation during the Recent Increase in EU Emissions Allowance Prices. https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202203_06~ca1e9ea13e.en.html (accessed 2 July, 2022)
     19. European Commission (1998). Climate Change – Towards an EU Post-Kyoto Strategy, Communication from the Commission to the Council and the European Parliament. COM (1998) 353 final
     20. European Commission (2011). Emissions trading: Commission Welcomes Vote to Ban Certain Industrial Gas Credits. https://ec.europa.eu/commission/presscorner/detail/en/IP_11_56 (accessed 25 May, 2022)
     21. European Commission (2021). Questions and Answers: Emissions Trading – Putting a Price on Carbon. https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_3542 (accessed 25 May, 2022)
     22. European Commission (2022a). Carbon Border Adjustment Mechanism. https://taxation-customs.ec.europa.eu/green-taxation-0/carbon-border-adjustment-mechanism_en (accessed 28 May, 2022)
     23. European Commission (2022b). International carbon market. https://ec.europa.eu/clima/eu-action/eu-emissions-trading-system-eu-ets/use-international-credits_en (accessed 28 May, 2022)
     24. European Commission (2022c). Market Stability Reserve. https://ec.europa.eu/clima/eu-action/eu-emissions-trading-system-eu-ets/market-stability-reserve_en (accessed 29 May, 2022)
     25. European Commission (2022d). Use of International Credits. https://ec.europa.eu/clima/eu-action/eu-emissions-trading-system-eu-ets/use-international-credits_en (accessed 27 May, 2022)
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dc.identifier.doi (DOI) 10.6814/NCCU202201128en_US