碳金融-(new).ppt

CarbonFinance,Outline,definition,reason,Part1carbonfinance,4emissionreductionways,3cooperationmechanisms,definition,CarbonfinanceisanewbranchofEnvironmentalfinanceandexploresthefinancialimplicationsoflivinginacarbon-constrainedworld,aworldinwhichemissionsofcarbondioxideandothergreenhousegases(GHGs)carryaprice.(fromWikipedia)Wegot3messages,Representsonespecificbranchofenvironmentalfinance.Exploresthefinancialrisksandopportunitiesassociatedwithacarbon-constrainedsociety.Useofmarket-basedinstrumentsthatarecapableoftransferringenvironmentalriskandachievingenvironmentalobjectives.,Aspecificmeaning,Itisaninvestmentandfinancingactivitiesthatrelatedtolow-carboneconomy.Themainactivities:directinvestmentandfinancingaboutlimitGHGSemissionproject,carbonrighttrading,bankloansandotherfinancialactivities.Themostcoreactivityiscarbonrighttrading.,Whydoescarbonfinanceappear?,Thedirectreason:ThesigningoftheKyotoprotocolTheindirectreason:toavoidthethreatsofglobalwarming,aboutKyotoprotocol,TheKyotoProtocoltotheUnitedNationsFrameworkConventiononClimateChange(UNFCCC)setsbindingobligationsonindustrializedcountriestoreduceemissionsofgreenhousegases.,KyotoProtocolparticipationmap,abouttheKyotoprotocol,Reductiontragets:comparedwith1990TheEUcut8%,USAcutby7%to8%,Japancut6%,Canadacut6%,EasternEuropeancountriescutby5%to8%,Howtoimplementintheseways?,Groupcooperation,Whichwaycanwebeused?-4emissionreductionways,Emissioncreditstrading,01,Ecologicalemissionreduction,02,Greendevelopmentmechanism,03,04,05,09,Howtoimplement?-3cooperationmechanisms,Internationalemissiontrading,Cleandevelopmentmechanism,Jointimplementation,Countrieswithexcessiveemissionsbuyassignedamoutunits(AAUs)fromcountrieswithremainingemissions,Somecountriescangetemissionreductionunints(ERUs)fromtheinvestmentprojectsinotherindustrializsedconuntries,Investorsindevelopedcountriesimplementemissionreductionprojectsindevelopingcountrieswhichisinfavorofsustainabledevelopmentwillgetcertifiedemissionreductions(CERs),Byuseofthisthreecooperationmechanism,industrializedcountrieswiththeobligationofemissionreductioncanchooseanycostlowerregionimplementemissionreduction,andinthisway,achievegeenhousegastradingintheglobal.,Q:Whatsthespecifictradingways?,Whatwetrade?Carbon?Carbondioxide?Anythingelse?HowweachieveKyotoprotocoltargets?,Part2:Howcarbonfinanceistraded?,Table1KyotoTargets,wetradetherightwith2tradingpatterns,Right,Allowance-basedtransactions,Basedoncapandtraderegime(限量交易制度)Tradingmainbody:ManagersParticipantsTradingobject:emissioncredits,Flowchart,Allowance-basedtransactions,EUAs(欧盟排放许可权)EuropeanUnionAllowances:issuedbytheEUMemberStates,eachallowanceamounttoonemetrictonsofcarbondioxide.AAUs(排放配额单位)workingthroughInternationalEmissionTrading,anallowancetoemitgreenhousegasescomprisingonemetrictonsofcarbondioxide,Example,A:Allowance:95,000metrictonsEmit:100,000metrictonsCost:5permetrictonB:Allowance:95,000metrictonsEmit:100,000metrictonsCost:15permetrictonMarketprice:10Eachshort5,000metrictons,Benefitsfromtrading,CostwithouttradingA:5000*5=25000B:5000*15=75000Total:25000+75000=100000CostaftertradingA:10000*5-5000*10=0B:5000*10=50000Total:0+50000=50000Saved:100000-50000=50000,Basedonbaselineandtraderegime(基准线交易制度)Tradingsubject:theenterprisesorcountrieswithcarbonemissionlimitsTradingobject:emissioncredit,Project-basedtransactions,Flowchart,CERs(经核证的减排量)CertifiedEmissionReductions:atypeofemissionsunit(orcarboncredits)issuedbytheCleanDevelopmentMechanism(CDM),Project-basedtransactions,WorkingthroughCDM,TheDutchgovernmenthasbeenintheforefrontofCDMfinance.InoneprojectintheIndianprovinceofRajasthan,ithasfundedtwobiomass-fueledpowerstationswithacombinedcapacityof14.8MW.Thepowerstationsburnmustardcropresidues,cottonstalks,andricehusks,displacingolderfacilitiesthatburnedligniteandcoal.Theprojectprovidedadditionalincomeandemploymentlocallywhilegenerating637,737CertifiedEmissionReductionCredits(CERs)overtheperiod20042013.,Exmaple,ERUs（减排单位）TheEmissionreductionunits(ERUs)isatradingunitundertheKyotoProtocolrepresentingareductionofgreenhousegasesundertheJointImplementationmechanism,whereitrepresentsonetonofCO2reduction,Project-basedtransactions,WorkingthroughJI,TheDutchgovernmenthasinvestedintheconstructionofa91MWwindfarminPalmerstonNorth,NewZealand.ConstructionstartedinMay2004,andwillavertaprojectedshiftfromexpensivegastocheapercoal.Theprojectwillalsogenerate530,000EmissionsReductionUnits(ERUs),annually,overthefirstKyotoCompliancePeriod,20082012.,Example,EUETS:EuropeanUnionGreenhouseGasEmissionTradingScheme(欧盟排放权交易体系)ETG:UKEmissionsTradingGroup（英国排放贸易集团）CCX:ChicagoClimateExchangeNSW:NationalTrustofAustralia,Mainmarkets,Thefourmainmarketsarecontrolledbythedevelopedconuntry,AccordingtotheWorldBankestimates,thedemandofcarbondioxideeachyearwillreach700millionto1300milliontons.Withtheinternationalprices,theglobalcarbontradingmarketscaleupto60billiondollaramong2008to2012,andbesides,in2012,thescalewillreach150billiondollar,thus,carbontradingmarketwhichwillexceedtheoilmarketbecomethelargestone.,Marketscale,Part3:CarbonfinanceinChina,1,2,Broadmarketprospects