Research On The Value Assessment Of Carbon Emission Rights

Since the European industrial revolution,a large number of energy consumption has caused a large number of greenhouse gas emissions,and the global temperature has increased year by year,the natural ecosystem is very damaged,extreme weather occurs frequently,the sea level gradually rises,seriously threatening the production and survival of human beings.It is against this background that t All countries in the world work together to cope with climate change,and has adopted the United Nations framework convention on climate change,the Kyoto protocol,the Paris agreement and other international cooperation programs to limit greenhouse gas emissions.There are two main measures of energy conservation and emission reduction,including technological emission reduction by developing and utilizing new energy,improving energy efficiency and increasing carbon absorption of the ecosystem,and economic emission reduction by means of environmental taxes and pollution charges.Carbon emission rights are a typical way to use economic means to deal with environmental problems.Since the world’s first multi-country emissions trading system(EUETS)in the 21 st century,the international carbon trading market has been developing vigorously,making a great contribution to reduce carbon dioxide emissions.As a responsible country,China has also been actively involved in the work of global energy conservation and emission reduction.Since 2011,China has set up pilot markets for carbon emission rights in eight regions,with the volume and transaction amount increasing year by year.At present,China is building a nationwide carbon emission trading system,and has issued 24 industry guidelines and 13 national standards.The Interim Regulations on carbon emission trading management and other administrative regulations and relevant policies are being actively introduced and improved to provide legislative basis and policy guarantee for the national carbon market construction.However,compared with developed countries such as Europe and the United States,China’s understanding of carbon emission rights is still in its infancy.The development of carbon market is not as mature as the European Union’s carbon emission rights market,nor is it as liquid as the stock market.The price formation mechanism of carbon emission rights has not been effectively formed,which to some extent limits the development of China’s carbon emission rights trading market.Therefore,this paper hopes to study the value of carbon emission rights in China from the perspective of asset evaluation,hoping to provide some practical methods for the value evaluation of carbon emission rights in China,in order to promote the development of carbon emission rights market in China,and also hope to make due contributions to energy conservation and emission reduction in China and the world.First of all,this paper introduces the background and significance of the research,and combs the research literature on the pricing method,price influencing factors and value evaluation of carbon emission right assets,then it explains the theoretical basis of carbon emission rights,defines the relevant concepts,and analyzes the applicability of the three traditional evaluation methods,and concludes that based on the current situation in China,the market method is relatively reasonable and more fair to evaluate carbon emission rights assets,and the cost method also has its applicable value in carbon emission rights value evaluation.Therefore,based on the market method and cost method,the author conducts empirical research on the value evaluation of carbon emission decentralization to verify the effectiveness of the two methods.Based on the long-term equilibrium relationship between the carbon emission quota price of guangdong province in 2019 and the thermal coal price index CCI5500,the coefficient of adjusting the difference of trading time factors in the market method is obtained.The factor analysis method was used to study 10 indicators reflecting the regional economic level,industrial structure and difficulty in emission reduction.It was found that the regional comprehensive influence ranking based on the index system could better reflect the regional factor differences in China’s regional carbon emission market,and according to this,calculate the evaluation value of carbon emission rights under the market method and put forward that experts in practice can score based on the comprehensive influence score and ranking to adjust the difference of trade area factors to get the scores of regional differences in comparable carbon market.By analyzing that the value of carbon emission rights should be equal to the incremental cost caused by the application of new energy-saving and emission reduction technologies,and by using the difference in unit power generation costs of thermal power generation and wind power generation in 2018,the evaluation value of carbon emission rights under the cost method is obtained,which is very close to the average trading price of carbon emission rights in that year.The empirical results show that it is feasible and scientific to use market method and cost method to evaluate the value of carbon emission rights.Finally,in order to promote the development of China’s carbon emission trading market,this paper puts forward relevant Suggestions on the construction and evaluation of China’s carbon emission trading system.