Evaluation Of Carbon Assets Of CCER Projects In Power Generation Enterprises Under "Double Carbon" Target

With the target of "Double carbon",the proportion of electrification of China’s end-use energy consumption continues to increase,the demand for electricity across society continues to rise,and the pressure on power generation enterprises to reduce emissions increases.The carbon trading market is one of the core policy tools for achieving peak carbon and carbon neutrality targets,with the Certified Voluntary Emission Reduction(CCER)offset mechanism being an important complement to China’s mandatory carbon trading mechanism.As the first batch of enterprises to be included in the national carbon trading market,power generation enterprises are representatives of high-energy-consuming and high-emission enterprises,and the carbon assets they own for CCER projects can help them comply and bring them considerable benefits.Therefore,it is of great practical significance to study the valuation of carbon assets of CCER projects based on power generation enterprises,which is conducive to the rational management of carbon assets of CCER projects by power generation enterprises,to promote the low-carbon transition in China and to achieve the "Double carbon" target.However,the core problem is that the theory and methodology of carbon asset valuation are still not perfect,and how to scientifically assess the value of carbon assets of CCER projects in power generation enterprises in the context of the current "Double carbon" target has become an issue that needs to be studied in depth.Firstly,this paper reviews the current status of domestic and international research,analyzes the concept of "Double carbon" target,the characteristics and types of carbon assets,gives an overview of the development of China’s voluntary emission reduction mechanism,studies the concept and attributes of carbon assets in CCER projects of power generation enterprises,analyzes the basic theory of value assessment and the current methods of carbon asset value assessment,and finally determines the value assessment of carbon assets in CCER projects based on the real option method.Secondly,this paper analyzes the factors influencing the value of carbon assets of power generation enterprises’ CCER projects under the "Double carbon" target,and constructs a system of influencing factor indicators;Thirdly,this paper constructs an interpretative structural model to conduct a multi-level analysis of the internal correlations of the system of influencing factor indicators,providing support for the assessment of carbon assets later on.Fourthly,this paper constructs an improved B-S option pricing model to evaluate the basic value of the carbon assets of the CCER project,based on the traditional B-S option pricing model,this paper introduces the proportion of transaction costs to make the model more suitable for the real carbon market.In order to reflect the influence of the index system on the carbon asset value of CCER projects of power generation enterprises,this paper constructs a carbon asset value adjustment coefficient calculation model based on the fuzzy comprehensive evaluation method,in which an interpretative structural model-analytic hierarchy process model is constructed to calculate the weights of the indicators.Fifthly,this paper combines the carbon asset base value assessment model based on the improved B-S option pricing method and the carbon asset value adjustment coefficient calculation model based on the fuzzy integrated evaluation method to construct a model for assessing the carbon asset value of power generation enterprises’ CCER projects under the "Double carbon" target,and applies the model with empirical analysis.Sixthly,the problems encountered by power generation enterprises in assessing the value of carbon assets in CCER projects under the "Double carbon" target are analyzed,and relevant suggestions are put forward.This paper focuses on the valuation of carbon assets of power generation enterprises’CCER projects in the context of the "Double carbon" target,filling a gap in this area of research.The proposed multi-level analysis of the indicator system in this paper and the correlation between the indicators can help enterprises identify the surface,middle and deep level value influencing factors,and provide a basis for adjusting the internal carbon trading strategy of enterprises.The carbon asset valuation model for CCER projects of power generation enterprises under the "Double carbon" target is constructed in this paper,which helps power generation enterprises to manage carbon assets of CCER projects scientifically and effectively,promotes the smooth operation of the CCER trading market mechanism,facilitates the construction and development of the CCER trading market,and helps to achieve the "Double carbon" target proposed by the state.