About The Influencing Factors Of The Issuance Of CERs In China’s CDM Rojects Under The Carbon Finance

As the only project mechanism which joins the developed and developing countries, the Clean Development Mechanism (CDM), since been proposed, has played a significantly important role in the global carbon market. Based on the "common but differentiated responsibility principle" stressed in the "Kyoto Protocol", the clean development mechanism (CDM) is committed to help the developed countries to reduce the cost of reducing emissions, as well as the financial assistance and advanced technical support for the developing countries at the same time.As the world’s second-largest emitter of greenhouse gases and the largest developing country, China has a bounden duty to promote the development of the CDM in response to global warming.The State Council approved the United Nations Framework Convention on Climate Change in1997and the "Kyoto Protocol" In2002;The National Development and Reform Commission, Ministry of Science and Technology, the Ministry of Finance jointly promulgated the "Project Operation and Management of Clean Development Mechanism, and executed on October12,2005. In November2007, the Ministry of Finance set up the China Clean Development Mechanism Fund, support our energy reduction from different levels and respond to the cause of climate change. Up to2012, the CDM projects have been carried out in China for seven years, and now the market prospect for the projects is uncertain in the specific circumstances and it is worthy of further study.Based on this, the paper firstly reviews the CDM theory research literatures at home and abroad in recent years; Secondly, with the help of the public data from the site of the clean development mechanism, I do the in-depth analysis of the existing problems for the CDM projects carried out in China; Then, through the establishment of a logistic regression model focus on the CER issuance rate of CDM projects in China, I take the deep-seated research about the influencing factors.The logistic regression model indicates that the CER issuance rate can be considered from multiple perspectives, such as the project the scale of emission reductions, project type, project development model, as well as the foreign collaboration partners. By perfect the project itself and the institutional environment, CDM projects can be able to play a mature role in the second commitment of future emission reduction period. Finally, I integrated the output of the model and the actual situation of the CDM project development in China, then I give the related comments and suggestions in conclusion.In order to improve the successful rate for the CER project issued by EB, the Chinese Government should do more from the country’s macro level. On the one hand, we should be in accordance with the requirements of the international projects rules stemming from the project quality, considering from the internal factors,such as the type of development projects, the scale of emission reductions, and effectively improve project quality and project owner’s income level.On the other hand, we should be concerned about the external influencing factors of the issuance process of the project, ie.,the audit report designated by the operational entities in the process of implementation is the key to project issue. Once the project starts, the foreign buyers will transfer the advanced technology and adequate funding,so does to the experienced consulting firms with professional counseling. These factors will impact the actual operation of the project, as well as the assessment report of the designated operational entity. It should be in particular concern of the specific implementation for the projects.Within the second emission reduction, CDM projects in China need more mature development opportunities.Facing a series of macroeconomic challenges, we should try hard from the conceptual level, technical level and the level of carbon finance. In order to improve the future international political discourse,we should accelerate the autonomy of low-carbon technologies research and establish a sound national or regional carbon finance market.