| With the development of the economy and society, the status of emission trading is becoming more and more important in our country. China’s Ministry Environmental Protection started to carry out pilot projects in some area in 2007. In 2014, the State Council issued "Instructional advice of the State Council on further promoting the pilot paid use and trading of emission rights". As pointed out in the document, establishing the paid use and trading system of emission rights is a major and fundamental mechanism innovation and system reform. It is also an important part of ecological civilization construction and will help bring the total pollutants control regulations into better play, set up the concept of valuable environmental resources in the society and promote the sustainable development of the economy and society. By the end of June, 2015, the vast majority of the country have started or are planning to carry out the pilot work of emissions trading. All regions are hoping to achieve the goals of economic development and environmental protection by means of the system. So far, China’s emissions trading policy has gone through the course of 8 years. Will the implementation of emission trading policy really be able to effectively reduce the emissions of pollutants? If so,to what extent? How to bring the policy into full play while bringing the realistic conditions in various regions into account? During the process of reform, we need to make a more accurate study on these issues for the purpose of better using the emission trading policy to achieve the goal of energy saving and emission reduction.The paper starts first of all with a review on existing studies of domestic and foreign emissions trading, from the perspective of the impact of emission trading in primary market and secondary market on the corporates. Following that, through the analysis of the current development situation of China’s emissions trading pilot areas and the operating environment of China’s emission trading market, this analysis suggests that the factors that may affect the emission reduction effect of China’s emissions trading. Finally, with the 2002-2013 provincial pollution statistics, the paper uses propensity score matching and difference in difference(PSM-DID) model,the latest model of policy evaluation. We use PSM to select treatment group and control group and then use the DID to assess the effect of the emission trading policy on reducing emission in the pilot areas. Through the assessment, relevant reduction of the corresponding measures will be concluded.As the results shows:(1) The emissions trading can significantly reduce the emission intensity of industrial sulfur dioxide by emissions trading, which means China’s emissions trading policy is working;(2) The regional government must strengthen the environmental pollution control, strictly implement the total control policies, strengthen the supervision on enterprise pollutant emissions within the area and the punishment on the behavior of the over emission to ensure the environmental quality. At the same time, we need to increase investment in environmental pollution control to reduce the pollution emissions;(3) All regions must stick to the new road of industrialization,accelerate industrial restructuring, vigorously develop technology intensive industries to replace polluting industries, while relying on the scale-up, advanced technology to improve the utilization of resources, reduce pollutant emissions. In addition, it is necessary to improve the technical level, and the technology used in industrial production and energy saving to reduce pollutant emissions from pollution sources;(4) We should continue to attract foreign investment, introduce foreign advanced production technologies and energy-saving emission reduction technologies. But in the process of introducing foreign capital there must be strict environmental assessment, so as to minimize the impact on the environment. |
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