IDEAS home Printed from https://ideas.repec.org/a/spr/ieaple/v13y2013i3p307-320.html

Carbon emission right as a new property right: rescue CDM developers in China from 2012

Author

Listed:
  • Qing Pei

  • Lanlan Liu
  • David Zhang

Abstract

Clean development mechanism (CDM) is encountering many uncertainties due to the coming end of the commitment period and critically suggested reformation. As the largest participant in the CDM market, China shoulders the biggest proportion of market risk. Among the studies on CDM in China, few have focused upon the legal aspect of CDM, which is crucial in defending developers’ interests. To fill this research gap in making the transition from policy to law, this paper claims that carbon emission right, which is the basis of trade, should be attributed as a property right in Property Law of People’s Republic of China. The present study will discuss the characteristics of carbon emission, definition, and legal attribution of carbon emission right. The valid object of carbon emission right in the CDM market under Property Law should be certified emissions reductions (CERs). The usufructuary right could be specifically applied in practice to the owners’ property right on CERs in China. Although experience from the CDM is not fully applicable to the development of cap and trading, the success of CDM market provides a reasonable platform to study emission right in the view of legal science. Furthermore, the proposed research acts as the pioneer study that lay the theoretical foundations in legal science on emission right trading for other potential schemes, which in turn addresses international environmental issues. Copyright The Author(s) 2013

Suggested Citation

  • Qing Pei & Lanlan Liu & David Zhang, 2013. "Carbon emission right as a new property right: rescue CDM developers in China from 2012," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 13(3), pages 307-320, September.
    • Handle: RePEc:spr:ieaple:v:13:y:2013:i:3:p:307-320
    DOI: 10.1007/s10784-012-9191-0
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10784-012-9191-0
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10784-012-9191-0?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Aldy,Joseph E. & Stavins,Robert N. (ed.), 2007. "Architectures for Agreement," Cambridge Books, Cambridge University Press, number 9780521692175, January.
    2. Palmer, Charles, 2011. "Property rights and liability for deforestation under REDD+: Implications for 'permanence' in policy design," Ecological Economics, Elsevier, vol. 70(4), pages 571-576, February.
    3. Gernot Klepper & Sonja Peterson, 2006. "Emissions Trading, CDM, JI, and More: The Climate Strategy of the EU," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 1-26.
    4. Sueli Giorgetta, 2002. "The Right to a Healthy Environment, Human Rights andSustainable Development," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 2(2), pages 171-192, June.
    5. Yang, Ming & Nguyen, François & De T'Serclaes, Philippine & Buchner, Barbara, 2010. "Wind farm investment risks under uncertain CDM benefit in China," Energy Policy, Elsevier, vol. 38(3), pages 1436-1447, March.
    6. Karen Hardee & Clive Mutunga, 2010. "Strengthening the link between climate change adaptation and national development plans: lessons from the case of population in National Adaptation Programmes of Action (NAPAs)," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 15(2), pages 113-126, February.
    7. Aldy,Joseph E. & Stavins,Robert N. (ed.), 2007. "Architectures for Agreement," Cambridge Books, Cambridge University Press, number 9780521871631, January.
    8. Manne, Alan & Richels, Richard, 2004. "US rejection of the Kyoto Protocol: the impact on compliance costs and CO2 emissions," Energy Policy, Elsevier, vol. 32(4), pages 447-454, March.
    9. Cerin, Pontus & Karlson, Lennart, 2002. "Business incentives for sustainability: a property rights approach," Ecological Economics, Elsevier, vol. 40(1), pages 13-22, January.
    10. Convery, Frank J. & Redmond, Luke & Dunne, Louise & Ryan, Lisa B., 2003. "Assessing the European Union emissions trading directive," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 3(06), pages 1-15.
    11. Rae Kwon Chung, 2007. "A CER discounting scheme could save climate change regime after 2012," Climate Policy, Taylor & Francis Journals, vol. 7(2), pages 171-176, March.
    12. Evy Crals & Lode Vereeck, 2005. "Taxes, Tradable Rights and Transaction Costs," European Journal of Law and Economics, Springer, vol. 20(2), pages 199-223, September.
    13. van der Gaast, Wytze & Begg, Katherine & Flamos, Alexandros, 2009. "Promoting sustainable energy technology transfers to developing countries through the CDM," Applied Energy, Elsevier, vol. 86(2), pages 230-236, February.
    14. Michael Grubb & Tim Laing & Thomas Counsell & Catherine Willan, 2011. "Global carbon mechanisms: lessons and implications," Climatic Change, Springer, vol. 104(3), pages 539-573, February.
    15. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    16. Anthony Heyes (ed.), 2001. "The Law and Economics of the Environment," Books, Edward Elgar Publishing, number 2037, August.
    17. DeCanio, Stephen J., 2009. "The political economy of global carbon emissions reductions," Ecological Economics, Elsevier, vol. 68(3), pages 915-924, January.
    18. Lambert Schneider, 2009. "A Clean Development Mechanism with global atmospheric benefits for a post-2012 climate regime," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 9(2), pages 95-111, May.
    19. MacKenzie, Donald, 2009. "Making things the same: Gases, emission rights and the politics of carbon markets," Accounting, Organizations and Society, Elsevier, vol. 34(3-4), pages 440-455, April.
    20. Roberts, J. Timmons & Grimes, Peter E., 1997. "Carbon intensity and economic development 1962-1991: A brief exploration of the environmental Kuznets curve," World Development, Elsevier, vol. 25(2), pages 191-198, February.
    21. Joskow, Paul L & Schmalensee, Richard & Bailey, Elizabeth M, 1998. "The Market for Sulfur Dioxide Emissions," American Economic Review, American Economic Association, vol. 88(4), pages 669-685, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lo, Alex Y & Mai, Lindsay Qianqing & Lee, Anna Ka-yin & Francesch-Huidobro, Maria & Pei, Qing & Cong, Ren & Chen, Kang, 2018. "Towards network governance? The case of emission trading in Guangdong, China," Land Use Policy, Elsevier, vol. 75(C), pages 538-548.
    2. I-Chun Tsai, 2025. "Has the outbreak of COVID-19 changed the carbon market?," Economic Change and Restructuring, Springer, vol. 58(1), pages 1-38, February.
    3. Zhe Liu & Yanbin Li, 2024. "Pricing and valuation of carbon swap in uncertain finance market," Fuzzy Optimization and Decision Making, Springer, vol. 23(3), pages 319-336, September.
    4. Lo, Alex Y. & Chen, Kang, 2020. "Business participation in the development of a Chinese emission trading scheme," Energy Policy, Elsevier, vol. 140(C).
    5. Cong, Ren & Lo, Alex Y., 2017. "Emission trading and carbon market performance in Shenzhen, China," Applied Energy, Elsevier, vol. 193(C), pages 414-425.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Catton, Will, 2009. "Dynamic carbon caps. Splitting the bill: A fairer solution post-Kyoto?," Energy Policy, Elsevier, vol. 37(12), pages 5636-5649, December.
    2. Shaozeng Zhang, 2017. "From externality in economics to leakage in carbon markets: An anthropological approach to market making," Economic Anthropology, Wiley Blackwell, vol. 4(1), pages 132-143, January.
    3. Suzi Kerr & Adam Millard-Ball, 2012. "Cooperation To Reduce Developing Country Emissions," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 3(04), pages 1-30.
    4. Olmstead, Sheila M. & Stavins, Robert N., 2009. "An Expanded Three-Part Architecture for Post-2012 International Climate Policy," Working Paper Series rwp09-036, Harvard University, John F. Kennedy School of Government.
    5. Michael Mehling, 2012. "Alternative Frameworks for International Climate Cooperation: Towards a Systematic Assessment Matrix," WIFO Studies, WIFO, number 44538, August.
    6. Stua, Michele, 2013. "Evidence of the clean development mechanism impact on the Chinese electric power system's low-carbon transition," Energy Policy, Elsevier, vol. 62(C), pages 1309-1319.
    7. Frankel, Jeffrey A. & Bosetti, Valentina, 2011. "Politically Feasible Emission Target Formulas to Attain 460 ppm CO[subscript 2] Concentrations," Working Paper Series rwp11-016, Harvard University, John F. Kennedy School of Government.
    8. Marc N. Conte & Matthew J. Kotchen, 2010. "Explaining The Price Of Voluntary Carbon Offsets," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 93-111.
    9. Thomas Norman & Heinrich H. Nax, 2011. "Leading the Way: Coalitional Stability in Technological Cooperation & Sequential Climate Policy," Economics Series Working Papers 585, University of Oxford, Department of Economics.
    10. Phillip M. Hannam & Vítor V. Vasconcelos & Simon A. Levin & Jorge M. Pacheco, 2017. "Incomplete cooperation and co-benefits: deepening climate cooperation with a proliferation of small agreements," Climatic Change, Springer, vol. 144(1), pages 65-79, September.
    11. Richard Stewart & Michael Oppenheimer & Bryce Rudyk, 2013. "A new strategy for global climate protection," Climatic Change, Springer, vol. 120(1), pages 1-12, September.
    12. repec:dau:papers:123456789/4521 is not listed on IDEAS
    13. Wood, Peter John & Jotzo, Frank, 2011. "Price floors for emissions trading," Energy Policy, Elsevier, vol. 39(3), pages 1746-1753, March.
    14. Gilbert E. Metcalf & David Weisbach, 2012. "Linking Policies When Tastes Differ: Global Climate Policy in a Heterogeneous World," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 6(1), pages 110-129.
    15. Aviel Verbruggen, 2011. "A Turbo Drive for the Global Reduction of Energy-Related CO 2 Emissions," Sustainability, MDPI, vol. 3(4), pages 1-17, April.
    16. Flachsland, Christian & Marschinski, Robert & Edenhofer, Ottmar, 2009. "Global trading versus linking: Architectures for international emissions trading," Energy Policy, Elsevier, vol. 37(5), pages 1637-1647, May.
    17. Brigitte Knopf, Ottmar Edenhofer, Christian Flachsland, Marcel T. J. Kok, Hermann Lotze-Campen, Gunnar Luderer, Alexander Popp, Detlef P. van Vuuren, 2010. "Managing the Low-Carbon Transition - From Model Results to Policies," The Energy Journal, International Association for Energy Economics, vol. 0(Special I).
    18. Jeffrey A. Frankel, 2009. "An Elaborated Global Climate Policy Architecture: Specific Formulas and Emission Targets for All Countries in All Decades," NBER Working Papers 14876, National Bureau of Economic Research, Inc.
    19. Warwick McKibbin & Peter Wilcoxen, 2008. "Building On Kyoto: Towards A Realistic Global Climate Agreement," CAMA Working Papers 2008-13, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    20. Sylvia Karlsson-Vinkhuyzen & Harro Asselt, 2009. "Introduction: exploring and explaining the Asia-Pacific Partnership on Clean Development and Climate," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 9(3), pages 195-211, August.
    21. Baudry, Marc & Faure, Anouk & Quemin, Simon, 2021. "Emissions trading with transaction costs," Journal of Environmental Economics and Management, Elsevier, vol. 108(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:ieaple:v:13:y:2013:i:3:p:307-320. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.