Coordinated carbon reduction mechanism and policy design to achieve carbon peak and neutrality goals in the Yangtze River Delta. (March 2023)

• Record Type: Journal Article
• Authors: Zhu, Wanzhen; Dong, Wei; Qin, Guowei; Yang, Yejun
• Is Part Of: Sustainable energy technologies and assessments. Volume 56(2023)
• Publication Date: 2023-03
• Subjects: CCS carbon capture and storage -- GDP gross domestic product -- VAT value added tax; Carbon reduction -- Energy transition -- Carbon tax -- Carbon emissions trading -- Differentiated tax rate; Renewable energy sources -- Periodicals; Energy development -- Technological innovations -- Periodicals; Electric power production -- Periodicals; Energy storage -- Periodicals; 333.79
• DOI: 10.1016/j.seta.2023.103113
• Languages: English
• ISSNs: 2213-1388

Abstract

Highlights: Benefits and pressure of carbon reduction in the Yangtze River Delta were analyzed. A collaborative design involving multiple policies is better than a single policy. Local advantages should be utilized. The advantages of local cooperation should be emphasized during policy design. Abstract: Carbon emissions reduction has become a major issue in global development. China has adopted various carbon reduction policies since committing to the double carbon target and now requires an effective and systematic collaborative carbon reduction mechanism. The Yangtze River Delta, a developed region in China, is a suitable pilot city for developing such a mechanism. In this study, carbon emissions from the Yangtze River Delta region were analyzed and the pressures to and potential of carbon emissions reduction were summarized. By dialectically analyzing the characteristics of each emissions reduction policy, we proposed the implementation of carbon tax policies. We designed a set of emissions reduction policies suitable for the current Yangtze River Delta region with other mechanisms that promote energy transformation and industrial upgrades and provided ideas for implementing carbon emissions reduction policies nationwide. The design of the carbon tax policy emphasizes collaboration with the carbon trading policy and promotes energy structure transformation and process upgrades to the entire industry. The carbon tax also emphasizes that tax revenue control should have a guiding role. The government should encourage enterprises to actively improve green technology and adjust the energy structure through the rational use of carbon tax revenues.