Dataset Information

Greenhouse gas consequences of the China dual credit policy.

ABSTRACT: For over ten years, China has been the largest vehicle market in the world. In order to address energy security and air quality concerns, China issued the Dual Credit policy to improve vehicle efficiency and accelerate New Energy Vehicle adoption. In this paper, a market-penetration model is combined with a vehicle fleet model to assess implications on greenhouse gas (GHG) emissions and energy demand. Here we use this integrated modeling framework to study several scenarios, including hypothetical policy tweaks, oil price, battery cost and charging infrastructure for the Chinese passenger vehicle fleet. The model shows that the total GHGs of the Chinese passenger vehicle fleet are expected to peak in 2032 under the Dual Credit policy. A significant reduction in GHG emissions is possible if more efficient internal combustion engines continue to be part of the technology mix in the short term with more New Energy Vehicle penetration in the long term.

SUBMITTER: He X

PROVIDER: S-EPMC7566593 | biostudies-literature | 2020 Oct

REPOSITORIES: biostudies-literature

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Greenhouse gas consequences of the China dual credit policy.

He Xin X Ou Shiqi S Gan Yu Y Lu Zifeng Z Przesmitzki Steven Victor SV Bouchard Jessey Lee JL Sui Lang L Amer Amer Ahmad AA Lin Zhenhong Z Yu Rujie R Zhou Yan Y Wang Michael M

Nature communications 20201015 1

For over ten years, China has been the largest vehicle market in the world. In order to address energy security and air quality concerns, China issued the Dual Credit policy to improve vehicle efficiency and accelerate New Energy Vehicle adoption. In this paper, a market-penetration model is combined with a vehicle fleet model to assess implications on greenhouse gas (GHG) emissions and energy demand. Here we use this integrated modeling framework to study several scenarios, including hypothetic ...[more]

PMID: 33060579

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Project description:BackgroundSocietal pressures exist to reduce greenhouse gas (GHG) emissions from farm animals, especially in beef cattle. Both total GHG and GHG emissions per unit of product decrease as productivity increases. Limitations of previous studies on GHG emissions are that they generally describe feed intake inadequately, assess the consequences of selection on particular traits only, or examine consequences for only part of the production chain. Here, we examine GHG emissions for the whole production chain, with the estimated cost of carbon included as an extra cost on traits in the breeding objective of the production system.MethodsWe examined an example beef production system where economic merit was measured from weaning to slaughter. The estimated cost of the carbon dioxide equivalent (CO2-e) associated with feed intake change is included in the economic values calculated for the breeding objective traits and comes in addition to the cost of the feed associated with trait change. GHG emission effects on the production system are accumulated over the breeding objective traits, and the reduction in GHG emissions is evaluated, for different carbon prices, both for the individual animal and the production system.ResultsMultiple-trait selection in beef cattle can reduce total GHG and GHG emissions per unit of product while increasing economic performance if the cost of feed in the breeding objective is high. When carbon price was $10, $20, $30 and $40/ton CO2-e, selection decreased total GHG emissions by 1.1, 1.6, 2.1 and 2.6% per generation, respectively. When the cost of feed for the breeding objective was low, selection reduced total GHG emissions only if carbon price was high (~ $80/ton CO2-e). Ignoring the costs of GHG emissions when feed cost was low substantially increased emissions (e.g. 4.4% per generation or ~ 8.8% in 10 years).ConclusionsThe ability to reduce GHG emissions in beef cattle depends on the cost of feed in the breeding objective of the production system. Multiple-trait selection will reduce emissions, while improving economic performance, if the cost of feed in the breeding objective is high. If it is low, greater growth will be favoured, leading to an increase in GHG emissions that may be undesirable.

Project description:Green credit is changing industrial structure and corporate behavior, but little attention has been paid to the relationship between green credit and corporate cash management behavior. Based on the typical fact that the allocation of traditional bank credit funds is biased towards heavily polluting industries and the exogenous impact event of green credit policy, this paper takes A-share listed companies in China's capital market from 2008 to 2015 as samples, and uses the DID model to investigate the impact of green credit policy on excess cash holdings of heavily polluting enterprises. The findings indicate that the green credit policy has reduced the excessive cash holdings of heavily polluting enterprises, suggesting that it can correct the issue and align their cash holdings with the requirements of normal production and operations. The mechanism test demonstrates that the green credit policy can alleviate agency conflicts and influence enterprise cash holdings. Moreover, a cross-sectional investigation reveals that the inhibitory effect of the green credit policy on cash holdings is more pronounced in large-scale and state-owned enterprises compared to small-scale and non-state-owned enterprises. Finally, an analysis of the economic consequences reveals that the green credit policy indirectly enhances corporate value by reducing excessive cash holdings. Based on this, banks and financial institutions continue to treat the credit granting of heavily polluting enterprises cautiously, optimize the structure of green financial products, fully consider the different types and nature of customers, and develop differentiated lending conditions and diversified evaluation mechanisms. This paper has enriched the research on the economic consequences of green credit and the influencing factors of corporate cash holdings, and provided policy enlightenment for regulators and listed companies to correctly understand and make full use of green credit policies to keep corporate cash stable through the crisis.

Dataset Information

Greenhouse gas consequences of the China dual credit policy.

Publications

Greenhouse gas consequences of the China dual credit policy.

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