Journal of Humanities, Arts and Social Science

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Article http://dx.doi.org/10.26855/jhass.2024.01.047

The Impact of Carbon Emission Pricing Policy on the Transformation of Low Carbon Economy and Its Application in the Energy Industry

Yue Miao

Zhuhai DA HENG Qin Technology Development Co., Ltd., Zhuhai, Guangdong, China.

*Corresponding author: Yue Miao

Published: February 29,2024

Abstract

The theory of externalities, public goods, and economic incentives all consider carbon emissions as a negative externality that harms the environment and requires economic tools to internalize its costs. This forms the theoretical foundation and global standard for carbon emission pricing policies. This paper examines the impact of carbon emission pricing policies on the transition to a low-carbon economy, particularly focusing on their application in the energy sector. To begin, the paper introduces the theoretical foundations of carbon emission pricing policy. By introducing economic costs to carbon emitters, such as taxing them or creating a carbon emissions trading market, carbon pricing policies can incentivize them to reduce their emissions. This paper summarizes the international practical experience of carbon emission pricing policies. The European Union's carbon emissions trading system is the most extensive, and the reduction of carbon emissions has been achieved through trading. Canada, Australia, and other countries have also implemented similar policies and have observed specific outcomes. These practical experiences demonstrate that carbon emission pricing policy can effectively promote low-carbon economic transformations. This paper delves into the effects of carbon emission pricing policy on the energy sector, which is the primary source of carbon emissions. The effect of such a policy on the energy sector is particularly significant, as it can motivate energy companies to transition to low-carbon energy and foster a transformation of energy systems. Moreover, carbon pricing policies can incentivize energy businesses to improve energy efficiency and reduce carbon emissions. This paper summarizes the benefits and challenges of carbon pricing policy and offers ideas for its implementation in the energy sector. Carbon emission pricing policies can provide long-term stability to the energy sector, while also encouraging research, development, and adoption of low-carbon technologies. Nevertheless, the implementation of carbon emission pricing policy is confronted with political, economic, and technological obstacles, necessitating the joint efforts of the government, businesses, and society.

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How to cite this paper

The Impact of Carbon Emission Pricing Policy on the Transformation of Low Carbon Economy and Its Application in the Energy Industry

How to cite this paper: Yue Miao. (2024) The Impact of Carbon Emission Pricing Policy on the Transformation of Low Carbon Economy and Its Application in the Energy IndustryJournal of Humanities, Arts and Social Science8(1), 273-277.

DOI: http://dx.doi.org/10.26855/jhass.2024.01.047