With the implementation of the pilot Emission Trading Schemes (ETSs) in China since 2013, there emerges a new opportunity for investing in Chinese green technology (greentech) projects. Apart from trading the international CERs (Certified Emissions Reductions), investors nowadays can also trade the CCERs (Chinese Certified Emissions Reductions) in the domestic carbon market. However, the pricing of CCERs is different from that of CERs due to the distinct climate policies in China, thus making the investment decisions in Chinese greentech projects a complicated problem. This study is, to our knowledge, the first attempt to evaluate greentech projects under uncertain climate policies in developing countries like China. To identify the investment environment of Chinese greentech projects, a qualitative research on the development of climate policies and greentech market is first conducted. Based on the study of international climate polices and carbon markets, the pricing mechanisms of carbon assets (carbon allowances and carbon offsets) are investigated. Furthermore, China’s climate polices, including the energy policies and emission reduction policies, are analysed in detail. In addition, both the administrative and economic instruments used in China’s climate policies are investigated. Then, business opportunities and challenges in greentech market are investigated. It is shown that there is substantial demand for greentech projects, and the uncertainties embedded a Chinese greentech project in power sector mainly come from the CCER price and electricity price. To integrate the different stochastic price processes, a real-options-based greentech investment (ROGI) model is developed to derive the investment options value and the optimal investment timing. Considering the possible interventions of the government, the CCER price is modelled as mean-reverting process with jump and cap-floor. In addition, an equivalent electricity price is developed and also described by a mean-reverting process. To solve the ROGI model with various uncertainties involved, a least-square Monte Carlo (LSM) approach is developed. The proposed LSM algorithm is built within the dynamic programming framework. It is shown that the optimal investment strategy can be characterized by a continuation region. The proposed ROGI model is verified by a real case of wind power project investment in China. Sensitive analysis is conducted to examine the effects of the model parameters on the investment decisions. Different climate policy scenarios are then tested, including carbon price jump, carbon price cap and floor, and carbon tax. Several interesting findings are concluded from the results analysis in this study. First, it is found that investors are relatively insensitive to the jump in the CCER price, the volatility of the CCER price, or the mean-reverting speed. Second, the CCER price floor set by the government can effectively encourage greentech investments while the price cap is not a major concern of investors. Finally, the long-term growth rate of the CCER price as well as the carbon tax rate can also plays a significant role in investment decisions. / published_or_final_version / Industrial and Manufacturing Systems Engineering / Doctoral / Doctor of Philosophy

Thesis (M.Arch.)--University of Detroit Mercy, 2009. / "April 24, 2009." Includes bibliographical references (p. 92-93).

Thesis (Ph. D.)--University of Texas at Austin, 2001. / Vita. Includes bibliographical references (leaves 102-106). Available also in a digital version from Dissertation Abstracts.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, 2002. / Includes bibliographical references (p. 224-235).

Technological change bears the promise of addressing environmental problems without reneging on economic development. However, taping its full potential requires an understanding of its drivers and barriers. The three chapters of this dissertation are a modest attempt at casting light on some of the factors that can foster technological change towards more environmental-friendly technologies. In Chapter One, I provide the first quantitative evidence that the Montreal Protocol, and its following amendments to protect the ozone layer, triggered a large increase in research and innovation on alternatives to ozone-depleting molecules. To do this, I use the full text of patents and scientific articles and implement a difference-in-differences strategy and a synthetic control method. To compare molecules’ chemical and industrial characteristics, I construct descriptive variables by applying machine learning techniques to the documents’ text. In Chapter Two, I investigate barriers to adopting solar lanterns in the context of rural Indian households. I design and implement a randomized controlled trial on people’s willingness to pay for such lanterns, and find that, despite the relative simplicity of the product, information barriers to adopting solar lanterns remain high. Chapter Three theoretically investigates firm-level barriers to green technological change. I outline a mechanism that explains why coordination at the industry level might be necessary. I argue that radical innovations (such as electric cars) require complementary innovations in interdependent components, and show that, when technological change requires investment by both suppliers and producers, coordination within an industry is needed and can be difficult to obtain.

Thesis (Ph. D.)--University of Texas at Austin, 2003. / Supervisor: Steven A. Moore. Vita. Includes bibliographical references. Also available from UMI.

M. Tech. Architectural Technology / This research project focuses on determining the costs involved in applying energy efficient green technologies and sustainable principles to Johannesburg's existing commercial building stock. Although South Africa is committed to contributing toward greenhouse gas reduction in terms of the Kyoto Protocol, such contribution unfortunately occurs at a slow pace. Although the current built environment is identified as a key element in the mitigation of climate change, developers and building owners argue that the associated costs remain the largest drawback. Retrofitting existing buildings to meet green standards could significantly contribute to mitigating climate change.

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