Kyoto University Joint Research Project for Renewable Energy Economics




TOP > ディスカッションペーパー



    Abstract:Emissions from the transport sectors remain to be the Achille’s Heel of climate policy. In spite of emissions reductions in industry and power generation in climate pioneer jurisdictions such as California and Germany, transport sector emissions have not been significantly reduced. So how can this Achilles Heel of modern climate policy be cured? Theory and practice of treating transport sector carbon dioxide (CO2) emissions have mainly focused on regulatory (e.g. low carbon fuel standards), subsidy (e.g. tax credits for electric vehicles), of tax approach (e.g. carbon taxes). However, California has been using an emission trading scheme (ETS) for the transport sector since 2015, and Germany is going to implement its own Fuels ETS (F-ETS) next year. Against this background, we briefly recollect the advantages of cap-and-trade, before describing the design of both the Californian and the German approach to including transport sector emissions in ETS. We then comparatively evaluate the designs based on a set of ambitious sustainability criteria developed by Rudolph et al. (2012) and analyze the (expected) results. We mainly conclude that ETS can be used for sustainably limiting transport sector emissions, but the respective design has to reflect the specifics of the sector. We also show that, while already being an ambitious approach, Germany’s new program could greatly benefit from three major program revisions.

    Keywords:Climate Policy, Emissions Trading, Transport, Sustainability, California, Germany


  • かつて本講座RAを務め、現在も本講座研究会【部門A】メンバーである杉本康太氏(東京財団博士研究員)の論文が Energy Economics 誌に掲載されましたので、DP情報を更新しリンク先


  • Understanding barriers to linking heterogenous Emissions Trading Schemes

    - Evidence from and lessons for Northeast Asia -

    Joseph DELLATTEa* & Sven Rudolphb
    aPhD candidate, Graduate School of Economics, Kyoto University, Japan
    bAssociate Professor, Hakubi Center, Kyoto University, Japan
    * Correspondence:

    Linking Emissions Trading Schemes (ETS) of countries with heterogenous climate policies is the Romeo and Juliet story of carbon pricing instruments. Despite being desirable, heterogenous linkage happens to be politically arduous to establish. But what exactly makes it more challenging for these jurisdictions to agree on ETS linkage? Focusing on Northeast Asia –– we surveyed Chinese, Japanese and Korean experts negotiating the Paris Agreement Article 6 Rulebook. We test how Feasibility, Confidence and Willingness affect the specifics of linking in the region. Our results display differences in opinion amongst countries and subcategories of agents involved in the policy process. We identify three different kinds of political barriers to linking in Northeast Asia: an institutional resistance barrier revolving around administrative challenges; a governance-sharing barrier that embodies the difficulties to solve complex sovereignty questions; and an environmental integrity barrier based on a lack of Confidence between partners in the region. The results of this study have immediate policy implications and can help overcoming barriers to linking not only in Northeast Asia but also across the globe.

    Keywords:Linking; Governance; emissions trading; ETS; political barriers; governance; political economy; climate policy


  • How the Thermal Power Sector Affects Carbon Trading: An Empirical Study on China's Carbon Markets

    Teng Ma*, Tao Xu, Yimeng Du, and Jun Pang
    *Graduate School of Economics, Kyoto University

    Using a dynamic linear unobserved effects panel data model, this study investigates how the production of thermal power affects China's carbon markets, while focusing on efficiency information about carbon price and trading volume, market activity, and market efficiency. Our results suggest that the production of thermal power has only increased the trading volume without raising the carbon prices, and that thermal power companies lose the motivation to reduce carbon emissions at low carbon price levels. Moreover, the production of thermal power has increased market activity in the carbon market, although this impact reduced after the announcement of the China National Emissions Trading System (ETS) because thermal power companies choose to trade carbon dioxide allowances, which are more flexible. Furthermore, the results indicate that market efficiency was increased in the Hubei and Shanghai pilots after the announcement of National ETS, and the impact especially significant in the first half of 2019. This implies that power companies participated actively in carbon markets in the Hubei and Shanghai pilots in the second phase of the National ETS. However, this impact disappeared in the latter half of the year because of the companies achieved their emissions reduction obligations before the end of compliance period.

    Keywords:Carbon Market; National ETS; Thermal Power Sector; China


  • 再エネ市場統合とアグリゲーター/直接市場家/VPP、BG/BRP

    -ドイツにおける EEG2012・2014 を中心に -

    京都大学大学院経済学研究科 特定講師 中山琢夫




  • Gone with the COVID-19? An empirical study on trans-boundary air pollution between China and South Korea

    Yimeng Du*, Teng Ma, and Tao Xu
    *Senior Lecturer, Graduate School of Economics, Kyoto University

    By using a vector autoregression model with exogenous variables, this study empirically estimated the trans-boundary impact of China’s air pollutants on South Korea, and discussed whether any such trans-boundary effect was reduced due to the lock-down measures adopted for decelerating the coronavirus disease 2019 (COVID-19) outbreak. Our findings show that South Korea’s air pollution is partly affected by China, while domestic pollution emissions are the main source of the severe air conditions. Specifically, we find that SO2 pollutants in capital regions of South Korea mainly orients from Gyeonggi province, while the PM2.5 concentrations are mainly caused by pollutants in Seoul and Incheon city. On the other hand, we find that the trans-boundary impact did not only exist across the “China to South Korea” route. SO2 pollutants in South Korea are confirmed to have trans-boundary impact on pollutant level of China as well. In addition, our estimated results suggest that during the COVID-19 outbreak, the lock-down measures taken in China lead to a decrease in the trans-boundary impact of both PM2.5 and SO2 pollution, and enlarged the gap between effect of domestic pollutions and trans-boundary pollutions. Our study concludes that the lock-down measures taken to contain the spread of COVID-19 in China, can lead to the improvement of air quality in nearby countries.

    Keywords:COVID-19, trans-boundary air pollution, VAR-X


  • 持続可能な経営のための Public Value 理論の重要性

    - 広義のステークホルダーによるモニタリング強化に資するパフォーマンス指標 -

    京都大学大学院地球環境学舎 修士課程 坂本 祐太

     企業の公器としての役割を評価することは不可欠である。本稿では、統合報告書などのレビューを通じ、理念的には全てのステークホルダーへの価値創出を掲げている一方で、公益性に関与する広義のステーク ホルダーへの考慮が軽視されている実態を明らかにした。また、新たなアプローチで企業の公益性を評価する定量指標を実証実験し、その結果をもとに、公益と企業のトレードオフ関係は財務情報ではなく非財務情報との関連性が強いことを明らかにした。従って、企業の公益的活動は特定のステークホルダーのみを対象としている現状の不十分を認め、広義のステークホルダー目線に立ち返ることが必要であると論じる。

    キーワード:公益評価、Public Value理論、非財務情報、統合報告書、サステナビリティ・レポート


  • 石炭火力発電と原発早期フェーズアウトの2050 年までの日本経済と電源構成、そして二酸化炭素排出影響分析

    - E3ME マクロ計量経済モデルを用いた分析 -

    名城大学経済学部産業社会学科 教授 李秀澈
    追手門学院大学経済学部 講師 何彦旻
    長崎大学大学院水産・環境科学総合研究科 准教授 昔宣希
    京都大学大学院地球環境学堂/経済学研究科 教授 諸富徹
    気候ネットワーク 理事 平田仁子
    Unnada Chewpreecha, Principle Modeler, Cambridge Econometrics
    Hector Pollitt, Director, Cambridge Econometrics

    This paper measures quantitative answers using a E3ME macro econometric model for the question “What kinds of impacts do early phasing-out of coal fired power and nuclear power plants on Japanese economy, power generation mix and CO2 emissions in 2050?” Model simulation results show almost no negative impacts on the economy in either scenario, chiefly due to the assumed ongoing reduction in cost of renewable energy generation, as well as lack of burden on the economy in the event it replaces existing coal and nuclear power plants. Total estimated reduction in CO2 emissions in 2050 associated with phasing out coal-fired power plants is 50% compared to 2017. But this reduction falls far short of the level of Japanese 80% GHG reduction target in 2050. This is believed to be caused by nuclear and coal fired power being replaced by LNG fired power rather than renewable energy.



    Keywords:coal-fired power and nuclear power early phase-out, E3ME model, power generation mix, Japanese economic impact, carbon dioxide emissions


  • 世界53ヶ国の全産業分野における企業の生産性分析

    京都大学大学院経済学研究科 再生可能エネルギー経済学講座 研究員 栗田 郁真

    2015年にパリで開催されたCOP21において気候変動対策の新たな国際的枠組みであるパリ協定が採択された。その目標達成のためには、GHGの3分の2を占めているエネルギー由来の排出量の大幅な削減が不可欠であり、あらゆる分野でのエネルギー効率性の向上が必要とされる。本稿は、世界53ヶ国に所在する全産業分野の1,119社を対象として2018年における資本・労働・エネルギー・GHG・売上高に関するデータを収集し、望ましくない産出物(Undesirable Output)を考慮したSlacks-Based Measurement(以下、SBM)モデルで1,119社の効率値を算出した。その後、1,119社を24産業グループに分類したうえで、産業グループごとの効率値の平均値を求めた。さらに、各社の資本・労働・エネルギー・GHG・売上高のスラックの数値から非効率値を計算し、それらの産業グループごとの平均値を求めることで、各産業グループの企業が生産性を改善するための要因を明らかにした。最後に、24産業グループの効率値の平均値と経営指数の平均値の相関を検討した。



  • 製材業と木質バイオマス発電事業との関係―岡山県真庭市をケースとして

    京都大学大学院経済学研究科博士課程 白石智宙




  • Are the barriers to private solar/wind investment in Vietnam mainly those that limit network capacity expansion?

    Akiko URAKAMI
    Ph.D. Candidate, Graduate School of Economics, Kyoto University

    Vietnam has relied on coal-fired plants as primary baseload power and keeps growing its electricity demand towards 2030. Meanwhile, Vietnam is abundant in renewable energy (RE). Through the solar FIT issued in 2017, solar power projects (approximately 4.5GW) were connected with the grid by the Commercial Operation Date (COD) (30 June 2019). However, connecting large-scale solar power plants in the southern coastal provinces has led to a curtailment in the grid intermittently. Vietnam Electricity (EVN) has expanded 220-500kV transmission lines and substations in the domestic power system to deliver solar power generated in the congested areas in 2020-21. Besides, Vietnam has been reaching its legal public debt constraint. It is difficult for EVN to depend on the Government of Vietnam (GoV) and borrow from local commercial/ international development banks, requiring the government guarantee. Thus, private investment is inevitable to meet electricity demand.
    This study aims to discuss whether the main barrier is the network side instead of the generation side and how GoV could reduce the network bottleneck to promote solar/wind power private investment. First, the author identified barriers and broadly categorized into 1) policy, 2) financial, 3) technical, 4) institutional, and 5) social/environmental aspects through the literature review and developed questionnaire. Secondly, the author conducted semi-structured interviews with 41 (investors and stakeholders) in Vietnam and neighboring countries from August to December 2019.
    The main findings are as follows: weak grid capacity has become a critical barrier in solar power projects’ congested areas. When the owners made investment decisions for their projects in 2017-18, they could not realize the curtailment’s possibility in the approval process. After connecting the grid, some owners have suffered from the curtailment. If GoV, EVN, and provincial authorities had managed the capacity of each local grid transparently, controlled to give licenses to investors in the approval process carefully, or pushed some licenses to different provinces where capacity constraints are less severe, investors could have contributed to distributing the additional capacity before the COD. As the Electricity Law does not allow private firms to invest in the grid, RE owners need to wait for the GoV and EVN to upgrade the grid in some means or for a law that allows private investment. Thus, weak grid capacity, the network side issues must be a more critical barrier than that of the generation side for investors. Because of Vietnam’s legal public debt constraints, private sector involvement in transmission grids is necessary. The BOT contracts between EVN and the private sector could be possible because EVN has already experienced the BOT contracts for power plants. Also, non-sovereign finance provided by international financial institutes and development banks might be a possible option.

    Keywords:renewable energy, private investment, barriers, transmission, Vietnam


  • ドイツ・シュタットベルケの収益性と特殊性 - 民間を主体とした公益事業体における経営論の発展に寄与する -

    Profitability and Distinctiveness of German Stadtwerke
    — Contributing to the development of management in the public corporation —

    京都大学大学院地球環境学舎 修士課程 坂本祐太
    Graduate School of Global Environmental Studies, Kyoto University



    Keywords:Stadtwerke, Financial Analysis, Business Analysis, Public Corporate Governance


  • 韓国温室効果ガス排出量取引制度の第1期及び2期の運営動向

    昔宣希 長崎大学大学院水産・環境科学部総合研究科 准教授

    本稿では、韓国の気候変動政策の主な柱とされる、排出量取引制度の設計内容及び運営結果についてレビューした。第1期計画期間(2015–2017年)においては、5部門23業種の525事業者を対象にして、3年間で合計16億8千6百万トン(CO2当量)の排出枠が無償割当され、その内、16億6千9百万トンの認証が済み、割当られた量より1,740万トン(約1%)の排出枠の余裕があったことが明らかになった。一方、炭素市場において、該当排出枠の7千5百万トン(割当量の4.4%水準)が取引され、 3年間平均炭素価格は 20,374ウォンである。主な市場参加業種は、発電・エネルギー業種である。政府は、市場価格の安定や場内の排出枠の供給量を増やし取引を促すために、2回の予備分の供給、繰越の制限などの市場安定化措置をとった。市場取引の取引量や件数が年々増加し、企業の対応体制が成熟するなど、国内の関連専門家らにより、制度の定着について肯定的な評価がなされていると思われる。第2計画期間(2018–2020年)は、有償割当(3%)が初めて導入され、割当算定においてベンチマーク(BM)の割当方式が適用される業種が拡大された。また、海外でのCDMプロジェクトを通じた温室効果削減実績のオフセット排出枠が国内市場で取引可能になるなど、市場メカニズムの機能の活性化を通じた温室効果ガスの削減と低炭素投資誘引を図っている。



  • Impact of dynamic pricing strategy of electricity on residential energy consumption decisions in China: Empirical evidence from a household survey

    Yimeng DU* and Teng MA
    *Senior Lecturer, Graduate School of Economics, Kyoto University

    By facing the growing demand of residential electricity consumption caused by the rapid growth of urbanization in China, the residential electricity pricing mechanism problem has existed in a long period including unreasonable price structure and serious cross subsidization. Simultaneously, expansion of the demand for electricity caused by the growing industrialization aggravate the status of electricity shortage. In order to deal with the issue of cross subsidies and pressure on energy supply, several dynamic pricing systems of electricity, including the Tiered Electricity Pricing system (TEP) and Time-of-use (TOU) program, was introduced in residential electricity consumption area. In this study, based on the data of 3,653 households from the Chinese General Social Survey of 2015, impact of implementation of TEP mechanism, and the TOU program on energy consumption decisions of households are analyzed by Probit model. Last, the energy consumption determinants of households are estimated. Furthermore, we discussed on whether such impact of dynamic pricing strategies of electricity on energy consumption differ by registered locations of households.

    Keywords:rural households, energy consumption, consumer consumption behavior, tiered electricity pricing, Time-of-use pricing


  • 自治体新電力の現状と地域付加価値創造分析による内発的発展実証

    稲垣憲治  京都大学大学院地球環境学舎 博士後期課程




  • Renewable Energy Generation Effects on the Electricity Market:

    An Empirical Study on Japan's Electricity Spot Market

    Teng MA*, Yimeng DU, Tao XU
    *Senior Lecturer, Graduate School of Economics, Kyoto University

    This study examines the impact of renewable electricity supply on Japan's electricity spot market. By using the renewable electricity generation data collected from nine traditional electric power companies, as well as the spot price data collected from Japan Electric Power Exchange, we examine both the impact of renewable electricity supply on Japan's electricity spot market and how this impact was influenced by regional differences. Our results indicate that the increase in solar power generation has caused a reduction in spot electricity prices in Japan, while such an impact cannot be observed in the wind power sector. Furthermore, our results illustrate that regional differences also exist in Japan's spot market. We assume that the available transfer capabilities of cross-regional interconnection lines, the scale of regional spot market, and the transaction volume are important factors that affect the impact of renewable electricity generation on spot prices.

    Keywords:Spot Market, Renewable Electricity, Regional effects, Japan


  • 石炭火力発電と原発のフェーズアウトの日本経済と環境影響分析

    - E3MEマクロ計量経済モデルを用いた分析-

    李秀澈*・何彦旻昔宣希諸富徹・ Unnada Chewpreecha・Hector Pollitt
    *名城大学経済学部産業社会学科 教授

     本稿では、「発電部門の石炭火力・原発のフェーズアウトは経済と両立が可能か」という「問い」に対して、マクロ計量経済モデルを用いて定量的な回答を求めた。すなわち石炭火力と原発の新規建設は行われずに、減価償却期限が到達したものから順次閉鎖する発想から2050年までにフェーズアウトした時に、経済(GDP、雇用などマクロ経済)と環境(電源部門の二酸化炭素排出)に与える影響について、E3ME(Energy-Economy-Environment Macro Econometrics) モデルにより推定を行った。
    その結果、2050年までの長期を想定する場合、いずれのシナリオでも経済に悪い影響は殆ど与えないことが確認された。その要因として2050年までの長いタイムスパンでは、再生可能エネルギー発電のコストが持続的に下落し、それが既存の石炭火力と原発を代替しても、経済への負担にはならないという事情を挙げることができる。そして 発電部門における2050年の二酸化炭素排出量は、石炭火力フェーズアウトケースは、2017年より40%ほど削減された。



  • OECD諸国はどのように石炭を削減し再生可能エネルギーを導入してきたか?


    京都大学大学院経済学研究科 特任教授 安田 陽


    キーワード:電源構成、再生可能エネルギー、石炭火力発電、経済協力開発機構 (OECD)、指標


  • PPA(Power Purchase Agreement)による再エネ電源開発

    - コーポレートPPAを中心に -

    京都大学大学院経済学研究科 特定講師 中山 琢夫

     今日、再生可能エネルギー(再エネ)発電にかかる新設の導入費用は大きく低下している。この現象は、世界のエネルギーシステムに大きな影響を与えている。再エネは、世界の多くの地域で最も安い発電源となりつつあり、その投資額は従来型エネルギーを上回ろうとしている。一方で、パリ協定や関連の取り組みにより、再エネへの投資拡大が不可欠のものとなっている。とりわけ、世界の電力の最終需要の大部分を占める企業部門もまた、再エネ調達は、気候変動目標達成にとって重要な役割が期待されており、近年では、受動的にエネルギー調達するだけでなく、能動的に再エネーを調達する動きが盛んになってきた。最近のその代表的な動きは、企業による電力購入契約(Corporate Power Purchase Agreement: コーポレートPPA)である。



  • 表明選好法を用いた風力発電の社会的受容に関する論文レビュー

    京都大学大学院地球環境学堂 博士後期課程 岩田健吾




  • 森林資源調査による発電用木質バイオマス安定調達に関する研究 - 岡山県真庭市の事例より -

    京都大学大学院経済学研究科 修士課程 王鴻漸




  • China’s Carbon Emissions Trading System and Corporate Innovation

    博士後期課程 王晨子

    The purpose of this study is to review existing research on carbon emissions trading system and corporate innovation. This study, after referring to the research on European Union carbon emission trading system, Tokyo-Saitama Prefecture emission trading system, and corporate innovation so far, reviewing the relevant literature on China's pilot carbon emission trading system and corporate innovation, found four shortcomings of the existing research.

    Keywords:CHN-ETS, EU-ETS, Tokyo-Saitama prefecture ETS, Corporate innovation, Literature review


  • May Link Prevail!

    A Comparative Analysis of Lessons Learnt from (Not) Linking Carbon Markets in Japan and Oceania

    February 10th, 2020
    Sven Rudolph*, Takeshi Kawakatsu, Elena Aydos, Achim Lerch, and Joseph Dellatte
    *Associate Professor, Hakubi Center, Kyoto University

    What makes linking (un)successful? This is the question we would like to address in our GCET20 contribution.

    Keywords:Climate policy, sustainability, emissions trading, linking


  • 木質バイオマス発電事業へのバイオマス資源の供給システムと実態分析

    京都大学大学院経済学研究科 博士後期課程 白石智宙




  • 複数国の半導体産業企業の環境生産性分析

    京都大学大学院経済学研究科 再生可能エネルギー経済学講座 研究員 栗田郁真




  • 再生可能エネルギーの導入障壁および発送電分離に関する論文レビュー

    京都大学大学院経済学研究科 博士後期課程 杉本康太




  • 村レベルの再生可能エネルギー100%による地域付加価値創造分析

    - 発電事業と熱供給事業 -

    京都大学大学院経済学研究科 特定講師 中山琢夫




  • Public Valueを織り込むPublic Corporate Governanceの在り方

    - ドイツ・シュタットベルケの事例研究からの考察副題 -

    立命館大学経営学部国際経営学科教授 ラウパッハ スミヤ ヨーク

     1980年から始まったNew Public Management(NPM)の流れを受け、多くの自治体は、元々行政組織の一部であった公共サービス提供の遂行責任を行政組織から切り離し、法人格や独立経営組織を有する「公企業」に移転している。



  • 日本の公営企業と独シュタットベルケの財務分析比較

    京都大学大学院地球環境学舎研究科 坂本 祐太




  • Locally-led renewable energy implementation for energy system transition in Korea:

    a case study of Jeju Special Administrative Province

    August 28th, 2019
    Sunhee Suk et al., Nagasaki University

    In recent the Republic of Korea formulated its national energy policy stance of phasing out nuclear and coal power whilst emphasizing the expansion of renewables through the transition to decentralized energy system.

    Keywords:Carbon Free Island, Jeju special administrative province, Korea, Renewable energy


  • ドイツにおける発送電分離が再生可能エネルギーの導入に与えた影響

    - 送電会社の所有分離のインパクト -

    京都大学大学院経済学研究科 博士後期課程 杉本康太




  • 再生可能エネルギーの便益が語られない日本

    - メディア・政府文書・学術論文における「便益」の出現頻度調査 -

    京都大学大学院経済学研究科 特任教授 安田 陽


    キーワード:再生可能エネルギー, 便益, 費用便益分析, エビデンスに基づく政策決定 (EBPM), 規制影響分析 (RIA), マスメディア