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Current Legal and Institutional Frameworks for Investing in Lower Carbon Electricity in China

Author

Listed:
  • Lang, X.
  • Reiner, D.
  • Neuhoff, K.

Abstract

The economic and policy framework for investment decisions in the power generation sector in China are investigated. Our analysis combines a review of the existing legal framework with a survey of stakeholders in industry and government. Based on interviews with over 60 stakeholders, we find a consistent picture emerges of the role of the major institutions and the decision criteria used in investment decisions for conventional thermal power technologies. In contrast, the evolving legal framework for investment in lower-carbon technologies, as reflected primarily in the renewable energy law, produces no clear consensus regarding decision criteria from either government or industry stakeholders. The overall objectives are widely acknowledged, but there is considerable disagreement amongst stakeholders over its implementation. From an investment analysis of risks versus returns, most respondents perceive advanced thermal power investments and small hydro as being more attractive than lower carbon alternatives such as wind power and solar photovoltaic (PV) power.

Suggested Citation

  • Lang, X. & Reiner, D. & Neuhoff, K., 2008. "Current Legal and Institutional Frameworks for Investing in Lower Carbon Electricity in China," Cambridge Working Papers in Economics 0862, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:0862
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    Keywords

    Investment decisions; Institutions; Power sector; Lower-carbon electricity; China.;
    All these keywords.

    JEL classification:

    • N75 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Asia including Middle East
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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