2006 Fiscal Year Final Research Report Summary
Study on designing institutions to securitize Kyoto mechanisms
| Project/Area Number |
15510022
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Environmental impact assessment/Environmental policy
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| Research Institution | The University of Tokyo |
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Principal Investigator |
MATSUHASHI Ryuji The University of Tokyo, Graduate School of Frontier Sciences, Professor, 大学院新領域創成科学研究科, 教授 (80229517)
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| Co-Investigator(Kenkyū-buntansha) |
YOSHIDA Yoshikuni The University of Tokyo, Graduate School of Frontier Sciences, Associate Professor, 大学院新領域創成科学研究科, 助教授 (30302756)
NOMURA Akira The University of Tokyo, Graduate School of Engineering, Technical officer, 大学院工学系研究科, 技術専門職員 (60436540)
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| Project Period (FY) |
2003 – 2006
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| Keywords | Kyoto Mechanisms / Government purchase / Upfront payment / Payment on delivery / CDM bond / Securitization / Varying price / Fixed price |
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| Research Abstract |
CDM is expected to facilitate technology transfer from developed to developing countries as well as to economically reduce greenhouse gas emissions. In this research, we explored effective institutions to activate CDM projects. For this purpose, real option theory is applied to investment in CDM. Next we estimated profit rates for feasibility studies of 42 CDM or JI projects, taking account of volatilities in price of CER, certified emission reduction. Profitability and standard deviations in the project assets were quantitatively estimated, using Monte-Carlo simulations. Referring CERUPT, we quantified the effect of the institution, which accelerate investment in the CDM projects. Finally, we investigate the scheme of CDM bond, which is to securitize finance of CDM projects. Activation of CDM was concluded to depend upon how to lower risks accompanying the projects.
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