Research On The Impact Of Carbon Asset Management On Value Creation Under The Background Of “Double Carbon”

With the goal of "carbon peaking and carbon neutrality" put forward,the Chinese government’s requirements for greenhouse gas emissions are more and more strict,and a series of management policies to curb carbon emissions have been proposed.These policies have put forward higher requirements for the carbon asset management of enterprises,and the carbon asset management in our country is mainly for the management of carbon quota assets.This restriction prevents companies from creating value through carbon asset management.How to improve the level of enterprise carbon asset management and promote enterprise value creation is an urgent and necessary issue for our research on carbon asset management.Among many enterprises engaged in carbon asset management,Huaneng International is one of the first enterprises in the power industry to be included in the national carbon emission rights trading market.As a leading enterprise in the power industry,Huaneng International’s carbon asset management mode and approach are unique and typical.Therefore,this paper attempts to study the impact of carbon asset management on enterprise value creation by analyzing the mode and approach of carbon asset management in Huaneng International.Firstly,this paper clarifies the internal connection between carbon asset management and value creation through low-carbon economy theory,sustainable development theory,enterprise value maximization theory and stakeholder theory,that is,carbon asset management can achieve value creation by reducing cost,improving income and assuming social responsibility.Then,using the method of case study,Huaneng International is selected as the case enterprise,and the mode and approach of carbon asset management of Huaneng International are analyzed,the effect of economic,environmental and social value creation of carbon asset management of Huaneng International is studied.It is found that the carbon asset management of Huaneng International has improved the value creation in various aspects to different degrees:(1)In terms of economic value,participation in carbon asset management improves corporate earnings;Carbon information disclosure reduces the cost of information asymmetry;Issuing carbon bonds reduces corporate financing costs.(2)In terms of environmental value,improving energy saving ability reduces energy consumption cost of enterprises;Improving emission reduction capacity reduces corporate governance costs;Improving the clean energy structure has created new economic growth points for enterprises.(3)In terms of social value,protecting the interests of stakeholders promotes enterprises to undertake social responsibilities and enhance their reputation;Identification,prevention and control of carbon risk has stabilized the operation of enterprises.Finally,according to the carbon asset management practice of Huaneng International,this paper puts forward the enlightenment for enterprise carbon asset management:(1)Enterprises should establish a value-oriented carbon asset management system.In terms of market management,it is necessary to enhance the participation in carbon market trading and improve the quality of carbon information disclosure;In the level of technology management: increase the investment in the research and development of energy saving and emission reduction technology and clean energy;At the level of comprehensive management: establish the enterprise carbon asset management system,safeguard the interests of stakeholders,prevent and identify carbon risks.(2)The government should strengthen the guidance and supervision of carbon asset management: improve the activity of carbon trading market,formulate strict carbon emission standards,and formulate clear carbon information disclosure system.The research of this paper can provide reference for other enterprises’ carbon asset management and help to achieve the goal of "double carbon".