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emission intensity by 0.8% and total emissions by 3.5%. Emission reductions are concentrated among small coal-fired units and are driven by efficiency improvements, higher heat supply ratios, and improved fuel quality. In contrast, the impacts on large coal-fired units are limited. Greater intensity reductions are observed among local state-owned and private firms, captive plants, non-pilot units, and technologically less advanced units. Overall, the intensity-based design provides limited incentives to curb output among low-emission-intensity units, suggesting the intensity-based mechanism functions as a transitional arrangement toward a cap-and-trade system.
Lyu et al. (Fri,) studied this question.