The Investment Valuation of the CCER Project for Waste-to-Power.

      Аннотация: At present, as the national carbon emissions trading will be launched, China voluntary emission reduction mechanisms (China Certified Emission Reduction, CCER)usher in the new opportunities for development. As one of the environmental protection industry which is strongly supported by the country, municipal solid waste incineration power generation also ushers in the new business model--solid waste incineration power generation of CCER project. Under the new business model, to make the right investment decisions, it is necessary to consider how to ensure the scientific and rationality of investment value evaluation. It becomes the key to capture market opportunities. And it helps the companies keep competitive and sustainable development. As a result of China's carbon trading market is still at the initial stage, the fluctuation of future CCER trading price will bring uncertainty to the project revenue.The paper brings the uncertainty into the evaluation of garbage incineration power generation CCER project, constructs the evaluation model for this kind of project investment which is based on real options, and provides the scientific method for enterprises and project investors.

Ключевые слова: Waste Incineration Power Generation, CCER project, Real options, Investment value evaluation