Ecological product value realization mechanism of marine ranch blue carbon sink under the influence of time preference

Abstract

Marine ranch is an important measure to promote the transformation and upgrading of marine fisheries and the construction of marine ecological civilization. The product value realization mechanism of its blue carbon sink is the key link to transform“green water and green mountains”into“golden mountains and silver mountains”. However, problems such as lack of multi-stakeholder participation, insufficient return of ecological value enhancement, and deviation of intertemporal value transformation seriously restrict the sustainable operation of the value realization mechanism of marine ranch blue carbon sink ecological products in China. In view of these, this study designed a product value realization mechanism of marine ranch blue carbon sink, which covers multiple heterogeneous subjects including the government, fishery enterprises, carbon trading centers, banks, and third-party service institutions using various tools of blue carbon sink trading and blue carbon sink pledge credit. The current income and future income can be converted in this mechanism and fishery enterprises'time preference is also taken into account. The conclusions are as follows. The time preference of fishery enterprises has an effect on the marketization of the value realization mechanism of marine ranch blue carbon sink, and it has the most significant impact on the strategy choice of fishery enterprises, followed by the third-party service institutions and the government. In the direct realization mechanism, the higher the subsidy amount and environmental protection tax, the more conducive it is to promoting the development of marine ranching and its blue carbon sink market. Compared with subsidy, environmental protection tax is more powerful. The higher the blue carbon sink price the higher the fishing enterprises'willingness to adopt the marine ranching model, but it promotes first and then suppresses the willingness of third-party service institutions to carry out blue carbon pledge credit business. In the indirect realization mechanism, the lower the credit risk and the higher the pledge rate, the more conducive it is to promoting the orderly development of marine ranching and its blue carbon sink market. The credit incentives and liquidated damages should be moderate. Too high or too low credit incentives and liquidated damages are not conducive to the healthy development of marine ranching and its blue carbon sink market.