Abstract
While carbon emissions reduction brings about environmental benefits, it can also create financial pressure on many manufacturing enterprises. Many manufacturing enterprises have begun to pledge their own carbon emissions right quotas for financing and the funds from this financing are being used to implement energy savings and emissions reduction strategies. To investigate the impact of carbon emissions right pledge financing on supply chains, this study constructed a two-echelon low-carbon supply chain, which consisted of a capital-constrained manufacturer and a retailer. The manufacturer invested in carbon reduction technologies using carbon emissions right pledge financing. On this basis, we analyzed the carbon emissions reduction levels and profits of the supply chain in three different power structures. The results showed that the manufacturer pledged the most carbon emissions rights to finance emissions reduction in the Nash model and, in this case, the carbon emissions reduction levels and profits of the supply chain were always the highest. In the manufacturer-led Stackelberg model, the overall economic and environmental benefits of the supply chain were the lowest. In addition, we analyzed the sensitivity of the important parameters of the model and revealed some management implications.