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Assuming responsibility for emission reduction is an important part of participating in the global governance of climate change. Countries with a carbon neutrality target now cover about 75% of global greenhouse gas emissions. Carrying out fairness evaluations of their carbon neutrality targets provide a strong basis for the global carbon inventory. In this paper, the target years of carbon neutrality for major countries and regions under the global target of 2 °C and 1.5 °C are studied using the burden sharing model. On this basis, this paper simulates the possible pathways of carbon neutrality and evaluates the ambition of emission reduction targets in terms of annual emission reduction, per capita emission, and cumulative per capita emission. The results show that, from the perspective of equity, most of the developing countries cannot meet the global goal of 1.5 °C. The United States and the European Union nations could achieve carbon neutrality by 2050 by continuing their annual emission reductions under their existing NDC targets. However, to achieve carbon neutrality by 2060, China's annual emission reduction rate from 2030 to 2050 will be 6.7%, and the annual amount of emission reduction accounts for 51% of the global amount under the 1.5 °C target. Meanwhile, China would become the main force behind global cumulative emissions in the following decades. Thus, the emission reduction pathways China chooses will have an important impact on global climate mitigation progress. Based on the above research conclusions, this paper proposes that developed countries and developing countries should explore bilateral or multilateral cooperation in technology and finance in the field of climate change. Under the great pressure to achieve carbon neutrality, China needs to carry out research on the overall emission reduction pathways as soon as possible and clarify the paths at the scale of sectors, industries, provinces, and time stages. [ABSTRACT FROM AUTHOR]

Water option trading aims at solving the problem of uneven spatial and temporal distribution of water resources. With the change of global climate, rainfall has become an important factor leading to the uneven spatial and temporal distribution of water resources. In this paper, Markov chain is used to divide and forecast the rainfall scenarios. On the basis of rainfall forecast, the related costs of water option trading are determined. The forecast results of rainfall index are integrated into the determination of the ultimate overprice of water options. The improved Black- Scholes option pricing model is used to determine the rights of water options trading based on the forecast results of rainfall. Finally, the rationality of the calculation results is verified by using the extended linear expenditure model, which proves the rationality of the transaction price determined by the model. Taking Guangdong province as an example, this paper verifies the necessity of incorporating rainfall index into water option trading and the rationality of the related costs of water option trading determined by the model, and proves the superiority of fluctuating water price over stepped water price. Water option trading considering rainfall fully reflects the relationship between supply and demand in water market, and improves the scientificity of water option trading pricing in China. [ABSTRACT FROM AUTHOR]