This paper proposes a real options model for evaluating the biomass power generation investment in China. The uncertainties in the market price of electricity, CO₂ price and straw price are considered. Meanwhile the dynamic relationship between installed capacity and fuel cost, as well as the long-term reduction of subsidy are described. Two scenarios, i.e., with the carbon emission trading scheme existent and non-existent, respectively, is built to empirically analyze the investment of a 25-MW straw-based power generation project. The results show that investors should undertake the investment in 2030 under two scenarios. Investment values are 14,869,254.8 and 37,608,727 Chinese Yuan (RMB), respectively. The implementation of the carbon emission trading scheme theoretically helps improve investment value and advance the most likely optimal investment time. However, the current CO₂ price is not sufficient to advance the most likely optimal investment time. The impacts of several factors, including subsidy policy, CO₂ price, straw price, installed capacity, correlation structure and the validity period of investment, on the optimal investment strategy are also examined. It is suggested that governments take some measures, including increasing subsidy, setting the growth pattern of subsidy and establishing and perfecting a nationwide carbon trading market, to improve the investment environment and attract more investments.

The new energy industry serves as a key driver for green growth, and unlocking its core competitiveness is essential for achieving sustainable development. This study focuses on the new energy industry in Shandong province from 2010 to 2021, constructing an evaluation system for core competitiveness across three dimensions: industrial competitive environment, industrial competitive strength, and industrial competitive potential. Utilizing the entropy weight TOPSIS method and the obstacle degree model, this paper delves into the evolving characteristics and hindering factors affecting the core competitiveness of the new energy industry in Shandong province. The findings reveal the following: (1) over the study period, the core competitiveness of the new energy industry in Shandong province underwent stages of small fluctuations, slow growth, and rapid expansion, indicating an overall upward trajectory. (2) The primary obstacle to improving core competitiveness lies in the industrial competitive environment, particularly highlighted by factors such as the number of industrial service departments, existing policies, the growth rate of investment in the new energy industry, and the number of research and development personnel in large-scale new energy enterprises.