Assessment of impacts of Hubei Pilot emission trading schemes in China ??? A CGE-analysis using TermCO2 model

•The economic and environmental impacts of the Hubei Pilot ETS are assessed by applying TermCO2 model.•The carbon emission of Hubei is reduced by 1.00% and the provincial GDP declines by 0.06% in 2014.•Elasticity of GDP to carbon reduction is 0.06, and the average GDP loss is 212.09 Yuan per ton in Hubei.•The provincial employment and investment rate decreases by 0.09% and 0.33% respectively.