A study on the response of carbon emission rights price to energy price macroeconomy and weather conditions
China’s carbon emission trading market has gradually attracted worldwide attention. In this paper, a structural VAR model and Shenzhen, a typical city in China, are selected to study the dynamic relationships between China’s carbon emission rights price, energy prices, macroeconomic level, and weath...
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| Veröffentlicht in: | Environmental science and pollution research international 2023-03, Vol.30 (12), p.33833-33848 |
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| creator | Shi, Changfeng Zeng, Qingshun Zhi, Jiaqi Na, Xiaohong Cheng, Shufang |
| description | China’s carbon emission trading market has gradually attracted worldwide attention. In this paper, a structural VAR model and Shenzhen, a typical city in China, are selected to study the dynamic relationships between China’s carbon emission rights price, energy prices, macroeconomic level, and weather conditions. Shanghai crude oil futures, the first crude oil futures contract in China, is used to describe changes in oil market as a substitute for Daqing crude oil price. The results show that the price of carbon emission rights is mainly affected by its own historical price; and the price of carbon emission rights is positively correlated with crude oil price and natural gas price, but negatively correlated with coal price; the change of macroeconomic level will still have a relatively large impact on carbon emission rights price in the current stage of economic development in China, but this impact is not significant; The impact of weather conditions on the price of carbon emission rights is not obvious. It is found that the launch of the national unified carbon market has indeed achieved certain results, but the situation that China’s carbon market is still in its infancy has not been changed; further efforts are needed. |
| doi_str_mv | 10.1007/s11356-022-24577-2 |
| format | Article |
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In this paper, a structural VAR model and Shenzhen, a typical city in China, are selected to study the dynamic relationships between China’s carbon emission rights price, energy prices, macroeconomic level, and weather conditions. Shanghai crude oil futures, the first crude oil futures contract in China, is used to describe changes in oil market as a substitute for Daqing crude oil price. The results show that the price of carbon emission rights is mainly affected by its own historical price; and the price of carbon emission rights is positively correlated with crude oil price and natural gas price, but negatively correlated with coal price; the change of macroeconomic level will still have a relatively large impact on carbon emission rights price in the current stage of economic development in China, but this impact is not significant; The impact of weather conditions on the price of carbon emission rights is not obvious. 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In this paper, a structural VAR model and Shenzhen, a typical city in China, are selected to study the dynamic relationships between China’s carbon emission rights price, energy prices, macroeconomic level, and weather conditions. Shanghai crude oil futures, the first crude oil futures contract in China, is used to describe changes in oil market as a substitute for Daqing crude oil price. The results show that the price of carbon emission rights is mainly affected by its own historical price; and the price of carbon emission rights is positively correlated with crude oil price and natural gas price, but negatively correlated with coal price; the change of macroeconomic level will still have a relatively large impact on carbon emission rights price in the current stage of economic development in China, but this impact is not significant; The impact of weather conditions on the price of carbon emission rights is not obvious. It is found that the launch of the national unified carbon market has indeed achieved certain results, but the situation that China’s carbon market is still in its infancy has not been changed; further efforts are needed.</description><subject>Aquatic Pollution</subject><subject>Atmospheric Protection/Air Quality Control/Air Pollution</subject><subject>Carbon - analysis</subject><subject>China</subject><subject>Earth and Environmental Science</subject><subject>Economic Development</subject><subject>Ecotoxicology</subject><subject>Environment</subject><subject>Environmental Chemistry</subject><subject>Environmental Health</subject><subject>Forecasting</subject><subject>Petroleum</subject><subject>Research Article</subject><subject>Waste Water Technology</subject><subject>Water Management</subject><subject>Water Pollution Control</subject><issn>1614-7499</issn><issn>0944-1344</issn><issn>1614-7499</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2023</creationdate><recordtype>article</recordtype><sourceid>EIF</sourceid><recordid>eNp9UclOwzAUtBCI_Qc4IB-5BLzFri9ICLFJlbjA2XKclzalsYudgPr3uLRUcOH0tpnx8xuEzii5pISoq0QpL2VBGCuYKJUq2A46pJKKQgmtd3_lB-gopRkhjGim9tEBlyVhQslD9HaDUz_USxw87qeAI6RF8AlwaLCzscpt6NqU2pzEdjLtE17E1gHuAwYPcbLc1J11MYALPnRLbH2NP8FmwYhzq277zE8naK-x8wSnm3iMXu_vXm4fi_Hzw9PtzbhwQsi-EJUUunaaQOVKqCmzRDZN44RSWpYjVSmttFYcgFvlaihF01R0NGIOCOcV8GN0vdZdDFUHtQPfRzs3ec_OxqUJtjV_J76dmkn4MFoJqojMAhcbgRjeB0i9ySdwMJ9bD2FIhqmSM800X0HZGpp_n1KEZvsMJWblklm7ZLJL5tslwzLp_PeCW8qPLRnA14CUR34C0czCEH0-2n-yX0NZoQY</recordid><startdate>20230301</startdate><enddate>20230301</enddate><creator>Shi, Changfeng</creator><creator>Zeng, Qingshun</creator><creator>Zhi, Jiaqi</creator><creator>Na, Xiaohong</creator><creator>Cheng, Shufang</creator><general>Springer Berlin Heidelberg</general><scope>CGR</scope><scope>CUY</scope><scope>CVF</scope><scope>ECM</scope><scope>EIF</scope><scope>NPM</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7X8</scope><scope>5PM</scope></search><sort><creationdate>20230301</creationdate><title>A study on the response of carbon emission rights price to energy price macroeconomy and weather conditions</title><author>Shi, Changfeng ; Zeng, Qingshun ; Zhi, Jiaqi ; Na, Xiaohong ; Cheng, Shufang</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c446t-4b649dc90ebc5ed12a06fffc47796587b7979973ee3a7cde54ffb1882ce033be3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2023</creationdate><topic>Aquatic Pollution</topic><topic>Atmospheric Protection/Air Quality Control/Air Pollution</topic><topic>Carbon - analysis</topic><topic>China</topic><topic>Earth and Environmental Science</topic><topic>Economic Development</topic><topic>Ecotoxicology</topic><topic>Environment</topic><topic>Environmental Chemistry</topic><topic>Environmental Health</topic><topic>Forecasting</topic><topic>Petroleum</topic><topic>Research Article</topic><topic>Waste Water Technology</topic><topic>Water Management</topic><topic>Water Pollution Control</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Shi, Changfeng</creatorcontrib><creatorcontrib>Zeng, Qingshun</creatorcontrib><creatorcontrib>Zhi, Jiaqi</creatorcontrib><creatorcontrib>Na, Xiaohong</creatorcontrib><creatorcontrib>Cheng, Shufang</creatorcontrib><collection>Medline</collection><collection>MEDLINE</collection><collection>MEDLINE (Ovid)</collection><collection>MEDLINE</collection><collection>MEDLINE</collection><collection>PubMed</collection><collection>CrossRef</collection><collection>MEDLINE - Academic</collection><collection>PubMed Central (Full Participant titles)</collection><jtitle>Environmental science and pollution research international</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Shi, Changfeng</au><au>Zeng, Qingshun</au><au>Zhi, Jiaqi</au><au>Na, Xiaohong</au><au>Cheng, Shufang</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>A study on the response of carbon emission rights price to energy price macroeconomy and weather conditions</atitle><jtitle>Environmental science and pollution research international</jtitle><stitle>Environ Sci Pollut Res</stitle><addtitle>Environ Sci Pollut Res Int</addtitle><date>2023-03-01</date><risdate>2023</risdate><volume>30</volume><issue>12</issue><spage>33833</spage><epage>33848</epage><pages>33833-33848</pages><issn>1614-7499</issn><issn>0944-1344</issn><eissn>1614-7499</eissn><abstract>China’s carbon emission trading market has gradually attracted worldwide attention. In this paper, a structural VAR model and Shenzhen, a typical city in China, are selected to study the dynamic relationships between China’s carbon emission rights price, energy prices, macroeconomic level, and weather conditions. Shanghai crude oil futures, the first crude oil futures contract in China, is used to describe changes in oil market as a substitute for Daqing crude oil price. The results show that the price of carbon emission rights is mainly affected by its own historical price; and the price of carbon emission rights is positively correlated with crude oil price and natural gas price, but negatively correlated with coal price; the change of macroeconomic level will still have a relatively large impact on carbon emission rights price in the current stage of economic development in China, but this impact is not significant; The impact of weather conditions on the price of carbon emission rights is not obvious. 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| subjects | Aquatic Pollution Atmospheric Protection/Air Quality Control/Air Pollution Carbon - analysis China Earth and Environmental Science Economic Development Ecotoxicology Environment Environmental Chemistry Environmental Health Forecasting Petroleum Research Article Waste Water Technology Water Management Water Pollution Control |
| title | A study on the response of carbon emission rights price to energy price macroeconomy and weather conditions |
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