Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as ...Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as sample data, the multifractal detrend cross-correlation analysis method(MF-DCCA)is used to research the dynamic cross-correlation relationships among the carbon emission market, crude oil market and the new energy market in Europe and China and the source of the multifractality. The empirical analysis shows that the cross-correlations among the carbon emission market, crude oil market and new energy market in Europe and China have all significant multifractal characteristics. Moreover, the multifractal strength of cross-correlation between the carbon emission market and crude oil market is less than that between the carbon emission market and new energy market in Europe. The Chinese market is the opposite. In addition, the multifractal strength of cross-correlation between the crude oil market and new energy market in Europe is more than that between the crude oil market and new energy market in China. It is also found that the long-range correlation of the sequences themselves and the fat-tailed distribution in fluctuations are the common causes of the multifractality, and the fat-tailed in fluctuations distribution contributes more to the multifractals of the series.展开更多
Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emis...Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved.展开更多
Renewable energy generation,as part of the global effort to mitigate climate change,will play a central role in reducing greenhouse gas emissions and achieving China's goal of carbon emissions peak before 2030 and...Renewable energy generation,as part of the global effort to mitigate climate change,will play a central role in reducing greenhouse gas emissions and achieving China's goal of carbon emissions peak before 2030 and carbon neutral before 2060.However,the impact of carbon quota auctions on renewable energy generation has not been sufficiently discussed.The main purpose of this study is to investigate whether China can rely on quota auctions to increase renewable energy generation in the short term,and to demonstrate which is more effective in promoting renewable energy development,policy enforcement or auction constraints?The improved neo-trans-log production model,the multiobjective linear programming model and the dispatch heuristic were used to predict additional emission reduction cost,optimized power mix with different auctioning rates,with economic development,technological progress and the unique characteristics of China's power generation industry being taken into consideration.The results show that the auctioning rate will have little influence on the optimized energy production structure,especially on the share of renewable energy resources;when the total on-grid electricity generation ranges from 7625 to 7926 billion kW h and the auctioning rate ranges from 0% to 5%,policy enforcement will influence the generation of renewable energy to a greater extent than auctioning in the near future.展开更多
基金supported by the Jiangsu postgraduate research and practice innovation program (Grant No. KYCX18_1386)
文摘Taking the return series of the EU carbon allowance price, WTI crude oil price, the European renewable energy index and Shenzhen carbon emission price, Daqing crude oil price, the China securities new energy index as sample data, the multifractal detrend cross-correlation analysis method(MF-DCCA)is used to research the dynamic cross-correlation relationships among the carbon emission market, crude oil market and the new energy market in Europe and China and the source of the multifractality. The empirical analysis shows that the cross-correlations among the carbon emission market, crude oil market and new energy market in Europe and China have all significant multifractal characteristics. Moreover, the multifractal strength of cross-correlation between the carbon emission market and crude oil market is less than that between the carbon emission market and new energy market in Europe. The Chinese market is the opposite. In addition, the multifractal strength of cross-correlation between the crude oil market and new energy market in Europe is more than that between the crude oil market and new energy market in China. It is also found that the long-range correlation of the sequences themselves and the fat-tailed distribution in fluctuations are the common causes of the multifractality, and the fat-tailed in fluctuations distribution contributes more to the multifractals of the series.
基金funded jointly by National Science and Technology Major Project under Grant No.2016ZX05016005-003the National Natural Science Foundation of China under Grant No.71173200the Development and Research Center of China Geological Survey under Grant No.12120114056601
文摘Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved.
基金This research was supported by the Natiorml Natural Scicnce Foundation of China(71673086).
文摘Renewable energy generation,as part of the global effort to mitigate climate change,will play a central role in reducing greenhouse gas emissions and achieving China's goal of carbon emissions peak before 2030 and carbon neutral before 2060.However,the impact of carbon quota auctions on renewable energy generation has not been sufficiently discussed.The main purpose of this study is to investigate whether China can rely on quota auctions to increase renewable energy generation in the short term,and to demonstrate which is more effective in promoting renewable energy development,policy enforcement or auction constraints?The improved neo-trans-log production model,the multiobjective linear programming model and the dispatch heuristic were used to predict additional emission reduction cost,optimized power mix with different auctioning rates,with economic development,technological progress and the unique characteristics of China's power generation industry being taken into consideration.The results show that the auctioning rate will have little influence on the optimized energy production structure,especially on the share of renewable energy resources;when the total on-grid electricity generation ranges from 7625 to 7926 billion kW h and the auctioning rate ranges from 0% to 5%,policy enforcement will influence the generation of renewable energy to a greater extent than auctioning in the near future.
