Affiliation:
1. School of Economics, Hangzhou Normal University, Hangzhou 311121, China
2. Hangzhou Economist Association, Hangzhou 311121, China
3. Business School, Ningbo University, Ningbo 315211, China
Abstract
The Carbon trading price (CTP) can best reflect the fluctuations of the carbon trading market. This paper comprehensively analyzes the CTP mechanism of China’s carbon trading market, discusses the main factors affecting China’s CTP, which include macroeconomic factors, energy price factors, policy factors, and environmental factors, and provides three hypotheses. In order to highlight and test the three hypotheses about the CTP, five representative carbon trading pilot markets were included: Beijing, Shenzhen, Shanghai, Hubei, and Guangdong, and the daily average price data (over years) were adapted from January 2017 to December 2021, using a dynamic heterogeneous panel PMG model. The current paper selects the China air quality index (AQI), Bohai-Rim steam-coal price index (BSPI), Liquefied natural gas index (LNGI), and the Shanghai stock exchange industrial index (SSEII) as the explanatory variables. The empirical results show that there is a long-term equilibrium relationship between the CTP, AQI, energy price, and macroeconomics. Strengthening environmental governance, optimizing the energy structure, and expanding the carbon trading market coverage should be adopted to improve the China carbon emission trade exchange (CCETE) and stabilize the CTP.
Funder
Humanities and Social Sciences Fund, Ministry of Education of China
Zhejiang Provincial Natural Science Foundation of China
2022 Hangzhou Normal University Graduate Research Innovation Promotion Project
Subject
Management, Monitoring, Policy and Law,Renewable Energy, Sustainability and the Environment,Geography, Planning and Development,Building and Construction
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