Stock prices of clean energy firms, oil and carbon markets : a vector autoregressive analysis

Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

Carbon Markets: Past, Present, and Future

Carbon markets are substantial and they are expanding. There are many lessons from experiences over the past eight years: fewer free allowances, better management of market-sensitive information, and a recognition that trading systems require adjustments that have consequences for market participants and market confidence. Moreover, the emerging international architecture features separate emissions trading systems serving distinct jurisdictions. These programs are complemented by a variety of other types of policies alongside the carbon markets. This sits in sharp contrast to the integrated global trading architecture envisioned 15 years ago by the designers of the Kyoto Protocol and raises a suite of new questions. In this new architecture, jurisdictions with emissions trading have to decide how, whether, and when to link with one another, and policymakers overseeing carbon markets must confront how to measure the comparability of efforts among markets and relative to a variety of other policy approaches.

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Carbon markets: Past, present, and future

© 2014 by Annual Reviews.Carbon markets are substantial and expanding. There are many lessons from experience over the past 9 years: fewer free allowances, careful moderation of low and high prices, and a recognition that trading systems require adjustments that have consequences for market participants and market confidence. Moreover, the emerging international architecture features separate emissions trading systems serving distinct jurisdictions. These programs are complemented by a variety of other types of policies alongside the carbon markets. This architecture sits in sharp contrast to the integrated global trading architecture envisioned 15 years ago by the designers of the Kyoto Protocol and raises a suite of new questions. In this new architecture, jurisdictions with emissions trading have to decide how, whether, and when to link with one another, and policy makers must confront how to measure both the comparability of efforts among markets and the comparability between markets and a variety of other policy approaches.

Climate Change and Transregional Convergence: Carbon Markets in North Amer ica

National policies in North America have not been drafted properly to address the problem of climate change, following the impasse of international negotiations. Facing this scenario, new alternatives emerge with the leadership and participation of new actors. Local governments in North America, especially of British Columbia, Ontario and Quebec, have been developing strategies to face climate change and emissions reduction in parallel to the national efforts and the global governance strategies. These local governments have developed a transregional approach that has resulted in the creation of regional institutions such as the Western Climate Initiative, the Regional Greenhouse GasInitiative and the Midwestern GreenhouseGas Reduction Accord.Their main goal is to establish regional carbon markets to mitigate and adapt to climate change impacts in a cost-effective way. In spite of these efforts, these initiatives have faced the overlapping problem among them and with national and globalstrategies. The goal of this research is to explore how these carbon markets have developed convergence policies. Convergence among these markets is expressed in their offset system and in secondary markets.

Climate change and carbon markets: implications for developing countries

While the Kyoto Protocol provided a framework for reducing the greenhouse gas emissions of industrialized nations, current climate change negotiations envisage future commitments for major co2 emitters among developing countries. This document uses an updated version of the gtap-e general equilibrium model to analyse the economic implications of reducing carbon emissions under different carbon trading scenarios. The participation of developing countries such as China and India would reduce emissions trading costs. Impacts in Latin America would depend on whether a country is an energy exporter or importer and whether the United States reduces emissions. Welfare impacts might be negative depending on the carbon trading scheme adopted and a country’s trading partners.

China's ETS: A vote of confidence in carbon markets ahead of Paris. CEPS Commentary, 12 October 2015

In this CEPS commentary, Andrei Marcu welcomes the recent announcement by President Xi Jinping that China will start a national emissions trading scheme in 2017. Calling it a "genuine game changer" in the global climate talks, Marcu describes the decision as giving a much-needed boost to carbon markets and cap-and-trade as the preferred way forward for those economies that have the capacity, the depth and the breadth for a liquid carbon market.

From carbon markets to carbon morality: creative compounds as framing devices in online discourses on climate change mitigation

Lexical combinations of at least two roots around "carbon" as the hub, such as "carbon finance" or "carbon footprint," have recently become ubiquitous in English-speaking science, politics, and mass media. They are part of a new language evolving around the issue of climate change that can reveal how it is framed by various stakeholders. In this article, the authors study the role of these "carbon compounds" as tools of communication in different online discourses on climate change mitigation. By combining a quantitative analysis of their occurrences with a qualitative analysis of the contexts in which the compounds were used, the authors identify three clusters of compounds focused on finance, lifestyle, and attitudes and elucidate the communicative purposes to which they were put between the 1990s and the early 21st century. This approach may open up new ways of analyzing the framings of climate change mitigation initiatives in the public sphere.

Fraud risk and the visibility of carbon

In recent years, carbon has been increasingly rendered ‘visible’ both discursively and through political processes that have imbued it with economic value. Greenhouse gas (GHG) emissions have been constructed as social and environmental costs and their reduction or avoidance as social and economic gain. The ‘marketisation’ of carbon, which has been facilitated through various compliance schemes such as the European Union Emissions Trading Scheme (EU ETS), the Kyoto Protocol, the proposed Australian Emissions Reduction Scheme and through the voluntary carbon credit market, have attempted to bring carbon into the ‘foreground’ as an economic liability and/or opportunity. Accompanying the increasing economic visibility of carbon are reports of frauds and scams – the ‘gaming of carbon markets’(Chan 2010). As Lohmann (2010: 21) points out, ‘what are conventionally classed as scams or frauds are an inevitable feature of carbon offset markets, not something that could be eliminated by regulation targeting the specific businesses or state agencies involved’. This paper critiques the disparate discourses of fraud risk in carbon markets and examines cases of fraud within emerging landscapes of green criminology.

The darker side of green : plantation forestry and carbon violence in Uganda

In recent years, there has been a significant trend toward land acquisition in developing countries, establishing forestry plantations for offsetting carbon pollution generated in the Global North. Badged as “green economic development,” global carbon markets are often championed not only as solutions to climate change, but as drivers of positive development outcomes for local communities. But there is mounting evidence that these corporate land acquisitions for climate change mitigation—including forestry plantations—severely compromise not only local ecologies but also the livelihoods of the some of the world’s most vulnerable people living at subsistence level in rural areas in developing countries.

Achieving universal rural energy access in india: A low carbon pathway

India's energy challenges are three pronged: presence of majority energy poor lacking access to modern energy; need for expanding energy system to bridge this access gap as well as to meet the requirements of fast-growing economy; and the desire to partner with global economies in mitigating the threat of climate change. The presence of 364 million people without access to electricity and 726 million relying on biomass for cooking out of a total rural population of 809 million indicate the seriousness of challenge. In this paper, we discuss an innovative approach to address this challenge, which intends to take advantage of recent global developments and untapped capabilities possessed by India. Intention is to use climate change mitigation imperative as a stimulus and adopt a public-private-partnership-driven ‘business model' with innovative institutional, regulatory, financing, and delivery mechanisms. Some of the innovations are: creation of rural energy access authorities within the government system as leadership institutions; establishment of energy access funds to enable transitions from the regime of "investment/fuel subsidies" to "incentive-linked" delivery of energy services; integration of business principles to facilitate affordable and equitable energy sales and carbon trade; and treatment of entrepreneurs as implementation targets. This proposal targets 100% access to modern energy carriers by 2030 through a judicious mix of conventional and biomass energy systems with an investment of US$35 billion over 20 years. The estimated annual cost of universal energy access is about US$9 billion for a GHG mitigation potential of 213Tg CO2e at an abatement cost of US$41/tCO2e. It is a win-win situation for all stakeholders. Households benefit from modern energy carriers at affordable cost; entrepreneurs run profitable energy enterprises; carbon markets have access to CERs; the government has the satisfaction of securing energy access to rural people; and globally, there is a benefit of climate change mitigation.

Linking Reduced Deforestation and a Global Carbon Market: Impacts on Costs, Financial Flows, and Technological Innovation

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