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Civil aviation significantly contributes to "hard-to-abate" emissions, responsible for 2% of global CO2 emissions. This paper examines the most effective policies to promote Sustainable Aviation Fuels (SAFs) in Italy, using a multi-level policy analysis and a stakeholder-based case study approach. The policies reviewed comprise the international, European, and national level. The paper analyses at the international level, ICAO CORSIA and, at the European level, the Renewable Energy Directive (RED), ReFuel EU, and the EU Emissions Trading System (EU ETS) for aviation. Italy has not yet implemented specific policies targeting SAF transition, which is challenging due to commercialization issues and policy inconsistencies. These include the price gap between SAF and conventional fuels, different definitions adopted, and environmental objectives pursued with respect to sustainable fuels by ICAO and the EU. Other challenges include double-counting risks and fuel tankering practices. This article contributes to Italy's SAF policymaking by developing a stakeholder-based quantitative survey, whose results suggest that three measures are key: tax subsidies for technology and infrastructure users, tax credits for upgrading production infrastructure, and tax breaks for SAF-using companies, fuel handlers, and distributors. [ABSTRACT FROM AUTHOR]

With the continuous development of global economic and trade activities, environmental problems have become an important factor restricting the sustainable development of all countries. How to realize the coordinated development of international trade and environmental protection has become a major issue facing the international community. Since China joined the WTO, its share of international trade has been increasing continuously. In order to deeply analyze the influence of international carbon emission trading policy on domestic carbon emissions, we use an input–output model and a GTAP analysis method to theoretically calculate the carbon emissions of the international trade of various departments in Shandong Province. At the same time, the implicit carbon emission index of various industries in 2022 is calculated through the direct energy consumption coefficient. The results show that there are significant differences in the impact of the carbon tariff system on different industries. In terms of the carbon emission index, the food processing industry showed a decrease of 18.99 Mt, while the implied carbon emission of the tobacco, textile and leather manufacturing industry reached 30.56 Mt due to the continuous expansion of trade scale. In contrast, the implied carbon emission level of the metal product processing industry reached 5.3 Mt, while the carbon emission of traditional trading industries such as coal mining was almost unaffected by international trade, and its carbon emission index reached the highest level of 5.89 in 2020. In terms of trade impact, high-trade industries such as the food processing industry are significantly affected by the carbon tariff policy, and their share has dropped from 5.89% to 3.95% in the past decade. The carbon emissions generated by GDP growth established by the GTAP model are more convincing. This model can directly reflect the energy efficiency of a region from the side. Based on the present situation of international trade, this paper analyzes the inequality of the current carbon tariff system, and puts forward some policies to optimize the energy structure to reduce carbon emissions and expand domestic demand to reduce the dependence on international trade. Through the GTAP model, we put forward policy suggestions to optimize the energy structure to reduce carbon emissions and the dependence on international trade by expanding domestic demand. [ABSTRACT FROM AUTHOR]

The launch of the national carbon emissions trading (CET) market has resulted in a closer relationship between China's CET market and its electricity market, making it easy for risks to transfer between markets. This paper utilizes data from China's CET market and electric power companies between 2017 and 2023 to construct the spillover index model of Diebold and Yilmaz, the frequency-domain spillover approach developed by Barun'ik and Křehl'ik, and a minimum spanning tree model. The comparison is made before and after the launch of the national CET market. Subsequently, this paper examines the market spillover effects, as well as the static and dynamic properties of network structures, considering both the time domain and frequency-domain perspectives. The research findings suggest the following: (1) There is a strong risk spillover effect between China's CET market and the stock prices of electric power companies; (2) There is asymmetry in the paired spillover effects between carbon trading pilot markets and the national CET market, and differences exist in the impact of risk spillovers from power companies between the two; (3) The results of the MST model indicate that the risk contagion efficiency is higher in the regional CET pilot stage compared to the national CET market launch stage, with significant changes occurring in key nodes before and after the launch of the national CET market; (4) Both the dynamic spillover index and the standardized tree length results demonstrate that crisis events can worsen the risk contagion between markets. Besides offering a theoretical foundation and empirical evidence for the development of China's CET and electricity markets, the findings of this paper can provide recommendations for financial market participants as well. [ABSTRACT FROM AUTHOR]

To combat climate change, the Chinese government has implemented a package of policies to support the development of the biogas power generation industry. However, the promotion of biogas power generation technology in China is relatively slow. Therefore, it is of practical significance to study the promotion of biogas power generation technology against the background of policy support. In order to study the effect of policy on the promotion of biogas power generation technology, a system dynamics model is constructed in this paper. The results show that under the feed-in tariff subsidy policy, biogas power generation technology can be well promoted because it has good economic and environmental effects. In addition, if the biogas power generation technology is considered to participate in carbon emission trading, the carbon price also has a positive impact on the promotion of biogas power generation technology because it increases the perceived economic value of biogas power generation projects. Finally, this study can also provide reference value for the promotion of biogas power generation technology in other areas. [ABSTRACT FROM AUTHOR]

As a vital market mechanism to mitigate global warming, the emissions trading system (ETS) has critical research and practice value. According to articles from Web of Science's core collection, quantitative statistics are used to analyze the ETS, including statistics on the number of articles, distributions of time and geography, journals and subjects, productive authors and institutions, academic collation, article citations, and hot topics. Moreover, this paper presents a qualitative analysis of research on the ETS, exploring hot issues, including its origin, allowance allocation, the impact of allowance allocation, and the ETS in the power sector. The results show that it is necessary to launch ETS to mitigate climate change effectively and reduce emissions at a low cost. Allowance allocation as its critical component has also caused heated discussion among scholars. In allowance allocation, exploring a desire to assign the future allowable carbon emissions reasonably and efficiently is vital, yet scholars widely do not accept this. Moreover, free allocation can only be applied to the transitional stage, and auctioning will be inevitable. In addition, scholars have studied the impact of different allowance allocation schemes from macro and micro perspectives and take the power sector, namely the largest emitter, as an example, by linear programming, equilibrium modeling, and multi-agent modeling. However, the quota allocation scheme needs improvement due to firms' accuracy of emission data. Finally, governments are encouraged to launch the ETS to reduce emissions and combat climate change. The ETS should be improved gradually, including aspects such as cap setting, covering sectors, and the allocation method. Additionally, some key emission sectors and regions can be taken as the research and practice objects in the initial stage of the ETS. [ABSTRACT FROM AUTHOR]

China has adopted a gradualism principle in establishing its carbon emission trading system from the regional pilot markets to a national one. In view of the huge market potential and large differences across China, this paper applies the cointegration test and VECM (Vector Error Correction Model) to investigate the long-run trends and the price dynamics of regional pilot markets. The results show that the prices of the regional pilot markets form three long-run trends exhibit mean-reversion patterns. The launch of the national market marks the different performance of regional pilot markets. After the launch of the national market, the number of long-run trends reduces from three to one and the severity of the mean-reversion patterns is eased, indicating the efficiency improvement in China's carbon market from a fragmented toward a unified market. The policy implication is that China should further develop its national market by incorporating the regional markets into the national one and encouraging more market participants for market transaction. [ABSTRACT FROM AUTHOR]

The European Green Deal declares climate neutrality as a goal for the year 2050. It establishes an EU binding target to reduce greenhouse gas emissions by 55 percent by 2030 compared to 1990. The market, through the EU Emissions Trading Scheme, will determine how EU member states contribute to this target. The Effort Sharing Regulation defines binding national targets to reduce the remaining GHG emissions not covered by the EU ETS. In this paper, an energy optimization model is applied to analyze the capability of Czechia to meet the climate change targets by 2030 and 2050. We define a baseline scenario derived from the National Energy and Climate Plan and three policy scenarios to assess impacts of the extension of the EU ETS to buildings and transport (EU ETS 2) and the coal phase-out on the Czech energy system. One of the policy scenarios aims at approaching climate neutrality in 2050. In addition, another scenario does not assess the impacts of the EU ETS 2 and coal phase-out but searches for the optimal path to achieve climate neutrality in 2050. Given the high level of GHG emissions in 1990 and the significant reduction in GHG emissions in the 1990s, Czechia could achieve a 55% reduction by 2030. However, further decarbonization will be quite challenging. [ABSTRACT FROM AUTHOR]

The European carbon emission trading market is the largest and most mature market, while China's carbon market has a short history. Institutionally, cross-market transaction is infeasible between the two markets. This paper investigates the long-run trend between the two markets as well as the price dynamics. Results show that a long-run trend exists between the Chinese and European carbon markets. Both markets possess self-correction capability in reducing price deviations, signaling a certain level of market efficiency. However, both markets also exhibit pricing inefficiency as historical price movements are able to impact prices. The European market informationally leads the Chinese market. Policy implications are that China should further upgrade its information disclosure system, such as unifying information disclosure standards across industries, and further develop its carbon derivatives markets to improve market transparency and market competition. [ABSTRACT FROM AUTHOR]

As China reaffirms its commitments to limit the climate change risk and improve air quality, a combination of new policy and technology opportunities is presenting itself. A national emission trading scheme (ETS) begun in 2017 and is showing great promise, creating decentralized incentives for cost effective pollution mitigation. At the same time, sustained energy sector innovation is driving the costs of renewable electric power generation below those of fossil fuel substitutes. Early economic evidence of ETS measured pollution reductions, but has not addressed important economy-wide net benefits. This paper focuses on technology and energy cost savings and is the first to account for three multiplier effects—shifting consumption patterns, job growth, and the benefits of induced productivity growth—that would result from accelerated renewable electricity deployment in China. Results from a dynamic recursive computable general equilibrium model for 2017 to 2030 show that expanding renewable deployment can interact with the ETS to slash GHG emissions, as well as energy costs, stimulating significant long-term economic growth. These results suggest that China should accelerate its clean energy transition, not only for the air-quality and climate benefits, but to fulfill the energy sector's potential to promote innovation, employment, and economic growth. [ABSTRACT FROM AUTHOR]

China's green credit has mostly been invested in new energy areas with positive environmental externalities in recent years, while coal power enterprises have been neglected. This paper constructs a tripartite evolutionary game model among government, coal power enterprises, and banks to clarify the key factors and mechanisms for coal power enterprises undergoing green transformation. The research results show that: Firstly, to realize the spontaneous green transformation of coal power enterprises, spontaneous profitability must be achieved before the removal of policy incentives, which is reflected in the continuous increase in electricity price, carbon emission trading price, and decrease in green transformation cost. Secondly, the green credit adjustment factor cannot determine whether a company chooses to undertake green transition, but it provides a valuable window of green transition for companies. When the relative benefits of green transformation projects are greater than the relative costs, coal power enterprises will undergo green transformation spontaneously. Thirdly, lower green credit interest rates are not better. An optimal green credit interest rate exists, that allows coal power enterprises to obtain the longest transition window in which to achieve spontaneous profitability for green transition projects. [ABSTRACT FROM AUTHOR]

With the target of carbon peaking and carbon neutrality, renewable energy generation (REG) develops rapidly. The increasing penetration of REG brings along the problems of fluctuation in power flow and the possible abandonment of wind and photovoltaics (PV) generation. In this context, the so-called integrated energy system (IES) becomes a promising solution to the accommodation of REG thanks to energy storage systems and coupling devices inside. In this paper, the optimal operation model of an IES is first presented, with the schemes of green certificate trading and carbon emission right trading included to provide economic incentives for accommodating REG. Next, in order to address the problem of uncertainty in REG, the devices in the IES are divided into three types based on regulation flexibility, and a multi-time period optimal dispatching scheme is proposed, including day-ahead optimal scheduling, rolling optimal dispatching, and real-time control strategy. Finally, it is demonstrated by simulation results of a numerical example that the proposed method not only promotes the accommodation capability for REG but can also cope well with contingencies. [ABSTRACT FROM AUTHOR]

In order to adapt to the development of the green power certificate trading (GPCT) and carbon emissions trading (CET) market, reduce the carbon emissions of the distribution network and increase the investment income, this paper proposes a new distribution network (NDN) planning and simulation operation bi-layer model with new energy (NE) as the main body, considering the GPCT and CET mechanisms. First, the upper layer determines the capacity and location of wind turbine (WT), photovoltaic (PV), hydraulic turbine (HT), micro turbine (MT), and energy storage (ES), while the lower simulation operation considers the operation costs of WT, PV, HT, MT, ES, load demand response (DR) and carbon emissions. The planning objective was to minimize the total cost of investment, operation and carbon emissions in the planning period. Then, on the basis of a traditional distribution network (TDN), security constraints, carbon emissions intensity, GPCT volume and CET volume were added. Finally, the cases study of the improved IEEE33 node and PG&E69 node NDN planning were provided. The results of NDN planning and TDN planning are compared and analyzed, and a sensitivity analysis was carried out to study the impact of GPCT and CET mechanisms with different price levels on investment planning. The results verify the applicability and rationality of the model. [ABSTRACT FROM AUTHOR]

To cope with huge carbon emission pressure, China has implemented a carbon emissions trading pilot policy that aims to provide reasonable suggestions for the smooth operation of the national carbon market. This paper selects the provincial panel data in China from 2005 to 2019 and uses the propensity score matching-difference in difference (PSM-DID) method to evaluate the carbon emission policy's reduction effect. Based on carbon emissions (CE) and carbon emission intensity (CI), provinces and cities are divided into four regions, and each region is verified by spatial difference analysis. Furthermore, the mediating effects of carbon emission reduction through the dual aspects of technological progress and industry structure are also discussed. Results verified that, (1) under the carbon emission trading policy, regional carbon emissions and carbon emission intensity are both significantly reduced. (2) Technological progress helps to reduce carbon emissions, while industrial structure shows no obvious contribution. (3) The four regions all show ideal emission reduction effects, of which the High CE-High CI region shows the best, but is greatly restricted by techniques. The industrial structure of the High CE-Low CI region needs to be further optimized for carbon reduction. In the Low CE-High CI region, the carbon emissions brought by economic development fail to effectively improve per capita GDP. The Low CE-Low CI region contributes greatly to carbon emission reduction with technical advantages. [ABSTRACT FROM AUTHOR]

In the context of "dual carbon", restrictions on carbon emissions have attracted widespread attention from researchers. In order to solve the issue of the insufficient exploration of the synergistic emission reduction effects of various low-carbon policies and technologies applied to multiple microgrids, we propose a multi-microgrid electricity cooperation optimization scheduling strategy based on stepped carbon trading, a hydrogen-doped natural gas system and P2G–CCS coupled operation. Firstly, a multi-energy microgrid model is developed, coupled with hydrogen-doped natural gas system and P2G–CCS, and then carbon trading and a carbon emission restriction mechanism are introduced. Based on this, a model for multi-microgrid electricity cooperation is established. Secondly, design optimization strategies for solving the model are divided into the day-ahead stage and the intraday stage. In the day-ahead stage, an improved alternating direction multiplier method is used to distribute the model to minimize the cooperative costs of multiple microgrids. In the intraday stage, based on the day-ahead scheduling results, an intraday scheduling model is established and a rolling optimization strategy to adjust the output of microgrid equipment and energy purchases is adopted, which reduces the impact of uncertainties in new energy output and load forecasting and improves the economic and low-carbon operation of multiple microgrids. Setting up different scenarios for experimental validation demonstrates the effectiveness of the introduced low-carbon policies and technologies as well as the effectiveness of their synergistic interaction. [ABSTRACT FROM AUTHOR]

Italy has been defined as the "logistics platform" of the Mediterranean Sea. The Italian port system, with 11.6 million TEUs handled and 61.4 million passengers in 2022 (Assoporti data January–December 2022), is the key to fulfilling this title through adequate levels of reliability, safety, and sustainability. This contribution addresses port logistics and shipping, focusing on primary issues related to the energy sector with a specific focus on what can be observed in the Italian context. Specifically, the decarbonization of the maritime sector and related infrastructural problems (e.g., cold ironing or alternative fuels, where the uncertainty about resource availability and related costs do not allow for easy strategic planning by both the ship owner and the port authority), as well as policies such as the Emission Trading System (ETS), will be analyzed. All these issues, hereafter addressed with a systematic critical review of the existing literature and other relevant sources, could represent the driving force of the growth of the national port sector toward its competitiveness at a global scale. The review was performed through a wide search and analysis of studies published in well-known online research databases (Scopus, Web of Science, IEEE Xplore, ScienceDirect), sector studies, or specialized technical magazines. The review focuses on the results of each analyzed contribution rather than on the analysis method adopted with the final aim to identify useful hints and innovative ideas for further studies on the topic. [ABSTRACT FROM AUTHOR]

In today's environmentally conscious world, carbon trading has emerged as a widely accepted economic instrument to mitigate the externalities resulting from deteriorating environmental problems. Consequently, the use of market-based mechanisms to address environmental issues has reached a global consensus. Many countries are implementing progressive steps by establishing carbon markets to promote low-carbon development and meet their carbon reduction targets. However, the inherent risks in carbon trading markets may hamper the formation of a reasonable carbon price signal, leading to inadequate stimulation of low-carbon technology investments and potential failure to achieve national emission reduction goals. Therefore, managing the risks associated with carbon trading markets is crucial. This study focuses on measuring the risk of China's carbon market, with the primary aim of exploring carbon price fluctuation patterns and precisely measuring market risks. The risks associated with China's carbon market are quantified and analyzed using the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) model, extreme value theory (EVT), and the value at risk (VaR) method. Results show that (1) the effect of external shocks on each carbon market is asymmetrical, and positive shocks exert considerable leverage effects on carbon price fluctuations. (2) EVT can be used to effectively fit the risks in the carbon markets. The risks of each carbon market show different characteristics. The risk of Hubei and Guangdong carbon markets is relatively small, and the dynamic VaR is nearly ±0.2. (3) Compared with the performance of the Chinese carbon market, the performance of the European Union Emission Trading Scheme is more stable, and its dynamic VaR for most of the period is within ±0.1, which is considerably lower than the VaR of other Chinese carbon markets. This study also proposes suitable policy implications to ensure the healthy and sustainable development of China's carbon market. [ABSTRACT FROM AUTHOR]

European Union Member States are called upon to meet internationally proposed environmental goals. This study is based, in particular, on the recommendation of the European Union (EU), which encourages Member States to pursue effective policies to reduce greenhouse gas (GHGs) emissions, including through appropriate changes in the behavioral habits of citizens. In this respect, among the main sectors involved, transport and mobility should certainly be mentioned. National institutions should be adequately involved in order to achieve the objectives set; in this regard, universities must certainly be considered for their educational value. These latter, for instance, could commit to improving the environmental performance of the mobility of their commuter students (to a not insignificant extent), since commuting modes are often the cause of high CO2 emissions; indeed, they still largely involve the use of internal combustion engines based on fossil fuels. In this paper, the effectiveness of a smartphone-app-based method to encourage commuter students to adopt more sustainable transport modes is evaluated. In more detail, starting from a statistical analysis of the status quo of mobility habits of a sample of students at the University of Palermo (Italy), an improvement of current habits toward a more sustainable path is encouraged through a new application (specifically created for this purpose) installed on students' smartphones. Then, the daily and annual distances traveled by commuters with the new mobility modes are calculated, and the resulting savings in energy and CO2 emissions are estimated. Finally, it is proposed that the reduced emissions could be converted into energy-efficiency credits that the University could use to enter the emission trading system (ETS), here contextualized within the Italian "TEE" ("Energy Efficiency Credits") scheme, while the benefits for students participating in the program could consist of reduced fees and free access to university services. The results obtained show the feasibility of the proposal. This approach can be considered a useful model that could be adopted by any other public institutions—not only universities—to facilitate their path toward decarbonization. [ABSTRACT FROM AUTHOR]

Slow steaming is an operational measure in ocean-going vessels sailing at slow speeds. It can help climate mitigation efforts by cutting down marine fuel consumption and consequently reducing CO2 and other Greenhouse Gas Emissions (GHG). Due to climate change both the European Union (EU) and the International Maritime Organization (IMO) are analysing the inclusion of international shipping in the EU Emissions Trading System (ETS) in the near future or alternatively implementing a carbon tax. The paper proposes a methodology to decide the optimal speed of a vessel taking into account its characteristics and the factors that determine its economic results. The calculated cash flow can be used in valuation models. The methodology is applied for a case study for any container ship in a range from 2000 to 20,000 Twenty-foot Equivalent Units (TEU) on a leg of a round trip from Shanghai to Rotterdam. We calculate how speed reduction, CO2 emissions and ship owner's earnings per year may vary between a business-as-usual scenario and a scenario in which shipping is included in the ETS. The analysis reveals that the optimal speed varies with the size of the vessel and depends on several variables such as marine fuel prices, cargo freight rates and other voyage costs. Results show that the highest optimal speed is in the range of 5500–13,000 TEUs whether or not the ETS is applied. As the number of TEUs transported in a vessel increases emissions per TEU decrease. In an established freight rate market, the optimal speed fluctuates by 1.8 knots. Finally, the medium- and long-term expectations for slow steaming are analysed based on future market prices. [ABSTRACT FROM AUTHOR]

The concept of "oil to electricity" is crucial for expanding the share of electricity in final energy consumption as well as for encouraging energy efficiency and emission reduction. Initially, a multidimensional strategy analysis is conducted for the government, ports, and ships concerned. From an economics perspective, a mathematical model of electricity substitution benefit analysis based on multiagent cooperative game theory under cap and trade and carbon tax policies is constructed, and the effect of carbon emissions caused by ships on the environment and society is converted into economic value. How several variables, such as transformation costs, ship electricity consumption, subsidy rates, carbon tax prices, and the ratio of shore power usage time to berthing time, affect the functioning of shore power is analyzed. The best electricity price under various circumstances is determined while considering the benefits of the three parties to maximize social welfare. The reduction in carbon dioxide and pollutant emissions is calculated. Meanwhile, the environmental advantages of the "replacement of oil with electricity" procedure are estimated. An example supports the claim that the suggested modeling approach can successfully resolve the economic benefits of each participant for the period that fosters the growth of electricity replacement projects and offers a sound scientific foundation for the formation of pertinent legislation. [ABSTRACT FROM AUTHOR]

While international trade drives countries' economic growth and promotes employment, it also has some environmental impact. To investigate the impact of trade on carbon emissions and employment, this study performs a detailed decomposition and measurement of embodied carbon emissions and employment in value-added trade between China, Japan, and Korea from 2007–2019. The current study established that, while China's trade with Japan and Korea created many domestic jobs, it also resulted in significant domestic carbon emissions. While Japan and Korea's trade with China reduced carbon emissions, employment in their own countries was reduced and replaced by employment in China. At the value chain route level, trade among the three countries through each value chain route either achieves employment promotion at the cost of increased carbon emissions or promotes domestic emissions reduction at the cost of employment loss. However, it is worth noting that, when trade between Japan and Korea was conducted through simple GVCs (route 2), it not only helped reduce Japan's carbon emissions, but also effectively promoted employment. This is the ideal trade route. The results of this study can provide useful reference information for developing countries such as China, to achieve sustainable economic growth, carbon emission reduction, and employment promotion in the context of trade globalization. [ABSTRACT FROM AUTHOR]

China's rapid industrialization has led to massive resource consumption, and the country has recently been highlighted as the World's top carbon emitter. To pursue a sustainable economy via environmental upgrading, reductions in carbon emission levels are of great concern. The carbon emission reduction policy (CETP) is an environmental regulation aimed at cutting emissions and achieving environmental protection. Based on panel data of pilot and non-pilot regions, this study investigated the policy impact of the CETP on carbon emission reduction through difference-in-differences (DID). The findings, based on pooled OLS (ordinary least squares) and LSDV (least square dummy variable) regressions, revealed that the carbon emissions of the pilot regions (Beijing, Tianjin, Shanghai, Guangdong, Chongqing, and Hubei) had reduced by 12 percent more than the non-pilot regions. Thus, this implies that the CETP causes environmental upgrading. The results were further verified using a number of robustness checks, including parallel trends, placebo test, Granger causality test, and DID regression with a longer sample period. Based on the study findings, it was concluded that to achieve higher upgrade levels related to the environment, the CETP needs to be encouraged and improved for nationwide implementation. Furthermore, sustainable economic development in China also needs strict environmental regulations and policy measures. [ABSTRACT FROM AUTHOR]

As an important tool to control CO2 emission, carbon emission trading (CET) has been highlighted in prior studies for its positive effects on firms. However, we are concerned about the role of the CET in corporate financing. Through a quasi-natural experiment from China's CET pilot, regarded as the start-up stage of China's emission trading system, we investigate the manufacturing corporate financing (i.e., debt and commercial credit financing). The results show that the firms in China's CET market have less debt financing. Additionally, in the heterogeneity analysis, we found that (1) the CET is negatively related to corporate financing when their financing constraints are weak, whereas it only reduces long-term debt for the firms with strong financing constraints. (2) The impact of the CET on corporate financing is not significant for the firms located in first-tier cities in China, but in other cities, the CET negatively influences firms' long-term debt and contributes to commercial credit financing. (3) The CET only plays a negative role in long-term debt and a positive role in commercial credit financing for firms in high energy-consuming industries. This study enlightens the government to improve the emission trading system and increase financing support to manufacturing firms in the CET market. [ABSTRACT FROM AUTHOR]

The development of emerging technologies has enhanced the demand response (DR) capability of conventional loads. To study the effect of DR on the reduction in carbon emissions in an integrated energy system (IES), a two-stage low-carbon economic dispatch model based on the carbon emission flow (CEF) theory was proposed in this study. In the first stage, the energy supply cost was taken as the objective function for economic dispatch, and the actual carbon emissions of each energy hub (EH) were calculated based on the CEF theory. In the second stage, a low-carbon DR optimization was performed with the objective function of the load-side carbon trading cost. Then, based on the modified IEEE 39-bus power system/Belgian 20-node natural gas system, MATLAB/Gurobi was used for the simulation analysis in three scenarios. The results showed that the proposed model could effectively promote the system to reduce the load peak-to-valley difference, enhance the ability to consume wind power, and reduce the carbon emissions and carbon trading cost. Furthermore, as the wind power penetration rate increased from 20% to 80%, the carbon reduction effect basically remained stable. Therefore, with the growth of renewable energy, the proposed model can still effectively reduce carbon emissions. [ABSTRACT FROM AUTHOR]

In 2020, China proposed the goal of achieving carbon emission peaks by 2030 and carbon neutrality by 2060. For China, whose energy consumption structure has long been dominated by fossil energy, carbon trading and new energy are crucial for the realization of the emission target. By establishing a connectedness network model, this paper studies the static and dynamic spillovers between the Hubei carbon trading market, new energy stock market, crude oil market, coal market, and natural gas market in China, and draws the following conclusions: (1) the static spillover index of the carbon–energy–stock system is 3.57% and the dynamic spillover index fluctuates between 7.67% and 22.62%, indicating that the spillover effect of the system is low; (2) for the whole system, whether from a static or dynamic perspective, the carbon market always plays the role of net information receiver, while new energy is the net information transmitter; (3) the new energy stock market and the coal market always act as net information transmitters to the carbon market; and (4) the spillover effect of the system is asymmetric, wherein the system is more sensitive to negative information about price returns, and this asymmetry is much greater when the system is active. [ABSTRACT FROM AUTHOR]

The Green Deal of the European Union defines extremely ambitious climate targets for 2030 (−55% emissions compared to 1990) and 2050 (−100%), which go far beyond the current goals that the EU member states have agreed on thus far. The question of which sectors contribute how much has already been discussed, but is far from decided, while the question of which countries shoulder how much of the tightened reduction targets has hardly been discussed. We want to contribute significantly to answering these policy questions by analysing the necessary burden sharing within the EU from both an energy system and an overall macroeconomic perspective. For this purpose, we use the energy system model TIMES PanEU and the computational general equilibrium model NEWAGE. Our results show that excessively strong targets for the Emission Trading System (ETS) in 2030 are not system-optimal for achieving the 55% overall target, reductions should be made in such a way that an emissions budget ratio of 39 (ETS sector) to 61 (Non-ETS sector) results. Economically weaker regions would have to reduce their CO2 emissions until 2030 by up to 33% on top of the currently decided targets in the Effort Sharing Regulation, which leads to higher energy system costs as well as losses in gross domestic product (GDP). Depending on the policy scenario applied, GDP losses in the range of −0.79% and −1.95% relative to baseline can be found for single EU regions. In the long-term, an equally strict mitigation regime for all countries in 2050 is not optimal from a system perspective; total system costs would be higher by 1.5%. Instead, some countries should generate negative net emissions to compensate for non-mitigable residual emissions from other countries. [ABSTRACT FROM AUTHOR]

Decarbonization is an activity aimed at reducing greenhouse gas emissions to limit climate change and global warming. Ensuring macroeconomic stabilization is the basis for ecological action. The question is whether macroeconomic stabilization helps companies, institutions and countries act for decarbonization. This article presents research on the impact of components of macroeconomic stabilization on decarbonization and energy efficiency in the largest greenhouse gas emitters in the European Union from 1990 to 2020. We focus on the following countries, France, Germany, Italy, Poland and Spain. The contribution to knowledge is using the pentagon of macroeconomic stabilization to assess macroeconomic stabilization's impact on decarbonization and energy efficiency. According to the correlation coefficients, the Ordinary Least Squares and the Seemingly Unrelated Regression method, there is a statistically significant impact of components of macroeconomics stabilization on decarbonization and energy efficiency. Moreover, our models show a different strength and direction of relationships between the explained and explanatory variables. Research results confirm the necessity to coordinate the macroeconomic with environmental policy. We think that it is essential to use effective tools of economic support (European Union Emissions Trading System, environmental taxes) and greater pressure from European Union institutions on countries that emit harmful substances. [ABSTRACT FROM AUTHOR]