The efficacy of the European Union Emissions Trading Scheme: depicting the co-movement of carbon assets and energy commodities through wavelet decomposition
The efficacy of the European Union Emissions Trading Scheme: depicting the co-movement of carbon assets and energy commodities through wavelet decomposition
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DOI：
10.1016/j.jclepro.2015.12.112
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发表时间：
2016-03
影响因子：
11.1
通讯作者：
Eduardo Ortas;I. Álvarez
中科院分区：
文献类型：
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作者：
Eduardo Ortas;I. Álvarez
在全球环境污染的若干方面，例如温室气体排放，已经超过了环境系统的阈值。在这种情况下，机构和公司必须执行可持续政策，作为人类保持在地球界限内的条件。因此，欧洲联盟建立了世界上最大的排放交易计划，目的是适当管理公司的二氧化碳减排。本文的目的是有助于文献集中在测试机构的环境管理政策的有效性。具体而言，本研究通过分析全球碳资产和主要能源商品的动态来评估欧盟排放交易计划的目标是否部分实现。本文为政策制定者和公司管理者提供了相关信息，以便为开发清洁能源未来和遏制气候变化的共同目标做出贡献。基于小波相干分析，本文提出了一种无模型的方法来估计碳资产和能源商品之间的时变相关性在高，低频率。我们的中心结果表明，碳资产和能源商品在不同的频率上呈现出不断变化的领先/滞后行为。能源商品在中等频率上领先于欧盟津贴回报，但在最高投资期限上则相反。这一发现应该与大幅减少排放的目标相一致，因为在长周期内，如果大多数公司没有转向更清洁的工业流程，它们必须购买更多的碳资产，从而提高其价格。在这种情况下，能源商品将更加昂贵，因为能源商品的市场行为在长期的视野与欧盟津贴领先。经核证的减排量以中等频率对大多数能源商品产生负面影响，这表明处理以能源商品为导向的投资组合的投资者可以为多样化目的纳入上述碳资产。这些具体的调查结果表明，污染活动将更加昂贵，这将激励公司实施环境友好型工业流程。欧洲联盟排放量交易计划可使欧洲联盟大幅度减少排放量并遵守《京都议定书》的目标。
Environmental system thresholds have been crossed for a number of dimensions of global environmental pollution, such as greenhouse gas emissions. Under this scenario, institutions and corporations are required to implement sustainable policies as a condition for humanity staying within planetary boundaries. Accordingly, the European Union created the largest Emissions Trading Scheme in the world with the aim of properly managing corporations' carbon dioxide reductions. This paper aims to contribute to the literature focused on testing the effectiveness of institutional environmental management policies. Specifically, this research evaluates whether the objectives of the European Union Emissions Trading Scheme are partially achieved by analyzing the dynamics of carbon assets and the main energy commodities worldwide. This paper provides relevant information both for policy makers and company managers so that contributions towards the common goal of developing a clean energy future and curbing climate change are ameliorated. Based on wavelet coherence analysis, this paper proposes a model-free way of estimating the time-varying correlations between carbon assets and energy commodities at both high and low frequencies. Our central results reveal that carbon assets and energy commodities present a changing lead/lag behavior at different frequencies. The energy commodities lead the European Union Allowances returns at medium frequencies, but the contrary was true for the highest investment horizons. This finding should be in line with the goal of significantly reducing emissions because during long cycles if the majority of companies have not switched to cleaner industrial processes, they must buy more carbon assets, increasing their prices. In that case, energy commodities would be more expensive because of the energy commodities' market behavior during long-term horizons with European Union Allowances lead. The Certified Emissions Reductions lead in a negative way most of the energy commodities at medium frequencies, thus indicating that investors handling energy commodities-oriented portfolios could incorporate the mentioned carbon assets for diversification purposes. These specific findings suggest that polluting activities would be more expensive, which would provide an incentive to companies to implement environmentally–friendly industrial processes. The European Union Emissions Trading Scheme can result in significant emission reductions and compliance of the European Union with the objectives of the Kyoto Protocol.