Search Results (605)

In the context of the global response to climate change and the active promotion of energy transformation, a number of low-carbon policies coupled with the development of synergies to help power system transformation is an important initiative. However, the insufficient articulation of the green power market, tradable green certificate (TGC) market, and carbon emission trading (CET) mechanism, and the ambiguous policy boundaries affect the trading decisions made by its market participants. Therefore, this paper systematically analyses the composition of the main players in the electricity-CET-TGC markets and their relationship with each other, and designs the synergistic mechanism of the electricity-CET-TGC markets, based on which, it constructs the optimal profit model of the thermal power plant operators, renewable energy manufacturers, power grid enterprises, power users and load aggregators under the electricity-CET-TGC markets synergy, and analyses the behavioural decision-making of the main players in the electricity-CET-TGC markets as well as the electric power system to optimise the trading strategy of each player. The results of the study show that: (1) The synergistic mechanism of electricity-CET-TGC markets can increase the proportion of green power grid-connected in the new type of power system. (2) In the selection of different environmental rights and benefits products, the direct participation of green power in the market-oriented trading is the main way, followed by applying for conversion of green power into China certified emission reduction (CCER). (3) The development of independent energy storage technology can produce greater economic and environmental benefits. This study provides policy support to promote the synergistic development of the electricity-CET-TGC markets and assist the low-carbon transformation of the power industry. Full article

This study empirically evaluates the energy and carbon reduction effects of an envelope retrofit applied to an aging public building in South Korea. Unlike previous studies that primarily relied on simulation-based analyses, this work fills the empirical research gap by using actual utility billing data collected over one pre-retrofit year (2019) and two post-retrofit years (2023–2024). The retrofit included improvements to exterior walls, roofs, and windows, aiming to enhance thermal insulation and airtightness. The analysis revealed that monthly electricity consumption was reduced by 14.7% in 2023 and 8.0% in 2024 compared to that in the baseline year, with corresponding decreases in electricity costs and carbon dioxide emissions. Seasonal variations were evident: energy savings were significant in the winter due to reduced heating demand, while cooling energy use slightly increased in the summer, likely due to diminished solar heat gains resulting from improved insulation. By addressing both heating and cooling impacts, this study offers practical insights into the trade-offs of envelope retrofitting. The findings contribute to the body of knowledge by demonstrating the real-world performance of retrofit technologies and providing data-driven evidence that can inform policies and strategies for improving energy efficiency in public buildings. Full article

This paper examines the changing role of emissions trading systems (ETSs) within the macro-financial framework of energy markets, emphasizing price dynamics and systemic spillovers. Utilizing monthly data from seven ETS jurisdictions spanning January 2021 to December 2024 (N = 287 observations after log transformation and first differencing), which includes four auction-based markets (United States, Canada, United Kingdom, South Korea), two secondary markets (China, New Zealand), and a government-set fixed-price scheme (Germany), this research estimates a panel vector autoregression (PVAR) employing a Common Correlated Effects (CCE) model and augments it with machine learning analysis utilizing XGBoost and explainable AI methodologies. The PVAR-CEE reveals numerous unexpected findings related to carbon markets: ETS returns exhibit persistence with an autoregressive coefficient of −0.137 after a four-month lag, while increasing inflation results in rising ETS after the same period. Furthermore, ETSs generate spillover effects in the real economy, as elevated ETSs today forecast a 0.125-point reduction in unemployment one month later and a 0.0173 increase in inflation after two months. Impulse response analysis indicates that exogenous shocks, including Brent oil prices, policy uncertainty, and financial volatility, are swiftly assimilated by ETS pricing, with effects dissipating completely within three to eight months. XGBoost models ascertain that policy uncertainty and Brent oil prices are the most significant predictors of one-month-ahead ETSs, whereas ESG factors are relevant only beyond certain thresholds and in conditions of low policy uncertainty. These findings establish ETS markets as dynamic transmitters of macroeconomic signals, influencing energy management, labor changes, and sustainable finance under carbon pricing frameworks. Full article

As the world’s largest developing and carbon-emitting country, China is accelerating its greenhouse gas (GHG) emission reduction process, and it is of vital importance in achieving the goals set out in the Paris Agreement. This paper examines the historical development and current operation of China’s carbon emissions trading market (CETM). The current progress of research on the implementation of carbon emissions trading policy (CETP) is described in four dimensions: environment, economy, innovation, and society. The results show that CETP generates clear environmental and social benefits but exhibits mixed economic and innovation effects. Furthermore, this paper analyses the challenges of China’s carbon market, including the green paradox, the low carbon price, the imperfections in cap setting and allocation of allowances, the small scope of coverage, and the weakness of the legal supervision system. Ultimately, this paper proposes recommendations for fostering China’s CETM with the anticipation of offering a comprehensive outlook for future research. Full article

The countries and regions along the Belt and Road are rich in wetland carbon sink resources, crucial for mitigating greenhouse gas emissions and achieving global emission reduction. This paper uses policy analysis and desk research to analyze the overview of wetland carbon sinks in these countries. It explores the necessity of legal system construction for their carbon sink trading. This study finds that smooth trading requires clear property rights definition rules, efficient market trading entities, definite carbon sink trading price rules, financial support aligned with the Equator Principles, and support from biodiversity-compatible environmental regulatory principles. Currently, there are still obstacles in wetland carbon sink trading in the Belt and Road, such as property rights confirmation, an accounting system, an imperfect market trading mechanism, and the coexistence of multiple trading risks. Therefore, this paper first proposes to clarify the goal of the legal guarantee mechanism. Efforts should focus on promoting a consensus on wetland carbon sink ownership and establishing a unified accounting standard system; simultaneously, the relevant departments should conduct field investigations and monitoring, standardize the market order, and strengthen government financial support and funding guarantees. Full article

With the support of the dual-carbon strategy and related policies, China’s offshore wind power has experienced rapid development. However, constrained by the inherent intermittency and volatility of wind power, large-scale expansion poses significant challenges to grid integration and exacerbates government fiscal burdens. To address these critical issues, this paper proposes a multi-market coupling trading model integrating energy storage-equipped offshore wind power into electricity–carbon–green certificate markets for large-scale grid networks. Firstly, a day-ahead electricity market optimization model that incorporates energy storage is established to maximize power revenue by coordinating offshore wind power generation, thermal power dispatch, and energy storage charging/discharging strategies. Subsequently, carbon market and green certificate market optimization models are developed to quantify Chinese Certified Emission Reduction (CCER) volume, carbon quotas, carbon emissions, market revenues, green certificate quantities, pricing mechanisms, and associated economic benefits. To validate the model’s effectiveness, a gradient ascent-optimized game-theoretic model and a double auction mechanism are introduced as benchmark comparisons. The simulation results demonstrate that the proposed model increases market revenues by 17.13% and 36.18%, respectively, compared to the two benchmark models. It not only improves wind power penetration and comprehensive profitability but also effectively alleviates government subsidy pressures through coordinated carbon–green certificate trading mechanisms. Full article

Carbon cap-and-trade is a practical policy in guiding manufacturers to produce economic and environmental production plans. However, previous studies on carbon cap-and-trade are from a macro level to guide manufacturers to make production plans, rather than from a perspective of specific production scheduling, which leads to a lack of theoretical guidance for manufacturers to develop reasonable production scheduling schemes for specific production orders. This article investigates a specific scheduling problem in a flexible job-shop environment that considers the carbon cap-and-trade policy, aiming to provide guidance for specific production scheduling (i.e., resource allocation). In the proposed problem, carbon emissions have an upper limit. A penalty will be generated if the emissions overpass the predetermined cap. To satisfy the carbon emission cap, the manufacturer can trade carbon credits or adopt outsourcing strategy, that is, outsourcing partial orders to partners at the expense of outsourcing costs. To solve the proposed model, a novel and efficient memetic algorithm (NEMA) is proposed. An initialization method and four local search operators are developed to enhance the search ability. Numerous experiments are conducted and the results validate that NEMA is a superior algorithm in both solution quality and efficiency. Full article

Achieving carbon emission reductions in the residential building sector while maintaining economic growth represents a global challenge, particularly in rapidly developing regions with internal disparities. This study examines Jiangsu Province in eastern China—a economic hub with north-south development gradients—to develop an integrated framework for differentiated carbon reduction pathways. The methodology combines spatial autocorrelation analysis, logarithmic mean Divisia index (LMDI) decomposition, system dynamics modeling, and Tapio decoupling analysis to examine urban residential building emissions across three regions from 2016–2022. Results reveal significant spatial clustering of emissions (Moran’s I peaking at 0.735), with energy consumption per unit area as the dominant driver across all regions (contributing 147.61%, 131.82%, and 147.57% respectively). Scenario analysis demonstrates that energy efficiency policies can reduce emissions by 10.1% while maintaining 99.2% of economic performance, enabling carbon peak achievement by 2030. However, less developed northern regions emerge as binding constraints, requiring technology investments. Decoupling analysis identifies region-specific optimal pathways: conventional development for advanced regions, balanced approaches for transitional areas, and subsidies for lagging regions. These findings challenge assumptions about environment-economy trade-offs and provide a replicable framework for designing differentiated climate policies in heterogeneous territories, offering insights for similar regions worldwide navigating the transition to sustainable development. Full article

The European Union Emissions Trading System (EU ETS) and its underlying market structure play a central role in the EU’s climate policy. This study analyses how the network of trading relationships within the EU ETS has evolved from a hub-dominated architecture to one marked by structural change and the emergence of new trading dynamics. Using transaction data from Phases I–IV, we apply complex network analysis to assess changes in connectivity, centrality, and community structure. We then construct a Digital Twin of the EU ETS, integrating graph neural networks and logistic regression models to simulate the entry of new participants and predict future trading links. The results indicate shifts in network composition and connectivity, especially in Phase IV, where regulatory innovations and institutional mechanisms appear to play a key role. While our analysis focuses on structural dynamics, these patterns may have broader implications for market performance and policy effectiveness. These findings underscore the importance of monitoring the evolving trading network alongside price signals to support a resilient, efficient, and environmentally credible carbon market. Full article

In order to fulfill the commitment to the “dual carbon goal” at an early date, China has implemented a series of carbon control policies. However, the actual impact of these policy combinations on green innovation in Chinese cities remains unknown. Taking the implementation of the low-carbon pilot policy (LCP) and the carbon emission trading pilot policy (CET) as the research opportunity, this paper uses panel data from 276 prefecture-level cities and a multiple-period difference-in-differences (DID) model to explore the impact of carbon control policy combination on green innovation in China and their mechanisms. The results indicate the following: A single LCP or CET can significantly boost green innovation. However, the impact of cross-tool carbon control policy combination on green innovation is notably greater than that of a single policy, with a trend of increasing effectiveness over time. Even after a series of robustness tests, this conclusion remains valid. Heterogeneity analysis shows that the promotion effect is more significant in the eastern region and high-level administrative cities. The policy combination incentivizes green innovation through fiscal technology expenditure and public environmental awareness, focusing more on fostering strategic green innovation. Consequently, the Chinese government should tailor policy combinations to specific contexts, expand their implementation judiciously, and consistently drive forward green innovation. Full article

This study focusses on the transmission of carbon pricing mechanisms in shaping trade dynamics between the Eurozone and key partners: the USA and China. Using Bayesian variable selection methods and a Time-Varying Structural Vector Autoregressions (TV-SVAR) model, the research identifies the key variables impacting EU carbon emissions over time. The results reveal that manufactured products from the US have a diminishing positive impact on EU carbon emissions, suggesting potential exemption from future regulations. In contrast, manufactured goods from the US and petroleum products from China are expected to increase emissions, indicating a need for stricter trade policies. These findings provide strategic insights for policymakers aiming to balance trade and environmental objectives. Full article

Designing optimal heritage tourism routes in secondary cities involves complex trade-offs between cultural richness, travel time, carbon emissions, spatial coherence, and group satisfaction. This study addresses the Personalized Group Trip Design Problem (PGTDP) under real-world constraints by proposing DRL–IMVO–GAN—a hybrid multi-objective optimization framework that integrates Deep Reinforcement Learning (DRL) for policy-guided initialization, an Improved Multiverse Optimizer (IMVO) for global search, and a Generative Adversarial Network (GAN) for local refinement and solution diversity. The model operates within a digital twin of Warin Chamrap’s old town, leveraging 92 POIs, congestion heatmaps, and behaviorally clustered tourist profiles. The proposed method was benchmarked against seven state-of-the-art techniques, including PSO + DRL, Genetic Algorithm with Multi-Neighborhood Search (Genetic + MNS), Dual-ACO, ALNS-ASP, and others. Results demonstrate that DRL–IMVO–GAN consistently dominates across key metrics. Under equal-objective weighting, it attained the highest heritage score (74.2), shortest travel time (21.3 min), and top satisfaction score (17.5 out of 18), along with the highest hypervolume (0.85) and Pareto Coverage Ratio (0.95). Beyond performance, the framework exhibits strong generalization in zero- and few-shot scenarios, adapting to unseen POIs, modified constraints, and new user profiles without retraining. These findings underscore the method’s robustness, behavioral coherence, and interpretability—positioning it as a scalable, intelligent decision-support tool for sustainable and user-centered cultural tourism planning in secondary cities. Full article

Chinese public building carbon emissions trading system (CETS) pilots have employed different carbon quota methods over more than ten years. However, there are few quantitative comparisons on CETS emission reduction effects in different pilots based on the carbon quota analysis. This paper first calculates the annual carbon quotas of public buildings based on carbon quota allocation methodologies from municipal policy documents. Then, the factors affecting the carbon quotas of public buildings are analyzed. Finally, the emission reduction effects are analyzed and compared between the pilots. The findings are concluded as follows: (1) Public building stock area and energy efficiency demonstrate significant effects on the carbon quota. (2) The average annual carbon quota deficits of public buildings were 929,800 tons in Beijing and 596,000 tons in Shanghai, while the carbon quota was an annual surplus of 296,400 tons in Shenzhen, indicating that carbon quota allocations in Beijing and Shanghai pilots are more conducive to promoting the active participation of high-emission enterprises. (3) The emission reduction effect in Beijing is most pronounced, followed by Shanghai and finally Shenzhen. Accordingly, the reasons for the difference in emission reduction effects are analyzed. This study contributes to the carbon quota allocation and emission reduction of public buildings. Full article

The Carbon Emissions Trading System (ETS) serves as a market-based mechanism to drive renewable energy (RE) investments, yet its heterogeneous impacts on different stakeholders remain underexplored. This paper treats the carbon market as an exogenous shock and develops a multi-agent equilibrium model incorporating carbon pricing, encompassing power generation enterprises, power transmission enterprises, power consumers, and the government, to analyze how carbon prices reshape RE investment layouts under dual-carbon goals. Using panel data from Zhejiang Province (2017–2022), a high-energy-consumption region with 25% net electricity imports, we simulate heterogeneous responses of agents to carbon price fluctuations (CNY 50–250/ton). The results show that RE on-grid electricity increases (+0.55% to +2.89%), while thermal power declines (–4.98% to −15.39%) on the generation side. Transmission-side RE sales rise (+3.25% to +9.74%), though total electricity sales decrease (−0.49% to −2.22%). On the consumption side, RE self-generation grows (+2.12% to +5.93%), yet higher carbon prices reduce overall utility (−0.44% to −2.05%). Furthermore, external electricity integration (peaking at 28.5% of sales in 2020) alleviates provincial entities’ carbon cost pressure under high carbon prices. This study offers systematic insights for renewable energy investment decisions and policy optimization. Full article

Although carbon emissions trading systems are universally acknowledged as one of the most potent policy instruments for counteracting hazardous climate trends, and digitalization is seen as a favorable technological means to promote corporate green and low-carbon transformation, few studies have investigated the dark side of both. Using data on Chinese listed companies from 2011 to 2020 and adopting a multi-period DID methodology, this research reveals that, in response to the carbon emissions trading system, firms often adopt low-cost, strategic environmental governance behaviors—namely, carbon washing—to reduce compliance costs and maintain their reputation and image. Furthermore, the study reveals that the information advantages of digital transformation create conditions for the opportunistic manipulation of carbon disclosure. Digitalization amplifies the positive influence of the carbon trading system on corporate carbon washing behavior. Mechanism analysis confirms that the carbon emissions trading system increases the production costs of regulated firms, thereby increasing their carbon washing behavior. Economic consequence analysis confirms that firms engage in carbon washing to gain legitimacy and maintain their reputation and image, which may allow them to obtain opportunistic benefits in the capital market. Finally, this study suggests that the government should adopt supplementary policy tools, such as environmental subsidies, enhanced use of digital technologies to strengthen regulatory capacity, and increased media oversight, to mitigate the unintended consequences of the carbon trading system on corporate behavior. Full article