Search Results (534)

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

The cement industry is a significant contributor to global carbon dioxide emissions, primarily due to the energy demands of its production process and its reliance on clinker, a material formed through the high-temperature calcination of limestone. Strategies to reduce emissions include the adoption of low-carbon fuels, the use of carbon capture and storage (CCS) technologies, and the integration of supplementary cementitious materials (SCMs) to reduce the clinker content. The effectiveness of these measures depends on a complex set of interactions involving technological feasibility, market dynamics, and regulatory frameworks. This study presents a system dynamics model designed to assess how various decarbonization approaches influence long-term emission trends within the cement industry. The model accounts for supply chains, production technologies, market adoption rates, and changes in cement production costs. This study then analyzes a number of scenarios where there is large-scale sustained investment in each of three carbon mitigation strategies. The results show that CCS by itself allows the cement industry to achieve carbon neutrality, but the high capital investment results in a large cost increase for cement. A combined approach using alternative fuels and SCMs was found to achieve a large carbon reduction without a sustained increase in cement prices, highlighting the trade-offs between cost, effectiveness, and system-wide interactions. Full article

In line with the goals of “peak carbon emissions and carbon neutrality”, this study aims to develop a market-coordinated operation mechanism to promote renewable energy adoption and consumption, addressing the challenges of integrating medium- and long-term trading with spot markets in power systems with high renewable energy penetration. A three-stage joint operation framework is proposed. First, a medium- and long-term trading game model is established, considering multiple energy types to optimize the benefits of market participants. Second, machine learning algorithms are employed to predict renewable energy output, and a contract decomposition mechanism is developed to ensure a smooth transition from medium- and long-term contracts to real-time market operations. Finally, a day-ahead market-clearing strategy and an incentive-compatible settlement mechanism, incorporating the constraints from contract decomposition, are proposed to link the two markets effectively. Simulation results demonstrate that the proposed mechanism effectively enhances resource allocation and stabilizes market operations, leading to significant revenue improvements across various generation units and increased renewable energy utilization. Specifically, thermal power units achieve a 19.12% increase in revenue, while wind and photovoltaic units show more substantial gains of 38.76% and 47.52%, respectively. Concurrently, the mechanism drives a 10.61% increase in renewable energy absorption capacity and yields a 13.47% improvement in Tradable Green Certificate (TGC) utilization efficiency, confirming its overall effectiveness. This research shows that coordinated optimization between medium- and long-term/spot markets, combined with a well-designed settlement mechanism, significantly strengthens the market competitiveness of renewable energy, providing theoretical support for the market-based operation of the new power system. 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

In the context of achieving low-carbon goals, building low-carbon energy systems is a crucial development direction and implementation pathway. Renewable energy is favored because of its clean characteristics, but the access may have an impact on the power grid. Microgrid technology provides an effective solution to this problem. Uncertainty exists in single microgrids, so multiple microgrids are introduced to improve system stability and robustness. Electric carbon trading and profit redistribution among multiple microgrids have been challenges. To promote energy commensurability among microgrids, expand the types of energy interactions, and improve the utilization rate of renewable energy, this paper proposes a cooperative operation optimization model of multi-microgrids based on the green certificate and carbon trading mechanism to promote local energy consumption and a low carbon economy. First, this paper introduces a carbon capture system (CCS) and power-to-gas (P2G) device in the microgrid and constructs a cogeneration operation model coupled with a power-to-gas carbon capture system. On this basis, a low-carbon operation model for multi-energy microgrids is proposed by combining the local carbon trading market, the stepped carbon trading mechanism, and the green certificate trading mechanism. Secondly, this paper establishes a cooperative game model for multiple microgrid electricity carbon trading based on the Nash negotiation theory after constructing the single microgrid model. Finally, the ADMM method and the asymmetric energy mapping contribution function are used for the solution. The case study uses a typical 24 h period as an example for the calculation. Case study analysis shows that, compared with the independent operation mode of microgrids, the total benefits of the entire system increased by 38,296.1 yuan and carbon emissions were reduced by 30,535 kg through the coordinated operation of electricity–carbon coupling. The arithmetic example verifies that the method proposed in this paper can effectively improve the economic benefits of each microgrid and reduce carbon emissions. 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

With the proposal of China’s “dual carbon” goal, the carbon market has become a vital tool for controlling carbon emissions. This study constructs a system dynamics model encompassing carbon trading, the economy, energy, population, and the environment, and conducts simulation analysis against the backdrop of China’s national carbon market’s implementation. The results indicate that the implementation of China’s national carbon market significantly promotes carbon emissions reduction, albeit at the cost of some economic development in the short term. However, the suppressive effect of the carbon market on carbon emissions is stronger than its negative impact on economic growth. The effects of carbon reduction strengthen with increases in carbon price, quota auction, CCER price, penalty severity, and the quota reduction rate and weaken with a higher CCER offset ratio. A moderate reduction in the tightening quota reduction rate is more conducive to achieving coordinated development across the multiple objectives of carbon reduction, economic development, and energy structure. Under the constraints of multiple objectives involving carbon reduction, economic development, and energy structure, the reasonable range for carbon prices is between CNY 77.9 and CNY 118.9 per ton, with the maximum quota auction of 23.4%. Additionally, the reasonable range for the quota reduction rates is between 0.84% and 2.18%, with the penalty severity set at 7. 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

This study proposes an integrated framework for sustainable tropical agriculture by combining biochemical waste valorization with spatial carbon footprint estimation in ‘Phulae’ pineapple production. Peel and eye residues from fresh-cut processing were enzymatically converted into rare sugar, achieving average conversion efficiencies of 35.28% for peel and 37.51% for eyes, with a benefit–cost ratio of 1.56 and an estimated unit cost of USD 0.17 per gram. A complementary zero-waste pathway produced functional gummy products using vinegar fermented from pineapple eye waste, with the preferred formulation scoring a mean of 4.32 out of 5 on a sensory scale with 158 untrained panelists. For spatial carbon modeling, the Bare Land Referenced Algorithm (BRAH) and Otsu thresholding were applied to multi-temporal Sentinel-2 and THEOS imagery to estimate plantation age, which strongly correlated with field-measured emissions (r = 0.996). This enabled scalable mapping of plot-level greenhouse gas emissions, yielding an average footprint of 0.2304 kg CO₂ eq. per kilogram of fresh pineapple at the plantation gate. Together, these innovations form a replicable model that aligns tropical fruit supply chains with circular economy goals and carbon-related trade standards. The framework supports waste traceability, resource efficiency, and climate accountability using accessible, data-driven tools suitable for smallholder contexts. By demonstrating practical value addition and spatially explicit carbon monitoring, this study shows how integrated circular and geospatial strategies can advance sustainability and market competitiveness for the ‘Phulae’ pineapple industry and similar perennial crop systems. 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

With the continuous expansion of global trade, achieving sustainable maritime transport optimization and operations has become a key strategic direction for transforming maritime transport companies. To summarize the current state of research and identify emerging trends in sustainable maritime transport optimization and operations, this study systematically examines representative studies from the past decade, focusing on three dimensions, technology, management, and policy, using data sourced from the Web of Science (WOS) database. Building on this analysis, potential avenues for future research are suggested. Research indicates that the technological field centers on the integrated application of alternative fuels, improvements in energy efficiency, and low-carbon technologies in the shipping and port sectors. At the management level, green investment decisions, speed optimization, and berth scheduling are emphasized as core strategies for enhancing corporate sustainable performance. From a policy perspective, attention is placed on the synergistic effects between market-based measures (MBMs) and governmental incentive policies. Existing studies primarily rely on multi-objective optimization models to achieve a balance between emission reductions and economic benefits. Technological innovation is considered a key pathway to decarbonization, while support from governments and organizations is recognized as crucial for ensuring sustainable development. Future research trends involve leveraging blockchain, big data, and artificial intelligence to optimize and streamline sustainable maritime transport operations, as well as establishing a collaborative governance framework guided by environmental objectives. This study contributes to refining the existing theoretical framework and offers several promising research directions for both academia and industry practitioners. Full article

Against the backdrop of increasingly severe global climate change, the automotive industry, as a carbon-intensive sector, has found its low-carbon transformation crucial for achieving the “double carbon” goals. This paper constructs manufacturer decision-making models under an oligopolistic market scenario for the single dual-credit policy and the “dual-credit + carbon cap-and-trade” policy, revealing the nonlinear impacts of new energy vehicle (NEV) credit trading prices, carbon trading prices, and credit ratio requirements on manufacturers’ pricing, emission reduction effort levels, and profits. The results indicate the following: (1) Under the “carbon cap-and-trade + dual-credit” policy, manufacturers can balance emission reduction costs and NEV production via the carbon trading market to maximize profits, with lower emission reduction effort levels than under the single dual-credit policy. (2) A rise in credit trading prices prompts hybrid manufacturers (producing both fuel vehicles and NEVs) to increase NEV production and reduce fuel vehicle output; higher NEV credit ratio requirements raise fuel vehicle production costs and prices, suppressing consumer demand. (3) An increase in carbon trading prices raises production costs for both fuel vehicles and NEVs, leading to decreased market demand; hybrid manufacturers reduce emission reduction efforts, while others transfer costs through price hikes to boost profits. (4) Hybrid manufacturers face high carbon emission costs due to excessive actual fuel consumption, driving them to enhance emission reduction efforts and promote low-carbon technological innovation. Full article