what policy adjustments in the eu ets truly affected the carbon prices abstract carbon market becomes increasingly popular as a cost effective instrument to mitigate co 2 emissions however its construction is a learning by doing process and needs consistent regulatory updates in order to deliver optimal effects this paper uses the event study method to assess the impacts of different policy adjustments on the eua returns in the european union emissions trading scheme eu ets since 2005 comparing to existing studies that focus on the impact of a single policy this paper provides a complementary reference on if and to what extent policy adjustments can impact the carbon prices by classifying all regulatory update events into six categories its key findings are as follows first aggregate impacts of total 50 events studied are low while impacts of events having underlying negative impacts are higher than those having underlying positive impacts second 24 events have significant impacts on eua returns and are coherent to their theoretical impacts except one event third events having negligible impact on eua returns are those that are announced not for the first time or those having no impact on co 2 quotas supply and demand finally there are different impact patterns some events have different impacts on short end and long end carbon prices

renewable energy consumption and industrial production a disaggregated time frequency analysis for the u s abstract this paper aims to analyze the interaction between renewable energy consumption and industrial production for the u s over the 1981 2018 period we contribute to the existing literature by the disaggregation of renewable energy sources hydropower geothermal and biomass by the consideration of time and frequency through wavelet techniques and the time varying granger causality test recently proposed by shi et al 2018 based on monthly data wavelet results show a positive co movement between industrial production and biomass energy consumption at low frequencies meaning in the long term only the bootstrap rolling window granger causality test indicates a bi directional predictability between renewable energy consumption and industrial production in crisis and turmoil periods only these results are found to be robust to the inclusion of control variables non renewable energy consumption and crude oil prices and to the selection of the lag length for the corresponding var model

how renewable energy consumption lower global co2 emissions evidence from countries with different income levels significant difference in the emission renewables nexus across countries with different income levels is frequently ignored in previous studies to empirically investigate whether the effect of renewable energy consumption on carbon dioxide co2 emissions differs across countries with different income levels the emission growth renewables nexus for a global panel of 120 countries and four income based subpanels over the period 1995 2015 is examined fully considering the potential cross sectional dependence and slope heterogeneity a series of econometric techniques allowing for cross sectional dependence and slope heterogeneity is utilised cross sectional dependence and slope heterogeneity are confirmed for the global panel as well as for all four subpanels only for the global panel high income subpanel and upper middle income subpanel is the environmental kuznets curve ekc hypothesis valid renewable energy consumption has a negative effect on co2 emissions but its effect is not significant the mitigation effect may be obscured by higher economic growth and increasing non renewable energy consumption the global panel and four subpanels provide mixed directionality of causality among the variables suggesting that for various income based subpanels significant differences exist in the effect of renewable energy consumption on co2 emissions especially highlighting in various direct and indirect influencing paths between renewable energy consumption and co2 emissions

the impact of natural disaster on energy consumption international evidence abstract this research shows that natural disasters may hurt energy consumption by using data on 123 countries over the period 1990 2015 and classifying them according to their economic development level and region based on world development indicators we employ a two step system gmm method to examine the effect of natural disasters on energy consumption presenting findings that support our hypotheses in the models and show a strong negative effect for low income countries or those in the africa region after considering an alternative proxy for natural disaster we implement quantile regression methods their results find that natural disasters exhibit a negative and significant impact on oil renewable and nuclear energy consumptions the quantile regression models used in the robustness check present that the effects are stronger for low level energy consumption economies

on the causal dynamics between emissions nuclear energy renewable energy and economic growth this paper examines the causal relationship between co2 emissions nuclear energy consumption renewable energy consumption and economic growth for a group of 19 developed and developing countries for the period 1984 2007 using a panel error correction model the long run estimates indicate that there is a statistically significant negative association between nuclear energy consumption and emissions but a statistically significant positive relationship between emissions and renewable energy consumption the results from the panel granger causality tests suggest that in the short run nuclear energy consumption plays an important role in reducing co2 emissions whereas renewable energy consumption does not contribute to reductions in emissions this may be due to the lack of adequate storage technology to overcome intermittent supply problems as a result electricity producers have to rely on emission generating energy sources to meet peak load demand

clean energy non clean energy and economic growth in the mist countries abstract this paper explores the causal relationship between clean renewable nuclear and non clean energy consumption and economic growth in emerging economies of the mist mexico indonesia south korea and turkey countries the panel co integration tests reveal that there is a long term equilibrium relationship among gdp capital formation labor force renewable nuclear and fossil fuel energy consumption the panel causality results indicate that 1 there is a positive unidirectional short run causality from fossil fuel energy consumption to economic growth with a bidirectional long run causality 2 there is a unidirectional long run causality from renewable energy consumption to economic growth with positive bidirectional short run causality and a long run causality from renewable to fossil fuel energy consumption with negative short run feedback effects and 3 there is a bidirectional long run causality between nuclear energy consumption and economic growth and a long run causality from fossil fuel energy consumption to nuclear energy consumption with positive short run feedback effects these suggest that mist countries should be energy dependent economies and that energy conservation policies may depress their economic development however developing renewable and nuclear energy is a viable solution for addressing energy security and climate change issues and creating clean and fossil fuel energy partnerships could enhance a sustainable energy economy

renewable energy consumption economic growth nexus in turkey abstract this paper examines the renewable energy consumption economic growth causality nexus in turkey studies in the literature can be grouped as country specific and multi country studies the results of these studies are inconsistent and there is no agreement on the existence or the direction of causality between renewable energy consumption and economic growth the results of this country specific study support conservation hypothesis the results of empirical tests from ardl approach show that renewable energy consumption has a negative impact on economic growth and the ones of toda yamamoto causality tests show that there is a unidirectional causality running from economic growth to renewable energy consumption

the role of the variance premium in jump garch option pricing models abstract we develop a discrete time option pricing model incorporating a variance dependent pricing kernel of christoffersen et al 2013 under an economic framework allowing for dynamic volatility and jump intensity based on the model we examine the role of the variance premium and jump risk premium in explaining s p 500 index option prices and returns according to the results the variance premium is equally important as the jump risk premium in explaining the empirical option data whereas the incorporation of the jump risk premium improves the model fit on option prices the incorporation of the variance premium improves the fit on option returns in particular the variance premium can explain both 1 month holding period returns of 2 month maturity straddles which are significantly negative and call returns which decrease according to moneyness the model incorporating the jump risk premium only has a limitation in explaining the above two stylized returns the outperformance of the model incorporating the variance premium on option returns stems from its ability to capture the wedge between physical and risk neutral volatilities

assessing the development of china s new energy industry abstract as the world s largest carbon dioxide co 2 emitter china is facing increasing international pressure to reduce emissions actively developing new energy has become a fundamental means to solve the dilemma between environmental pollution and energy consumption growth thus more scholars have conducted a wide range of studies on the new energy industry however most of the existing studies use traditional linear models to investigate the relationships between new energy industry and its driving forces ignoring the objective reality that there are many nonlinear relationships in economic variables in order to overcome the shortcomings of existing research this paper uses a data driven nonparametric additive regression model to study the new energy industry the results show that the nonlinear effect of agricultural development shows an inverted u shaped pattern due to the changes in crop acreage at different stages of development the nonlinear impact of foreign energy dependence also indicates an inverted u shaped pattern however technological progress produces a positive u shaped nonlinear impact on the new energy industry because of the difference in r d funding and r d personnel investments similarly the impact of energy consumption structure also shows a positive u shaped pattern owing to the gradual decline in coal consumption therefore the government should develop differentiated policies at different stages in order to effectively promote the development of new energy industries

renewable energy oil prices and economic activity a granger causality in quantiles analysis this paper analyzes the causal relationship between renewable energy consumption oil prices and economic activity in the united states from july 1989 to july 2016 considering all quantiles of the distribution although the concept of granger causality is defined for the conditional distribution the majority of papers have tested granger causality using conditional mean regression models in which the causal relations are linear we apply a granger causality in quantiles analysis that evaluates causal relations in each quantile of the distribution under this approach we can discriminate between causality affecting the median and the tails of the conditional distribution we find evidence of bi directional causality between changes in renewable energy consumption and economic growth at the lowest tail of the distribution besides changes in renewable energy consumption lead economic growth at the highest tail of the distribution our results also support the unidirectional causality from fluctuations in oil prices to economic growth at the extreme quantiles of the distribution finally we find evidence of lower tail dependence from changes in oil prices to changes in renewable energy consumption our findings call for government policies aimed at developing renewable energy markets to increase energy efficiency in the u s

renewable energy consumption and economic growth nexus evidence from a threshold model abstract the existing literature on renewable energy consumption and economic growth nexus produces mixed results as the effect of renewable energy consumption on economic growth can be either positive negative or not significant this paper examines the causal link between renewable energy use and economic growth by employing a threshold model using a 103 country sample in the 1995 to 2015 period we find that the relationship between renewable energy consumption and economic growth depends on the amount of renewable energy used our results demonstrate that the effect of renewable energy consumption on economic growth is positive and significant if and only if developing countries or non oecd countries surpass a certain threshold of renewable energy consumption however if developing countries use renewable energy below a given threshold level the effect of renewable energy consumption on economic growth is negative however we also find that renewable energy consumption has no significant effect on economic growth in developed countries and a positive and significant effect on economic growth in oecd countries the findings of this paper suggest that for developing countries to realize positive economic growth from their investment to renewable energy they need to surpass a certain threshold of renewable energy consumption

does fdi influence renewable energy consumption an analysis of sectoral fdi impact on renewable and non renewable industrial energy consumption this study examines the link between foreign direct investment fdi and energy demand fdi is a source of financing that allows businesses to grow at the same time fdi can be a source of innovation that promotes energy efficiency existing evidence on the impact of aggregate fdi inflows on energy consumption is scarce and inconclusive in the current study we disaggregate fdi inflows into mining manufacturing total services and financial services components and examine the impact of these fdi flows on renewable and non renewable industrial energy sources for 74 countries for the period 1985 2012 we employ a blundell bond dynamic panel estimator to control for endogeneity and omitted variable biases in our panels the results point broadly to an energy consumption reducing effect with respect to non renewable sources of energy and an energy consumption augmenting effects with respect to renewable energy we find that these effects vary in magnitude and significance by sectoral fdi

modeling the causal linkages between nuclear energy renewable energy and economic growth in developed and developing countries abstract this article investigates the causal relationship between two types of energy variables and economic growth using dynamic simultaneous equation panel data models for 17 developed and developing countries our results indicate that there is a unidirectional causality running from nuclear consumption to economic growth in belgium and spain while a unidirectional causality running from economic growth to nuclear consumption is supported in bulgaria canada netherlands and sweden a bidirectional relationship appears in argentina brazil france pakistan and the usa while no causality exists in finland hungary india japan switzerland and the u k second the results for the second nexus among renewable energy and economic growth show that there is a unidirectional causality running from renewable consumption to economic growth in hungary india japan netherlands and sweden while there exist a unidirectional running from economic growth to renewable consumption in argentina spain and switzerland a bidirectional relationship is supported in belgium bulgaria canada france pakistan and the usa while no causality exists in brazil finland and switzerland third we find the existence of a bidirectional causality between nuclear consumption and economic and a unidirectional causality running from economic growth to renewable energy consumption for the global panel

renewable energy consumption and income in emerging economies abstract increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy this paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption in the long term a 1 increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3 5 long term renewable energy per capita consumption price elasticity estimates are approximately equal to 0 70

renewable and non renewable energy consumption growth nexus evidence from a panel error correction model abstract unlike previous renewable energy consumption growth studies this study examines the relationship between renewable and non renewable energy consumption and economic growth for 80 countries within a multivariate panel framework over the period 1990 2007 the pedroni 1999 2004 heterogeneous panel cointegration test show a long run equilibrium relationship between real gdp renewable energy consumption non renewable energy consumption real gross fixed capital formation and the labor force with the respective coefficient estimates positive and statistically significant there is little difference in the elasticity estimates with respect to renewable and non renewable energy consumption the results from the panel error correction model reveal bidirectional causality between renewable and non renewable energy consumption and economic growth in both the short and long run also there is bidirectional short run causality between renewable and non renewable energy consumption indicative of substitutability between the two energy sources

renewable and non renewable energy consumption and economic activities further evidence from oecd countries this article examines the dynamic relationship between renewable and non renewable energy consumption and industrial output and gdp growth in oecd countries using data over the period of 1980 2011 the panel cointegration technique allowing structural breaks is used for empirical investigation the results show that there is a long term equilibrium relationship among non renewable and renewable energy sources industrial output and economic growth the panel causality analyses show bidirectional causality between industrial output and both renewable and non renewable energy consumption in the short and long run however there is evidence of bidirectional short run relationship between gdp growth and non renewable energy consumption while unidirectional causality between gdp growth and renewable energy consumption these results indicate that oecd economies still remain energy dependent for their industrial output as well as overall economic growth however expansion of renewable energy sources is a viable solution for addressing energy security and climate change issues and gradually substituting renewable to non renewable energy sources could enhance a sustainable energy economy

estimating the co2 abatement cost substitute price of avoiding co2 emission spae by renewable energy s feed in tariff in selected countries abstract many renewable energy policies are looking into new incentives to absorb investments by targeting abating co 2 emission and fixing energy price fluctuation feed in tariff fit is a policy for rebating the amount of generated renewable electricity to investor fit is also defined as a co 2 mitigation policy in electricity generation from renewable sources this paper presents a cost benefit survey that estimates the real produced carbon dioxide for electricity generation in selected countries this study introduces the substitute price of avoiding co 2 emission as an indicator the new indicator shows how much is paid for avoiding co 2 by each selected countries through the fit policy for renewable technologies the amount calculated for solar energy is taken as a case in this paper the result confirms that the fit policy reasonably works for solar energy in absorbing investment however the fit policy claims a large portion of liquidity compared with other approaches hence makes this mechanism inept as a co 2 mitigation policy

the causal relationship between energy resources and economic growth in brazil abstract this study investigates the causal relationship between clean and non clean energy consumption and economic growth in brazil over the period of 1980 2009 clean energy consumption at aggregated level of total renewable energy consumption and disaggregated levels of hydroelectric new renewables and nuclear energy consumption are tested within a production function framework a cointegration test reveals a long term equilibrium relationship between real output capital labor and renewable and non renewable energy consumption at aggregated level and a long term equilibrium relationship between real output capital labor and hydroelectric new renewables nuclear and fossil fuel energy consumption at disaggregated level the capital labor and new renewables elasticities of real output are positive and statistically significant other energy consumption item s elasticities are insignificant the results from error correction model reveal the interdependencies between new renewables nuclear fossil fuel and total non renewable energy consumption and economic growth the unidirectional causality from hydroelectric total renewable consumption to economic growth the substitutability between new renewables and fossil fuel consumption and the substitutability between new renewables and nuclear energy consumption additionally nuclear and new renewables energy consumption responds to bring the system back to equilibrium overall aggregated analysis may obscure the relationship between different types of clean energy consumption and economic growth

on the causal dynamics between economic growth renewable energy consumption co2 emissions and trade openness fresh evidence from brics countries abstract the current study investigates the causal relationship between economic growth and renewable energy consumption in the brics countries over the period 1971 2010 within a multivariate framework the ardl bounds testing approach to cointegration and vector error correction model vecm are used to examine the long run and causal relationships between economic growth renewable energy consumption trade openness and carbon dioxide emissions empirical evidence shows that based on the ardl estimates there exist long run equilibrium relationships among the competing variables regarding the vecm results bi directional granger causality exists between economic growth and renewable energy consumption suggesting the feedback hypothesis which can explain the role of renewable energy in stimulating economic growth in brics countries

linear and nonlinear causality between sectoral electricity consumption and economic growth evidence from taiwan this study investigates the linear and nonlinear causality between the total electricity consumption tec and real gross domestic production rgdp unlike previous literature we solve the undetermined relation between rgdp and electricity consumption by classifying tec into industrial sector consumption isc and residential sector consumption rsc as well as investigating how tec isc and rsc influence taiwan s rgdp by using the granger s linear causality test it is shown that i there is a bidirectional causality among tec isc and rgdp but a neutrality between rsc and rgdp with regard to the linear causality and ii there is still a bidirectional causality between tec and rgdp but a unidirectional causality between rsc and rgdp with regard to the nonlinear causality on the basis of i and ii we suggest that the electricity policy formulators loosen the restriction on isc and limit rsc in order to achieve the goal of economic growth

global changes in residential energy consumption abstract the residential energy sector is crucial to achieving co2 emission reductions as it has an important energy saving potential and its environmental controls are difficult to displace to other countries using the latest available data this short paper provides a concise analysis of residential energy consumption trends for the period 1993 2013 in a double perspective by main world regions and by per capita gross national income levels in 2013 residential energy has been divided into three types non renewable direct renewable and indirect renewable annual rates of change energy intensity energy in per capita terms and some ratios have been analyzed notable regional differences and trends were observed in the studied variables therefore different energy policies are recommended for the regions eastern and southern asian countries the eu15 and other developed countries are the regions which should make the greatest effort to reduce residential energy consumption the promotion of direct and indirect renewable energies is recommended

residential energy consumption in urban china a decomposition analysis abstract residential energy consumption rec is the second largest energy use category 10 in china and urban residents account for 63 of the rec understanding the underlying drivers of variations of urban rec thus helps to identify challenges and opportunities and provide advices for future policy measures this paper applies the lmdi method to a decomposition of china s urban rec during the period of 1998 2007 at disaggregated product activity level using data collected from a wide range of sources our results have shown an extensive structure change towards a more energy intensive household consumption structure as well as an intensive structure change towards high quality and cleaner energy such as electricity oil and natural gas which reflects a changing lifestyle and consumption mode in pursuit of a higher level of comfort convenience and environmental protection we have also found that china s price reforms in the energy sector have contributed to a reduction of rec while scale factors including increased urban population and income levels have played a key role in the rapid growth of rec we suggest that further deregulation in energy prices and regulatory as well as voluntary energy efficiency and conservation policies in the residential sector should be promoted

tradeable carbon permit auctions how and why to auction not grandfather abstract an auction of carbon permits is the best way to achieve domestic carbon caps designed to limit global climate change to minimize administrative costs permits would be required at the level of oil refineries natural gas pipe lines natural gas liquid sellers and coal processing plants to maximize liquidity in secondary markets permits would be fully tradable and bankable the government would conduct quarterly auctions a standard ascending clock auction in which price is gradually raised until there is no excess demand would provide reliable price discovery an auction is preferred to grandfathering giving companies permits based on historical output or emissions because it allows reduced tax distortions provides more flexibility in distribution of costs provides greater incentives for innovation and reduces the need for politically contentious arguments over the allocation of rents

economic growth energy intensity and the energy mix abstract this paper explores how changes in energy intensity and the switch to renewables can boost economic growth to do so we implement a dynamic panel data approach on a sample of 134 countries over the period 1960 to 2010 we incorporate a set of control variables related to human and physical capital socio economic conditions policies and institutions which have been widely used in the literature on economic growth given the current state of technology improving energy intensity is growth enhancing at the worldwide level moreover conditional to energy intensity moving from fossil fuels to frontier renewables wind solar wave or geothermic is also positively correlated with growth our results are robust to the specification of the dynamic panel with respect to alternative approaches pooled ols within group or system gmm and to alternative specifications accounting for heterogeneity across countries a set of institutional factors and other technical aspects

is renewable energy effective in promoting growth abstract this paper applies panel data techniques to analyze the role of the various energy sources in economic growth for a set of 24 european countries 1990 2007 controlling for energy consumption and energy dependency the results suggest that the negative effect of the use of renewables supplants the positive effect of creating income by exploiting a natural resource locally and thus growth does not appear to improve with the change towards renewables the high costs of promoting renewables are probably being placed excessively upon the economy namely by increasing the costs of electricity tariffs thus inducing a deceleration in economic activity fossil fuels lead to dissimilar effects on growth while natural gas does not appear to be relevant in explaining growth coal hampers the capacity for growth whereas the use of oil stimulates that growth this is in line with productive structures that are deeply grounded in fossil fuels particularly oil

an investigation of renewable and non renewable energy consumption and economic growth nexus using industrial and residential energy consumption abstract our study shows that links between economic growth and energy consumption both expressed in per capita terms differed for renewables and non renewables for income panels over the period 1971 to 2011 renewables are mainly found to support the neutrality hypothesis only renewable totals in low and lower middle income llmi countries are found to drive economic growth the feedback growth and conservative hypotheses strongly feature with non renewables total and industrial our results are derived by linking different definitions of energy consumption with economic growth for 89 countries divided into llmi upper middle income umi and high income hi panels

examining the effectiveness of price limits in an artificial stock market abstract this paper proposes an agent based framework to examine the effectiveness of price limits in an artificial stock market the market is composed of many boundedly rational and heterogeneous traders whose learning behavior is represented by a genetic programming algorithm we calibrate the model to replicate several stylized facts observed in real financial markets based on this environment the impacts of price limits are analyzed from the perspectives of volatility price distortion volume and welfare we find that the imposition of price limits possesses both positive and negative effects however compared with the market without price limits appropriate price limits help to reduce volatility and price distortion and increase the liquidity and welfare

does renewable energy consumption add in economic growth an application of auto regressive distributed lag model in pakistan abstract the objective of the study is to examine the relationship between renewable energy consumption and economic growth by incorporating capital and labour as potential determinants of production function in case of pakistan this study used auto regressive distributed lag ardl model and rolling window approach rwa for cointegration in context of pakistan the study used quarterly data over the period of 1972q1 2011q4 the causality analysis applied through vecm granger causality and innovative accounting approaches the results reveal that all the variables in the study are cointegrated that shows the long run relationship between the variables furthermore renewable energy consumption capital and labour boost economic growth the causality analysis shows the feedback effect between economic growth and renewable energy consumption

returns to residential energy efficiency and conservation measures a field experiment abstract residential energy conservation is a key component of contemporary energy and climate change policy in the us and elsewhere comparisons of the relative effectiveness of measures aimed at reducing residential energy consumption are made challenging however by the endogeneity of technology and energy use decisions in this paper we describe a novel small scale field experiment that uses randomized treatments to estimate the returns to three types of energy conservation measures in institutionally owned homes the results from the experiment indicate considerable reductions in natural gas consumption associated with the installation of attic insulation and the provision of incentives for conservation the results are supported by observations of ambient indoor temperature data which show that households receiving incentives significantly reduce their temperature settings especially when coupled with access to a programmable thermostat the study will ideally provide guidance for institutions and communities considering energy efficiency measures and for future researchers designing randomized experiments to study residential energy use

modeling and forecasting the volatility of carbon dioxide emission allowance prices a review and comparison of modern volatility models abstract the launch of the markets for carbon dioxide emission allowances was guided by the aim to use the supposedly efficient price formation mechanism of an organized exchange to optimally allocate a certain quantity of emissions among potential polluters while this introduction of a centralized trading arrangement should have helped to achieve required emission reductions with a minimum of economic losses from the viewpoint of market participants it has raised concerns about appropriate risk management provisions to cope with the fluctuations of time varying allowance prices the present review provides an overview over state of the art models for price volatility expanding the scope from relatively simple garch type models to models with long term dependence and regime switches including the relatively recent class of so called multifractal models we provide a comparative application of these models to carbon dioxide emission allowance prices from the european union emission trading scheme and evaluate their performance with up to date model comparison tests based on out of sample forecasts of future volatility and value at risk

renewable energy consumption and economic growth evidence from a panel of oecd countries abstract this study examines the relationship between renewable energy consumption and economic growth for a panel of twenty oecd countries over the period 1985 2005 within a multivariate framework given the relatively short span of the time series data a panel cointegration and error correction model is employed to infer the causal relationship the heterogeneous panel cointegration test reveals a long run equilibrium relationship between real gdp renewable energy consumption real gross fixed capital formation and the labor force with the respective coefficients positive and statistically significant the granger causality results indicate bidirectional causality between renewable energy consumption and economic growth in both the short and long run

renewable energy consumption economic growth nexus for china abstract the aim of this paper is to investigate the relationship between renewable energy consumption and economic growth in china for the period 1977 2011 autoregressive distributed lag approach ardl to cointegration and johansen cointegration techniques are employed by including intermittent variables namely carbon dioxide emissions and labor we also employed granger causality test in order to determine the direction of the causality among the variables the results show that there is a bi directional long term causality between renewable energy consumption and economic growth this finding implies that growing economy in china is propitious for the development of renewable energy sector which in turn helps to boost economic growth we also find that labor influences renewable energy consumption in the short term however there is no evidence of long or short run causality between carbon emissions and renewable energy consumption this implies that actual level of renewable energy in china is still insignificant and not considerably exploited in order to contribute to the mitigation of carbon dioxide emissions

literature survey on the relationships between energy environment and economic growth abstract the aim of this study is to exhibit an exhaustive survey which is related to the great flight of the literature of energy environment growth nexus at the individual and regional scale studies covering the period from 1978 to 2014 the survey takes into consideration the sample country region etc periods covering econometric strategies and conclusions our survey is based on the causality direction among i the energy use variables electricity nuclear renewable and non renewable and output growth ii between economic growth and environment and between the three variables at the same time globally these surveys provide paradoxical and not conclusive results which energy consumption can boost economic growth through the productivity enhancement and it can boost also the environmental damages through the enhancement of pollutant emissions our survey sheds more the lights on the energy environment growth literature by giving an extensive listing 1978 2014 of these causal linkages among the energy use variables environment and economic growth for both individual and collective cases there is a unanimous consensus about the importance of dealing with such dynamic relationship which is seems to be a cornerstone element in setting any ambition strategies energy ecological and economics

balancing risks from climate policy uncertainties the role of options and reduced emissions from deforestation and forest degradation abstract progressively adjusting climate policies will entail adjustment costs for society this paper develops a conceptual model and numerical example that illustrate the risk associated with exposure to the high costs of complying with future emissions controls and how this risks trades off against that from potentially premature investment into abatement we then highlight the potentially unique role of tropical forest protection in helping to manage these risks by providing a cost effective buffer of near term emissions reductions at a globally significant scale this buffer would provide insurance against the risk of suddenly tightening targets as well as providing other critical environmental benefits we further examine how a version of a private finance instrument in the form of long dated call options on verified reductions in emissions from deforestation and forest degradation i e redd can help to operationalize this risk hedging buffer creation options on redd could aid both regulated businesses and tropical nations to manage their respective risks redd options could deliver sufficient abatement to significantly hedge exposure of regulated entities to potential corrections in climate policy while channeling financial resources to defer deforestation even as climate policies continue to evolve

factors affecting the carbon allowance market in the us the us carbon allowance market has different characteristic and price determination process from the eu ets market since emitting installations voluntarily participate in emission trading scheme this paper examines factors affecting the us carbon allowance market an autoregressive distributed lag model is used to examine the short and long run relationships between the us carbon allowance market and its determinant factors in the long run the price of coal is a main factor in the determination of carbon allowance trading in the short run on the other hand the changes in crude oil and natural gas prices as well as coal price have significant effects on carbon allowance market

nonrenewable energy renewable energy carbon dioxide emissions and economic growth in china from 1952 to 2012 abstract this paper mainly investigates the relationship among energy consumption carbon emissions and economic growth in china from 1952 to 2012 first we implement unit root and cointegration analysis to test the stationary furthermore we analyze the mutual influence among energy consumption carbon emissions and economic growth through granger causality analysis next we also conduct static and dynamic regression analysis on the determinants of carbon emissions and economic growth last we predict the future influence of different energy consumption on carbon emissions and economic growth we find that coal has dominant impact on economic growth and carbon emissions gdp gross domestic product has bi directional relationship with co2 carbon dioxide emission coal gas and electricity consumption it is imperative to change energy consumption structure in china we had better decrease coal consumption rate it is significant to develop hydro and nuclear power in china

understanding volatility dynamics in the eu ets market abstract we study the short term price behavior of phase 2 eu emission allowances we model returns and volatility dynamics and we demonstrate that a standard armax garch framework is inadequate for this modeling and that the gaussianity assumption is rejected due to a number of outliers to improve the fitness of the model we combine the underlying price process with an additive stochastic jump process we improve the model s performance by introducing a time varying jump probability that is explained by two variables the daily relative change in the volume of transactions and the european commission s announcements regarding the supply of permits we show that i sharp increases in volume have led to increased volatility during the april 2005 december 2007 period but not for the period beginning in january 2008 and ii announcements induce jumps in the process that tend to increase volatility across both periods thus authorities face a trade off between disseminating information effectively and promoting market stability

energy consumption and economic growth in the usa evidence from renewable energy abstract recent debates about renewable energy consumption manifest two main expectations firstly renewable energy consumption should contribute to economic growth and secondly it should not cause damage on environment this study focuses on the first issue by applying toda yamamoto procedure and bootstrap corrected causality test for the us since empirical literature criticizes the toda yamamoto test which bases on asymptotic distribution the models consist of real gdp employment investment and kinds of renewable energy consumption only one causal relationship was found from biomass waste derived energy consumption to real gdp no causal relationship was found between real gdp and all of the other renewable energy kinds total renewable energy consumption geothermal energy consumption hydro electric energy consumption biomass energy consumption and biomass wood derived energy consumption that is using of energy from waste cause not only solving the dumping problems but also it contributes to real gdp for policy purpose the results of this study suggest that countries should concentrate on energy producing from waste as an alternative energy resource

how to improve the market efficiency of carbon trading a perspective of china abstract emissions trading scheme ets is one of the effective measures to realize energy conservation and emission reduction in order to set up a nationwide carbon emissions trading mechanism seven ets pilots have been launched in china firstly based on empirical investigation and research of seven pilots this paper analyzed the market efficiency of ets pilots from four aspects carbon price trading volume market liquidity and information transparency the result showed that the market efficiency of ets pilots is not satisfactory in spite of the fact that system designs of ets have achieved preliminary result then the reason for low market efficiency of ets pilots was discussed from some factors such as institutional arrangements market participants the supply and demand etc finally this paper puts forward some policy suggestions to improve the market efficiency of china s carbon trading market

jumps in financial markets a new nonparametric test and jump dynamics this paper introduces a new nonparametric test to detect jump arrival times and realized jump sizes in asset prices up to the intra day level we demonstrate that the likelihood of misclassiflcation of jumps becomes negligible when we use high frequency returns using our test we examine jump dynamics and their distributions in the u s equity markets the results show that individual stock jumps are associated with prescheduled earnings announcements and other company speciflc news events additionally s p 500 index jumps are associated with general market news announcements this suggests difierent pricing models for individual equity options versus index op

renewable energy and growth evidence from heterogeneous panel of g7 countries using granger causality abstract in this paper we examine the causal relationship between renewable energy consumption and economic growth across the g7 countries using annual data for the period of 1990 2011 by employing the causality methodology proposed by emirmahmutoglu and kose 2011 8 we investigate if there is a causal relationship between the variables the advantage of this methodology is that it takes into account possible slope heterogeneity and cross sectional dependency in a multivariate panel the empirical results support the existence of a bi directional causal relationship between economic growth and renewable energy for the overall panel however looking at the individual results for each country the neutrality hypothesis is confirmed for canada italy and the us while for france and uk there is a unidirectional causality from gdp to renewable energy and the opposite for germany and japan

renewable energy consumption and growth in eurasia this study examines the causal relationship between renewable energy consumption and economic growth for 13 countries within eurasia over the period 1992 2007 within a multivariate panel data framework the heterogeneous panel cointegration test reveals a long run equilibrium relationship exists between real gdp renewable energy consumption real gross fixed capital formation and labor force the results from the error correction models indicate bidirectional causality between renewable energy consumption and economic growth in both the short run and long run thus the empirical findings lend support for the feedback hypothesis of the interdependent relationship between renewable energy consumption and economic growth

improving the liquidity of china s carbon market insight from the effect of carbon price transmission under the policy release abstract through a series of policies release the trading system of china s carbon market is being improved but its current liquidity is still low to improve market liquidity this paper analyzes the relation between the release of policy related to carbon market operations and the volatility of carbon price thus arranging an optimal adjustment scheme for government s policy making through the jump test and logit regression we investigate historical policies and prices of 7 emission trading scheme pilots in china to explore the impact of policy release on carbon price and then quantify the effectiveness of these policies empirical results indicate that in the short term new policies can rapidly lead to a large volatility of carbon price but it can also reduce the abnormal volatility with the spread of price information further the demand stimulus policies promote a positive volatility of carbon price in the long term the insufficient demands for carbon emissions quota raise the disappearance of market dividends caused by the policy release and lead to an excessive call back of carbon price thus increasing mid and long term risks in carbon markets additionally china s macro environment policy can stabilize carbon price and thus an effective tool for improving the liquidity of carbon markets is developing demand stimulus policies