• Cement
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• s.200
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• pp.40-43
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• 2013

최근 탄소시장에는 3가지 이슈가 있다. 첫 번째는 EU 탄소시장의 회생 가능성이고, 두 번째는 중국 배출권거래제의 성공 여부이고, 마지막으로는 호주 탄소세의 지속가능 여부이다. 2015년부터 배출권거래제를 시행할 예정인 우리나라 입장에서는 EU나 호주 등의 실패사례와 중국과 같은 신규시장을 철저히 벤치마킹함으로씨 국내기업의 경쟁력 제고와 시너지 창출을 도모해 나가야 할 것이다. 여기서는 삼성경제연구소의 '탄소시장의 3대 이슈와 전망' 보고서를 통해 탄소시장의 구조와 현황, 주요 이슈, 국내 현황 및 시사점에 대해 살펴본다.

• The Magazine for Energy Service Companies
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• s.70
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• pp.26-33
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• 2011

국내 자발적 탄소시장을 육성하고 성공적으로 정착시키기 위해서는 일본, 영국 등의 사례를 분석하여 시행착오를 최소화시킬 수 있는 최적의 시스템을 구축하는 것이 무엇보다 중요하다고 할 수 있다. 이를 위해서는 정부의 정책 및 의지가 가장 중요하다고 할 수 있으나 기업 및 기관들의 역할도 이에 못지않게 중요하다. 또한 국내 자발적 탄소시장의 규모를 확대하고 국제시장에서 배출권에 대한 신뢰도를 제고하기 위해서는 금융기관의 적극적인 참여도 필수적이라고 할 수 있다. 결과적으로 국내 자발적 탄소시장을 확대하기 위해서는 정부, 참여기업, 금융기관이 유기적으로 공조해야 할 것으로 보인다.

• International Area Studies Review
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• v.21 no.4
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• pp.223-245
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• 2017

This study is examined interaction between carbon market with stock market using a multivariate GARCH(DCC) model. Carbon market is EU ETS EUA price, stock market is the iron and cement stock price which has relatively energy intensive and massive carbon emissions sector in the industrial sector. It also analyzed changes in the correlation between the markets through an analysis of correlation coefficients. Moreover, it checked whether there was marketability expansion(or expansion of carbon emissions reduction) through the analysis above. As a result of empirical tests, it showed that the price spillover effect was insignificant. In addition, it represented that there was a weak correlation between the two markets since the volatility spillover effect disappeared in the second phase by an external shock(a financial crisis). Moreover, it was revealed that there were no significant changes although there was a weak upward trend in terms of the correlation between the carbon market and the stock market. This implies that emission rights could not expand marketability to financial market as a commodity(or did not play its natural role of the reduction of carbon emission).

• Proceedings of the Korea Air Pollution Research Association Conference
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• 2008.04a
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• pp.211-214
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• 2008

• International Area Studies Review
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• v.15 no.2
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• pp.427-447
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• 2011

In global, there is an active movement to reduce the green house gas. Allowance and carbon tax are the one of effective alternatives to mitigate green gas effect. In addition, the clean development machinism(CDM) can be applied between the ANNEX 1 and developing countries. It could be an one good solution to reduce the GHG. In the Northern Asia, the CDM can be the one of the possible solution to reduce the GHG because the Japan has a responsibility to reduce GHG and the China and Korea have a room to supply CDM credit. It is suffice to say that if these three countries decide to collaborate, the new international carbon market can be established that can be the similar form of EU-ETS. It is clear that few barriers must be removed to launched such new form of carbon market. Protection of domestic technology, excessive financial request of business opportunities by CDM, and irrational needs of carbon credit that created by CDM, listed constraints define as an one single word, the national selfishness. Once it is cleared, there is high possibility that the Northern Asia CDM trading system can be launched.

• Management & Information Systems Review
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• v.33 no.3
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• pp.93-104
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• 2014

This study investigates price discovery between BlueNext spot and futures in EU ETS carbon emission markets using vector error correction model, GG and Hasbruck information ratio. Especially EUA is European Union Allowances traded on the Emissions Trading Scheme. This emission asset attracts and increasing attention among operators, investors and brokers on emission markets. In this study, we found BlueNext spot and EUA futures market are cointegrated. Following the preceding studies, we judged that EUA futures market contribute to the price discovery process than BlueNext spot market when this GG and Hasbrouck information ratio for BlueNext market are larger than 0.5. In other words, the futures market of EUA plays a more dominant role in price discovery than the spot market.

• Bulletin of Korea Environmental Preservation Association
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• s.387
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• pp.14-17
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• 2010

• Environmental and Resource Economics Review
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• v.21 no.4
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• pp.809-850
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• 2012

A linkage of emissions trading schemes among Korea, China and Japan demonstrates overall increase in gross domestic product (GDP). However, it also demonstrates reductions in household consumption, and the impact of integration could be very unbalanced between the countries. In particular, the reductions in domestic marginal costs are high in both Korea and Japan. Therefore, household consumptions in the two countries decrease despite increases in GDP because Korea and Japan will be purchasers of emissions rights. China, on the other hand, will experience the opposite. The unbalanced impacts on real household consumptions are intensified when emission credits are allocated via paid auctions instead of free allocation. This was demonstrated to be the case because the circumstances of three countries are intensified when using a paid emissions credit allocation scheme, and their differences could potentially hinder the cooperation between the three countries. Under the free allocation scheme, the emission trading schemes' unbalanced impacts on consumption could be mitigated, but unavoidable negative impacts of free allocation schemes are also serious. Based on the analysis results, Korea, China, and Japan will individually face complicated impacts if their carbon markets are integrated. Although the GDP of three countries will increase as a result of carbon market integration, the benefits of integration will surely be unbalanced, and the three countries will experience negative impacts in terms of actual consumption or employment. In particular, increases in income and consumption, reductions in employment, and energy dependence by credit purchasers (Japan and Korea) and production reduction and possibility of offshoring faced by revenue producing countries (China) could serve as a barrier to carbon market integration. To maximize the positive influences of carbon market integration while reducing the risks of negative side effects, the development and application of complimentary policy tools, such as import duties or discounts for emissions credits, are required.

• Environmental and Resource Economics Review
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• v.14 no.3
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• pp.569-593
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• 2005

This study tests for the law of one price and Grander Causality between the EU ETS and Nord Pool $CO_2$ allowance prices. The Johansen cointegration test shows that there exists a long run equilibrium between EU ETS and Nord Pool prices and support the law of one price. The Granger casuality test suggests that the EU ETS leads Nord Pool for all vintages traded. The test results imply that the EU ETS can be regarded as the representative carbon market in the EU where many exchanges just started competing for the newly rising market for carbon.

• The Magazine for Energy Service Companies
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• s.45
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• pp.16-17
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• 2007