The Relationship Between European Union Allowance And Energy Prices

Global weather change is the most complicated challenge human face in the 20th century. EU ETS, which is the major research object in the world carbon market, is an effective practice among actions facing the weather change in emission right trading theory. And also, the carbon market and carbon finance issue has already become one of the research hotspot in the energy and weather change field. That the State Council put forward the development of exchange instruments like commodity option, commodity index, carbon emission right in "The State Council’s Opinions of Accelerating the Health Development of Capital Market" brings the development of national carbon emission trade market a horizon of the government’s promoting the advancement of the capital market. The emission allowance is also the information carrier of the circumstance of the carbon market, among which energy prices are crucial outer influence factors to the emission allowance. However, the study on the energy prices’ influence on the varied EUA prices’has lacked.On the basis of analyzing of emission right trade’s theory, the dissertation reviews the development process of European Union Emission Trading Scheme and China’s carbon market. Taking advantage of the quantile regression and the data from EEX, the dissertation studies energy prices(crude oil prices, natural gas prices, electricity prices and coal prices)’ influences on the varied EUA prices. Under this, related policy implications are put forward for constructing and improving carbon emission right market and scheme.