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This paper studies the heterogeneous effects of exchange rate and stock market on carbon emission allowance price in four emissions trading scheme pilots in China. We employ a panel quantile regression model, which can describe both individual and distributional heterogeneity. The empirical results illustrate that the effects of explanatory variables on carbon emission allowance price is heterogeneous along the whole quantiles. Specifically, exchange rate has a negative effect on carbon emission allowance price at lower quantiles, while becomes a positive effect at higher quantiles. In addition, a negative effect exists between domestic stock market and carbon emission allowance price, and the intensity decreasing along with the increase of quantile. By contrast, an increasing positive effect is discovered between European stock market and domestic carbon emission allowance prices. Finally, heterogeneous effects on carbon emission allowance price can also be proved in European Union Emission Trading Scheme (EU-ETS). [ABSTRACT FROM AUTHOR]

Maintaining crop outputs to feed its large population with limited resources while simultaneously mitigating carbon emissions are great challenges for China. Improving the efficiency of resource use in crop production is important in reducing carbon emissions. This paper constructs a methodological framework combining emergy-based indicator accounting and a nonseparable undesirable output slack-based measurement (SBM) data envelopment analysis (DEA) model. This framework is used to explore the efficiency of inputs and outputs and the greenhouse gas (GHG) emissions reduction potential for crop production systems, using Zhejiang province, China, as a case study. It is found that an emergy synthesis and a nonseparable undesirable output SBM-DEA framework is compatible with the case study. Crop production in Zhejiang province has relied heavily on an increase in agrochemical inputs to maintain agricultural output. Energy and chemical fertilizer use are determined as the province’s major carbon emissions sources. Although carbon emissions per unit of monetary output has decreased sharply, the carbon emissions per unit emergy output has increased, demonstrating a high carbon intensity reality. The DEA highlighted the differences in crop production efficiency, resource factor redundancy and carbon mitigation potential in the different prefectures of the province. To conclude this research, policies to support low carbon agriculture development, including subsidizing low carbon agriculture technology development and expansion and the cancellation of subsidies to high carbon production factors, such as chemical fertilizer production and sales, are discussed to conclude the research. [ABSTRACT FROM AUTHOR]

Based on carbon spot prices selected from seven carbon pilots, we assess the financial performances related to carbon volatility in China on the overall perspective. According to the results, the Chinese carbon market fluctuated severely at the beginning of carbon trading, but has stabilised in general, despite several dramatic changes related to ‘yearly compliance events’. Long-term memory exists in the volatility series. Moreover, asymmetry exists in the Chinese carbon market, and volatility reacts more severely to good news than to bad news. Finally, we discuss our empirical results, and make certain suggestions regarding firms’ awareness, international cooperation and individual investors not only for policy makers in China but also for other developing countries who are contemplating either commencing carbon trading or improving the current market. [ABSTRACT FROM AUTHOR]