Abstract
Climate Change (CC) is a major issue of our century. Controlling the constraints of Greenhouse Gas (GHG) emissions through transformation into opportunities, in an organization to increase industrial production, has become a necessity. The main reason for this adoption was the effectiveness of energy management and responsible linkages that are being developed to determine the issues and opportunities of carbon finance for organizations. Through analysis of the European Union Emissions Trading Scheme (EU ETS) and the Clean Development Mechanism (CDM), this article presents and determinate the variables that influence the performance of the strategies of EU ETS players via the EUA allowances. Our study focuses on price changes in the EUA, being the most liquid carbon asset. In this regard, we highlighted the daily spot price of the EUA to highlight the daily changes affecting this price, given the high volatility in this Carbon financial market. The treatments of the determinants of CO2 prices (EUA) can be used to analyze the evolving and expanding carbon financial markets sphere. It features stylized facts about carbon financial markets from an economics and management perspective, as well as covering key aspects of pricing strategies (institutional decisions, energy prices and extreme weather events), climate change mitigation. Aimed at those with technical analysis, the CO2 prices within the framework of the EU ETS depend on several determinants. This paper constitutes an introduction to emission trading and an overview of the regulations governing Carbon financial markets. First, we detail the price changes in the EUA and primary energy prices. Second, we introduce the main characteristics of emissions trading, be it in terms of spatial and temporal limits, Clean Dark Spread, Clean Spark Spread and Switch Price. Third, we provide a technical analysis of atmospheric variables, structural variations and the Sanitary COVID-19 crisis and their impacts in the price development of EU CO2 allowances and presnt after conclusion some implications for future.
Highlights
Management research generally aims to describe, understand, explain or predict phenomena related to organizations
The world of organizations is a world of complexity where it is impossible for the researcher to represent in all their details most of the phenomena he or she may study
All the variables emerge free of the unit root effect, which can be used in their level form in a multiple linear regression model
Summary
Management research generally aims to describe, understand, explain or predict phenomena related to organizations. Modelling is a response to this need To qualify this statement, our objective in this research work is to evaluate, analyze and explain the impact of the explanatory variables (primary energy variables, atmospheric variables, fuel modification variables, structural movement variables [CO2 emissions information] and the Sanitary COVID-19 crisis variable) on the variable to be explained (EUA price variable), in order to detect and clear up the practices of the Responsible Management of companies of the European Union Emissions Trading Scheme (EU ETS). Our objective in this research work is to evaluate, analyze and explain the impact of the explanatory variables (primary energy variables, atmospheric variables, fuel modification variables, structural movement variables [CO2 emissions information] and the Sanitary COVID-19 crisis variable) on the variable to be explained (EUA price variable), in order to detect and clear up the practices of the Responsible Management of companies of the European Union Emissions Trading Scheme (EU ETS) We can highlight these statements and variables in the figure opposite. Six (06) explanatory variables have a positive expected sign and four (04) explanatory variables have a negative expected sign
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