Abstract

As the world's largest carbon emitter, China has made great efforts to achieve its carbon peak and carbon neutral targets. China has adopted the carbon trading market as an important means to achieve its goals and set up seven carbon trading pilot markets from 2013 to 2015. Studying the efficiency of China's pilot carbon emissions trading market is an important guide to the construction of a unified market of carbon in China and the achievement of carbon neutrality targets. Based on the efficient market hypothesis (EMH), this paper verifies the weak form efficiency of the Chinese carbon market through unit root test, run test and variance ratio test. The paper finds that compared to the previous literature, the effectiveness of China's carbon market has improved after using the latest data, and it can be argued that the Chinese carbon pilot market has initially achieved the initial level of efficiency.

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