Abstract
This study pioneers to investigate the impact of industry on the European Union carbon trading market based on network perspective. All the accounts in the European Union Emissions Trading System (EU ETS) are summarized at the industry level, and then the trading relationship between industries is constructed in the network layout. Based on this network, the centrality of each industry is measured—the industries of electricity, gas, steam and air conditioning supply (EGSAS), bank, broker, exchange, and wholesale trade excluding motor vehicles and motorcycles (WTEM) have higher centrality. Finally, the impact of industry on the evolution of networks is analyzed, Findings show that the financial intermediaries play important roles at the beginning of each phase, while their influences on the network will decrease as the market goes on. On the contrary, influences of some other industries like WTEM are gradually increasing.
Highlights
The European Union Emissions Trading System (EU ETS) was established in 2005, and it is the first and largest carbon emission trading market in the world by far
wholesale trade excluding motor vehicles and motorcycles (WTEM) has a large trading volume of allowances in Phase II, and wholesale industry is closely connected with almost all other industries in society, it is easier to conduct transactions with others
EGSAS, broker, bank, exchange, and manufacture of coke and refined petroleum products (MCRP) are selected in Phase I, and broker, EGSAS, WTEM, bank, exchange are selected in Phase II
Summary
The European Union Emissions Trading System (EU ETS) was established in 2005, and it is the first and largest carbon emission trading market in the world by far. The goal of the system is to use market mechanisms to effectively control carbon emissions within the EU. Since the implementation of EU ETS, the transboundary cap-and-trade scheme has been a hot topic for governments and researchers. It provides inspiration for emissions reduction in a fresh dimension, and similar ETSs were established in many regions from including China, Japan, Alberta and Quebec in Canada, California in the western part of the US, Kazakhstan, South Korea
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