The Main Influencing Factors Of EUA Futures Price And Its Implications For The Development Of China's Carbon Trading Market

One of the main causes of global warming is carbon emissions,which is one of the core issues of the climate conference.Carbon trading markets have emerged in the context of limiting greenhouse gas emissions and mitigating climate change.Through to the the main trading object EUA of EU ETS researching,it is concluded that the macroeconomic situation,the power industry and the main energy prices are all correlated with it under the different levels of significant correlation.The research on EUA futures price is combined with the actual situation of carbon trading market in China,which will bring enlightenment to the operation of China's carbon emission trading market.First we discuss the EU ETS and theory related to carbon emissions price influencing factors.And then combining with the practical operation of the EU ETS,we can find out the main influence factors of its trading price,which are macroeconomic factors,the main energy industry,the main energy prices and other factors.Finally,we run the empirical model and turn out the results of the empirical testing.Results indicate that macroeconomic factor as well as the price of electricity and EUA futures price was significantly positively related.The natural gas price was significantly positively related with EUA futures price.The coal price was positively related to its price,and the price of crude oil were negatively correlated with relationship.And other factors such as climate factors,policy factors and clean energy prices,we supposed that it may affect EUA price by the constant term.Due to these factors mechanism is much complicated and has a time lag,we would not to be explored in this paper.National carbon emissions trading system in our country have been established at the end of 2017.But at present,not only the rules,but also the transaction price is still having deficiencies.By analogy to the EU ETS and the actual situation of carbon trading market in China,and combining the research conclusion,it draws inspirations to the development of China's carbon trading market.