Energy and carbon prices: A comparison of interactions in the European Union emissions trading scheme and the Western climate initiative market

日本語

本論文は、EU ETSと米国カリフォルニア州のWCI市場における炭素価格とエネルギー価格（電力・天然ガス等）の動的相互作用を実証的に比較分析する。市場設計の違いが価格形成や波及効果に与える影響を明らかにし、炭素市場の効率性と政策含意を考察する。

English

This paper empirically compares the dynamic interactions between carbon prices and energy prices (electricity, natural gas, etc.) in the EU ETS and the Western Climate Initiative (WCI) market in California. It reveals how differences in market design affect price formation and spillover effects, offering insights into carbon market efficiency and policy implications.

日本のGX文脈において

日本では2026年度のGX排出量取引本格稼働を控え、炭素価格とエネルギー価格の連動メカニズムの理解は、電力・エネルギー企業のリスク管理や政府の制度設計に直接示唆を与える。EUとカリフォルニアの比較は、日本の市場設計の参考になる。

In the global GX context

As carbon pricing expands globally (EU ETS, California's WCI, and emerging markets), understanding cross-market interactions between carbon and energy prices is crucial for investors and policymakers. This comparative study provides empirical evidence on how different market designs influence price dynamics, relevant for the design of new carbon markets and for companies managing carbon price risk.