• International Area Studies Review
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• v.21 no.4
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• pp.223-245
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• 2017

This study is examined interaction between carbon market with stock market using a multivariate GARCH(DCC) model. Carbon market is EU ETS EUA price, stock market is the iron and cement stock price which has relatively energy intensive and massive carbon emissions sector in the industrial sector. It also analyzed changes in the correlation between the markets through an analysis of correlation coefficients. Moreover, it checked whether there was marketability expansion(or expansion of carbon emissions reduction) through the analysis above. As a result of empirical tests, it showed that the price spillover effect was insignificant. In addition, it represented that there was a weak correlation between the two markets since the volatility spillover effect disappeared in the second phase by an external shock(a financial crisis). Moreover, it was revealed that there were no significant changes although there was a weak upward trend in terms of the correlation between the carbon market and the stock market. This implies that emission rights could not expand marketability to financial market as a commodity(or did not play its natural role of the reduction of carbon emission).

• 월간 기계설비
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• s.266
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• pp.42-48
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• 2012

녹색인증 제도는 '저탄소 녹색성장'을 실현할 새로운 경제 패러다임으로서, 미래 기술을 선점할 수 있는 발판 마련과 함께 주계약자공동도급을 위한 파트너 선정 시 기술력 증명의 근거가 되는 등 설비건설업계가 경쟁력을 갖출 수 있는 한 방안으로 부각되고 있다. 국토해양부, 지식경제부, 기획재정부 등 8개 주요 부처가 공동으로 지원하는 녹색인증제는 크게 ▲녹색기술 인증 ▲녹색사업 인증 ▲녹색전문기업 확인 등으로 구분된다. 녹색기술인증은 신재생에너지와 탄소저감 등 10개 분야를 중심으로 핵심 요소기술을 선정하며, 녹색사업은 녹색성장과 관련된 경제활동으로 경제 기술적 파급효과가 큰 사업을 선정하고 있다. 또한 녹색전문기업 확인은 녹색기술에 의한 매출액 비중에 따라 선정하고 있다. 녹색인증을 획득하면 대외적으로 기술력을 증명할 수 있을 뿐만아니라, 녹색금융상품 세제 혜택, 녹색기술사업화 기업지원 등 각종 지원 혜택을 받을 수 있다. 본지는 이번 호부터 녹색인증제에 대해 연재한다.

• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.759-784
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• 2013

Participants can use the allowances and offsets for implementing the compliance in the Emissions Trading Scheme(ETS). There are alternative commodities which are different prices it gives the opportunities to reduce the compliance costs and get the arbitrage. This study analyzes the price driver of spread which is the difference between EUA and sCER using AR-GARCH model, EUA and CER during the Phase 2 in EU ETS. The results show that there are common elements which impacts the EUA and sCER and also different elements between them. EUA and sCER get the effects from energy price and economic criteria such as coal price and financial crisis as common elements. However them get the effects from electric price, policy criteria such as restricted CERs and difference price between EUA and ERU price as different elements. The results shows that spread will be widen if energy price increase, especially oil and electric price give more impacts the spreads. This study has the means that it explains the reason why the spreads will broaden sharply in 2012. And it also suggests the price driver of spread during the whole period of Phase 2. In addition, this study shows that political aspects maybe become the main criteria of price change with structural elements shch as energy price in Korea ETS which starts in 2015.

• Journal of Environmental Policy
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• v.8 no.4
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• pp.95-124
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• 2009

This study aims to introduce greenhouse gas emission trading in Korea as a highly cost-effective mechanism for controlling emissions. The Basic Act on Low-Carbon Green Growth will cover methods of emissions allocation, national inventory, and trading systems (i.e. emissions trading platforms, national registry,and clearing and settlement platforms). The Korean emission scheme will be based on the Korean Climate Change Act proposed by the National Assembly and Government with a cap-and-trade scheme. The national allowances will be allocated by the hybrid system. To establish the national inventory, TRADEMARKS (Telemetering System) and emissions factors are effective for greenhouse gas emissions measurement. It will likewise be effective for the national registry to be implemented via a Korean Integrated Registry, the emissions trading platform via the KRX (Korean Exchange), and the clearing and settlement platform via the KSD (Korean Securities Depository). In other words, the KRX will manage product development and marketing for Korean Carbon Financial Instruments (including commodities, futures, and options contracts) listed and admitted to trading on the KRX. All emissions trades will be standardized and cleared by the KSD.