Cutting edge: Pricing carbon-linked bonds

Pricing carbon-linked bonds

The global move to reduce the production of greenhouse gases (GHG) has led to the rapid growth of carbon markets where companies and countries can meet targets by trading carbon emission allowances for investment in abatement projects (see Bloch, 2011b).

However, since the empirical analysis on the main European Union Allowances (EUAs)1 from the European Union Emissions Trading Scheme (EU ETS) markets in Europe, performed by Borak et al (2006) and Daskalakis et al (2006), evidence of extreme

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