Financial Innovation,
Journal Year:
2023,
Volume and Issue:
9(1)
Published: Jan. 8, 2023
Abstract
As
the
largest
source
of
carbon
emissions
in
China,
thermal
power
industry
is
only
emission-controlled
first
national
market
compliance
cycle.
Its
conversion
to
clean-energy
generation
technologies
also
an
important
means
reducing
CO
2
and
achieving
peak
neutral
commitments.
This
study
used
fractional
Brownian
motion
describe
energy-switching
cost
constructed
a
stochastic
optimization
model
on
allowance
(CA)
trading
volume
emission-reduction
strategy
during
period
with
Hurst
exponent
volatility
coefficient
estimated.
We
defined
optimal
enterprises
as
form
unique
solution
Hamilton–Jacobi–Bellman
equation
by
combining
dynamic
principle
Itô’s
formula.
In
this
manner,
we
obtained
models
for
emission
reduction
equilibrium
CA
price.
Our
numerical
analysis
revealed
that,
within
2021–2030,
reductions
desired
prices
CAs
changed
concurrently,
increasing
trend
annually
different
peak-year
scenarios.
Furthermore,
sensitivity
that
energy
price
indirectly
affected
influencing
exponent,
depreciation
rate
positively
impacted
price,
initial
reduced
findings
can
be
develop
strategies
pricing
market.
