Carbon Credits: Who is the Leader of the Pack?

Vicente Medina, Angel Pardo, Roberto Pascual


We provide the first intraday analysis on the contribution to price discovery of two emissions carbon credits: European Union Allowances (EUAs) and Certified Emission Reductions (CERs). We find that EUAs lead price discovery but CERs play a growing role and, therefore, should not be ignored.

Keywords: European Union Allowances; Certified Emission Reductions; co-integration, price-discovery; high frequency data; intraday analysis.

JEL Classifications: G10

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