Carbon Finance Research: A Categorization of Micro-Level Studies

At the micro level, studies on carbon finance can be categorized into three main categories. The first category consists of analyses of regulations and operations of carbon emission trading markets, including market development processes [7, 13], as well as the design of market mechanisms [14–16]. The second category focuses on factors affecting the pricing and value of carbon emission rights and their derivatives [17–20]. Finally, the third category examines risks in the carbon market, including price, policy, and market risks [21–24].