Emissions trading systems have been increasingly adopted by jurisdictions across the globe to facilitate the low carbon energy and economic transformation. Serving as an instrument to price greenhouse gas emissions generated in a variety of economic activities, emissions trading systems are reshaping producer behavior, consumer demand, and the future growth of the economy. Compared to command-and-control regulations or carbon taxes, emissions trading systems possess some unique features. First, if not auctioned, the allowance allocation to producers greatly affects the competitiveness of firms and hence the political acceptance of carbon pricing. Second, emissions trading systems allow potential linking of allowance markets in different jurisdictions, within the same country or internationally. Designs of linking could significantly change the overall policy efficiency and its distributional effects. Third, carbon prices that emerge from the emissions trading systems naturally exhibit volatility. Understanding and predicting this price volatility is crucial for market players in making production and investment decisions. Studying behaviors of producers and consumers at both the micro and macro level is of crucial importance. This paper introduces the special issue “Emissions trading systems for global low carbon energy and economic transformation,” summarizes key findings from the papers selected as well as some recent studies, and provides directions for future research.

排放交易系统已被全球各地的司法管辖区越来越多地采用，以促进低碳能源和经济转型。作为对各种经济活动中产生的温室气体排放进行定价的工具，排放交易系统正在改变生产者的行为，消费者需求以及经济的未来增长。与命令和控制条例或碳税相比，排放交易系统具有一些独特的功能。首先，如果不拍卖，对生产者的配额分配将极大地影响企业的竞争力，进而影响碳定价的政治接受度。其次，排放交易系统允许将配额市场潜在地链接在同一国家或国际范围内的不同辖区。链接的设计可能会大大改变总体政策效率及其分配效果。第三，排放交易系统中出现的碳价自然会表现出波动性。对于市场参与者做出生产和投资决策而言，了解和预测这种价格波动至关重要。在微观和宏观两个层面研究生产者和消费者的行为至关重要。本文介绍了专刊“全球低碳能源和经济转型的排放交易系统”，总结了所选论文的主要发现以及一些近期研究，并为未来的研究提供了方向。对于市场参与者做出生产和投资决策而言，了解和预测这种价格波动至关重要。在微观和宏观两个层面研究生产者和消费者的行为至关重要。本文介绍了专刊“全球低碳能源和经济转型的排放交易系统”，总结了所选论文的主要发现以及一些近期研究，并为未来的研究提供了方向。对于市场参与者做出生产和投资决策而言，了解和预测这种价格波动至关重要。在微观和宏观两个层面研究生产者和消费者的行为至关重要。本文介绍了专刊“全球低碳能源和经济转型的排放交易系统”，总结了所选论文的主要发现以及一些近期研究，并为未来的研究提供了方向。