| Summary: | 碩士 === 長庚大學 === 管理學院碩士學位學程在職專班財務金融組 === 101 === The Kyoto Protocol of the United Nations to fulfill emission reduction commitments. It is a specific international agreement to reduce carbon emissions. The Kyoto Protocol's first commitment period will be due by the end of 2012. The EU ETS is currently the most important global carbon emissions trading market. From the emissions trading, energy（Light Crude）and commodity market（Soybean, Corn, Wheat）mutual causal association to empirical research and analysis the effectiveness of carbon reduction they cause.
In this study shows that the first phase EU ETS carbon trading, emissions Spot affect emissions futures is single causal relationship. In this period emissions Spot with emissions futures is highly positively correlated. However, in second phase carbon trading, emissions Spot and emissions futures both are didn't have able to impact light crude, soybean, corn and wheat of causal association. In this period emissions Spot with emissions futures is low negative correlation, emissions Spot with light crude is height negatively correlated, emissions futures with light crude is moderate positive correlation.
From this study more clear understand the carbon trading increasingly could not for primary energy and crop impact related. Therefore, this study deem that market forces, the United Nations as the main method to achieve carbon reduction targets is concrete results of this method are not apparent. Must be used more effectively and actively means to suppress global warming and the problem of dealing with climate change.
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