This paper defines the A-share market carbon risk index, and empirically tests the impact of carbon risk on China’s stock returns. The research results show carbon risk is correlated negatively with excess returns on equities and has proven to be a systemic risk. Mechanism analysis shows that...

Approximately 60% of global greenhouse gas (GHG) emissions are attributable to household consumption, which represents great opportunity to mitigate them. However, most research has focused only on CO2 emissions, and pays limited attention to non-CO2, which accounts for a quarter of household...