Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study

Brazil is one of the largest global producers and exporters of ethanol and in 2017 launched RenovaBio, a programme aiming to mitigate greenhouse gas emissions. In parallel to this domestic scenario, there is rapid growth in the world market of carbon production, as well as complex price relations be...

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Autores principales:	Derick David Quintino, Heloisa Lee Burnquist, Paulo Jorge Silveira Ferreira
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	Brazilian ethanol prices carbon emission prices detrended cross-correlation analysis sliding windows approach Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/e6b525e1ff3f4ecab5be59b8683f4963
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spelling	oai:doaj.org-article:e6b525e1ff3f4ecab5be59b8683f49632021-11-25T19:05:01ZCarbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study10.3390/su1322128622071-1050https://doaj.org/article/e6b525e1ff3f4ecab5be59b8683f49632021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/22/12862https://doaj.org/toc/2071-1050Brazil is one of the largest global producers and exporters of ethanol and in 2017 launched RenovaBio, a programme aiming to mitigate greenhouse gas emissions. In parallel to this domestic scenario, there is rapid growth in the world market of carbon production, as well as complex price relations between fossil and renewable energies becoming increasingly important in recent years. The present work aims to contribute to filling a gap in knowledge about the relationship between Brazilian ethanol and other relevant energy-related commodities. We use a recent methodology (Detrended Cross-Correlation Approach—DCCA—with sliding windows) to analyze dynamically the cross-correlation levels between Brazilian ethanol prices and carbon emissions, as well as other possible-related prices, namely: sugar, Brent oil, and natural gas prices, with a sample of daily prices between January 2010 and July 2020. Our results indicate that (i) in the whole period, Brazilian ethanol has significant correlations with sugar, moderate correlation with oil in the short term, and only a weak, short-term correlation with carbon emission prices; (ii) with a sliding windows approach, the strength of the correlation between ethanol and carbon emissions varies between weak and non-significant in the short term.Derick David QuintinoHeloisa Lee BurnquistPaulo Jorge Silveira FerreiraMDPI AGarticleBrazilian ethanol pricescarbon emission pricesdetrended cross-correlation analysissliding windows approachEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12862, p 12862 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Brazilian ethanol prices carbon emission prices detrended cross-correlation analysis sliding windows approach Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	Brazilian ethanol prices carbon emission prices detrended cross-correlation analysis sliding windows approach Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Derick David Quintino Heloisa Lee Burnquist Paulo Jorge Silveira Ferreira Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study
description	Brazil is one of the largest global producers and exporters of ethanol and in 2017 launched RenovaBio, a programme aiming to mitigate greenhouse gas emissions. In parallel to this domestic scenario, there is rapid growth in the world market of carbon production, as well as complex price relations between fossil and renewable energies becoming increasingly important in recent years. The present work aims to contribute to filling a gap in knowledge about the relationship between Brazilian ethanol and other relevant energy-related commodities. We use a recent methodology (Detrended Cross-Correlation Approach—DCCA—with sliding windows) to analyze dynamically the cross-correlation levels between Brazilian ethanol prices and carbon emissions, as well as other possible-related prices, namely: sugar, Brent oil, and natural gas prices, with a sample of daily prices between January 2010 and July 2020. Our results indicate that (i) in the whole period, Brazilian ethanol has significant correlations with sugar, moderate correlation with oil in the short term, and only a weak, short-term correlation with carbon emission prices; (ii) with a sliding windows approach, the strength of the correlation between ethanol and carbon emissions varies between weak and non-significant in the short term.
format	article
author	Derick David Quintino Heloisa Lee Burnquist Paulo Jorge Silveira Ferreira
author_facet	Derick David Quintino Heloisa Lee Burnquist Paulo Jorge Silveira Ferreira
author_sort	Derick David Quintino
title	Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study
title_short	Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study
title_full	Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study
title_fullStr	Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study
title_full_unstemmed	Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study
title_sort	carbon emissions and brazilian ethanol prices: are they correlated? an econophysics study
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/e6b525e1ff3f4ecab5be59b8683f4963
work_keys_str_mv	AT derickdavidquintino carbonemissionsandbrazilianethanolpricesaretheycorrelatedaneconophysicsstudy AT heloisaleeburnquist carbonemissionsandbrazilianethanolpricesaretheycorrelatedaneconophysicsstudy AT paulojorgesilveiraferreira carbonemissionsandbrazilianethanolpricesaretheycorrelatedaneconophysicsstudy
_version_	1718410371356688384

Carbon Emissions and Brazilian Ethanol Prices: Are They Correlated? An Econophysics Study

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