自愿碳市场（VCM）促进碳信用交易；碳信用代表经核证的减排量，企业可通过投资可持续项目以此抵消自身的碳足迹。本研究量化了碳信用价格的决定因素。研究发现，自然为本项目的价格通常高于技术类项目，且价格受信用账龄与总供给量的显著影响。一项补充的机器学习分析证实了上述关系，并识别出历史收益率与此前信用库存是价格变动的两个关键驱动因素……
The voluntary carbon market (VCM) facilitates the trading of carbon credits, which represent verified emission reductions that firms may use to offset their carbon footprints by investing in sustainable projects. This study quantifies the determinants of carbon credit prices. It finds that prices are generally higher for nature-based projects than for technology-based ones and are significantly affected by credit age and total supply. A complementary machine learning analysis confirms these relationships, identifying past returns and prior credit inventory as two key drivers of price variation...