Attachment Data ：Carbon and Energy.xlsx

Essential to guarantee the accuracy and reliability of this research is careful selection of data. In this study, the natural logarithms of the indexes were computed, and the differences were scaled by a factor of 100 to obtain the logarithmic returns for each index.

The data utilized includes the carbon trading price of China (CC), Chinese Crude Oil Futures (CO), Chinese Electricity Index (CE), Chinese Alternative Energy Index (AE), Chinese Oil and Natural Gas Index (ON), London Brent Crude Oil (BO), WTI New York Crude Oil (WO), International Gas Futures (IG), and International Coal Futures (IC). The dataset consists of 241 valid data points from common trading days between March 2023 and June 28, 2024, sourced from public databases such as the China Carbon Trading Network (CCTN) and Yahoo Finance. The carbon trading price (CC) reflects China's carbon emissions market, while the fossil energy markets, including Chinese Crude Oil Futures (CO), Chinese Oil and Natural Gas Index (ON), London Brent Crude Oil (BO), WTI New York Crude Oil (WO), International Gas Futures (IG), and International Coal Futures (IC), represent both domestic and international sources of carbon emissions. The Chinese Electricity Index (CE) indicates energy consumption and broader market trends, while the Chinese Alternative Energy Index (AE) tracks green energy sources that do not produce carbon emissions.