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Carbon shadow pricing: a two-decade review of key drivers and implications

Mahyar Kamali Saraji,Dalia Štreimikienė,T. Baležentis

Published 2025 in Management of environmental quality

ABSTRACT

PurposeGlobal warming and climate change have recently become the most challenging environmental issues, mainly caused by greenhouse gas emissions, especially CO2. As a result, studying and estimating the shadow price of carbon has also become an important research topic.Design/methodology/approachIn this context, the present study conducted a systematic literature review on the drivers of the carbon shadow price (CSP) over the past two decades, from 2005 to 2025. The present research classifies and synthesizes findings from 43 peer-reviewed publications across industrial, agricultural and urban sectors using the PSALAR protocol.FindingsKey drivers include technological advancements, economic development, regulatory frameworks, energy structures and regional disparities.Originality/valueAn inclusive driver framework is developed to classify CSP drivers, assisting policymakers in optimizing carbon management strategies toward sustainable development.

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