世界交易所联合会WFE：气候风险溢价：基于商品期权市场的实证研究（英文版）

This paper examines how climate-related risks are priced in the commodity derivatives market. Leveraging a unique dataset of “brown” and “green” iron ore options traded on the Singapore Exchange, we document significant climate variance and skewness risk premiums. Further analysis reveals a nonlinear relationship between climate policy uncertainty and climate risk premiums: moderate uncertainty increases premiums by destabilizing market expectations, whereas extreme uncertainty suppresses ma