The study looked at the risk premium in carbon and energy futures markets. They used a model to analyze CO2, oil, and gas futures prices and found that the risk premia change over time and vary between markets. The risk premium for CO2 is usually positive, while for oil and gas, it can go from positive to negative. They also found that factors like interest rates, volatility, credit risk, and liquidity affect the risk premium. Additionally, announcements about the EU emissions trading scheme can lower the CO2 risk premium.