<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:mml="http://www.w3.org/1998/Math/MathML" dtd-version="1.3" article-type="research-article" xml:lang="en">
  <front>
    <journal-meta>
      <journal-title-group><journal-title>Global Decarbonisation</journal-title></journal-title-group>
      <issn pub-type="epub">3050-0230</issn>
      <publisher><publisher-name>Caravel Press</publisher-name></publisher>
    </journal-meta>
    <article-meta>
      <article-id pub-id-type="doi">10.65582/gd.2026.010</article-id>
      <article-id pub-id-type="publisher-id">2026.010</article-id>
      <title-group><article-title>Dynamical Analysis and Control of a Carbon Credit Investment System with Chaotic Behavior and Fractional-Order Memory</article-title></title-group>
    <contrib-group>
      <contrib contrib-type="author" corresp="yes">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0009-0006-8045-9621</contrib-id>
        <name><surname>Krzyuy</surname><given-names>Sofia E.</given-names></name>
        <xref ref-type="aff" rid="aff1"/>
        <email>sofiakrzyuy@alunos.utfpr.edu.br</email>
      </contrib>
      <contrib contrib-type="author">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-2065-9622</contrib-id>
        <name><surname>Lenzi</surname><given-names>Giane G.</given-names></name>
        <xref ref-type="aff" rid="aff2"/>
        <email>gianeg@utfpr.edu.br</email>
      </contrib>
      <contrib contrib-type="author">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-3871-6365</contrib-id>
        <name><surname>Fuziki</surname><given-names>Maria E. K.</given-names></name>
        <xref ref-type="aff" rid="aff2"/>
        <email>mariafuziki@gmail.com</email>
      </contrib>
      <contrib contrib-type="author">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-9796-3609</contrib-id>
        <name><surname>Balthazar</surname><given-names>Jose M.</given-names></name>
        <xref ref-type="aff" rid="aff3"/>
        <email>jmbaltha@gmail.com</email>
      </contrib>
      <contrib contrib-type="author">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-3660-188X</contrib-id>
        <name><surname>Colpini</surname><given-names>Leda M. S.</given-names></name>
        <xref ref-type="aff" rid="aff4"/>
        <email>ledasaracol@ufpr.br</email>
      </contrib>
      <contrib contrib-type="author">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-1551-9134</contrib-id>
        <name><surname>dos Santos</surname><given-names>Onelia A. A.</given-names></name>
        <xref ref-type="aff" rid="aff5"/>
        <email>oneliaandreo@hotmail.com</email>
      </contrib>
      <contrib contrib-type="author">
        <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-3144-0407</contrib-id>
        <name><surname>Tusset</surname><given-names>Angelo M.</given-names></name>
        <xref ref-type="aff" rid="aff1"/>
        <email>tusset@utfpr.edu.br</email>
      </contrib>
      <aff id="aff1">Department of Production Engineering, Federal University of Technology – Paraná (UTFPR), Ponta Grossa, Paraná, Brazil</aff>
      <aff id="aff2">Department of Chemical Engineering, Federal University of Technology – Paraná (UTFPR), Ponta Grossa, Paraná, Brazil</aff>
      <aff id="aff3">Department of Mechanical Engineering, São Paulo State University (UNESP), Bauru, São Paulo, Brazil</aff>
      <aff id="aff4">Federal University of Paraná (UFPR), Jandaia do Sul, Paraná, Brazil</aff>
      <aff id="aff5">State University of Maringá (UEM), Maringá, Brazil</aff>
    </contrib-group>
      <pub-date publication-format="electronic" date-type="pub"><day>28</day><month>08</month><year>2026</year></pub-date>
      <volume>2</volume>
      <fpage>183</fpage>
      <lpage>203</lpage>
      <self-uri xlink:href="https://caravelpress.com/journals/gd/articles/2026.010"/>
      <history>
        <date date-type="received"><string-date>9 June 2026</string-date></date>
        <date date-type="rev-recd"><string-date>13 August 2026</string-date></date>
        <date date-type="accepted"><string-date>27 August 2026</string-date></date>
      </history>
      <permissions>
        <copyright-statement>© 2026 The Author(s). Published by Caravel Press.</copyright-statement>
        <copyright-year>2026</copyright-year>
        <license license-type="open-access" xlink:href="https://creativecommons.org/licenses/by/4.0/">
          <license-p>This is an open access article under the CC BY 4.0 licence.</license-p>
        </license>
      </permissions>
      <abstract><p>This study investigates the dynamic behavior of a carbon credit investment system using nonlinear analysis, fractional-order modeling, and active control techniques. The analysis focuses on parameters associated with the demand for green investments and the impact of the carbon tax rate. System dynamics are characterized through bifurcation diagrams, phase portraits, time series, and Lyapunov exponents, enabling the identification of distinct dynamic regimes, including periodic and chaotic behaviors. To incorporate memory effects inherent in economic variables, fractional-order formulations based on the Riemann–Liouville operator are employed, revealing that the order of the fractional derivative significantly influences the system's dynamics. To stabilize the system and suppress chaotic behavior, a linear controller of the Linear Quadratic Regulator (LQR) type and a nonlinear controller based on the State-Dependent Riccati Equation (SDRE) are designed. The results demonstrate that both strategies successfully drive the system toward desired equilibrium states while exhibiting low tracking errors. Furthermore, addressing scenarios where not all state variables are directly available for feedback, state observers are utilized to estimate unmeasured variables and supply the necessary information to the controllers. The findings provide a quantitative basis for understanding the complex dynamics associated with carbon credit investments and highlight the applicability of control strategies for system stabilization and the mitigation of undesirable dynamic behaviors.</p></abstract>
      <kwd-group kwd-group-type="author">
        <kwd>Carbon credits</kwd>
        <kwd>Chaotic financial system</kwd>
        <kwd>LQR control</kwd>
        <kwd>SDRE control</kwd>
        <kwd>Dynamical analysis</kwd>
      </kwd-group>
    </article-meta>
  </front>
  <body>
  </body>
  <back>
    <fn-group>
      <fn fn-type="con"><p>&lt;em&gt;Sofia E. Krzyuy: Conceptualization, Methodology, Investigation, Formal analysis, Data curation, Visualization, Writing – Original Draft, and Writing – Review &amp; Editing. Giane G. Lenzi and Onelia A. A. dos Santos: Methodology, Formal analysis, and Writing – Review &amp; Editing. Maria E. K. Fuziki: Data curation, Visualization, and Writing – Review &amp; Editing. Angelo M. Tusset: Formal analysis and Writing – Review &amp; Editing. Jose M. Balthazar: Supervision and Writing – Review &amp; Editing. Leda M. S. Colpini: Conceptualization, Supervision, Project administration, and Writing – Review &amp; Editing. All authors have read and approved the final version of the manuscript.&lt;/em&gt;</p></fn>
      <fn fn-type="conflict"><p>The authors declare that they have no known competing financial interests or personal relationships that could have influenced the work reported in this paper.</p></fn>
      <fn fn-type="data-availability"><p>The authors declare that the data supporting the findings of this study are available within the paper. Further inquiries can be directed to the corresponding author.</p></fn>
    </fn-group>
    <ref-list>
      <ref id="ref-r1">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Adenutsi, Deodat Emilson</string-name>
          </person-group>
          <article-title>A Systems-Based Balanced Cost-Benefit Analysis of Corporate-Community Engagement in Resource Extraction: The CoSLIE Framework</article-title>
          <source>Journal of Mathematical Finance</source>
          <year>2025</year>
          <volume>15</volume>
          <issue>03</issue>
          <page-range>616-665</page-range>
          <publisher-name>Scientific Research Publishing, Inc.</publisher-name>
          <pub-id pub-id-type="doi">10.4236/jmf.2025.153025</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r2">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Agathiyan</string-name>
            <string-name>A.</string-name>
            <string-name>B, Vinothkumar.</string-name>
            <string-name>Akgul, Ali</string-name>
            <string-name>Alshammari, Fahad Sameer</string-name>
          </person-group>
          <article-title>Fractal–fractional modeling and chaos analysis of a financial system with generalized memory kernels</article-title>
          <source>Results in Control and Optimization</source>
          <year>2025</year>
          <volume>21</volume>
          <page-range>100632</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.rico.2025.100632</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r3">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Ahmadi, Farid</string-name>
            <string-name>Pourmahmood Aghababa, Mohammad</string-name>
            <string-name>Kalbkhani, Hashem</string-name>
          </person-group>
          <article-title>Identification of Chaos in Financial Time Series to Forecast Nonperforming Loan</article-title>
          <source>Mathematical Problems in Engineering</source>
          <year>2022</year>
          <volume>2022</volume>
          <page-range>1-11</page-range>
          <publisher-name>Wiley</publisher-name>
          <pub-id pub-id-type="doi">10.1155/2022/2055655</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r4">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Al Dowais, Amal</string-name>
          </person-group>
          <article-title>Differentiability of the Largest Lyapunov Exponent for Non-Planar Open Billiards</article-title>
          <source>Mathematics</source>
          <year>2023</year>
          <volume>11</volume>
          <issue>22</issue>
          <page-range>4633</page-range>
          <publisher-name>MDPI AG</publisher-name>
          <pub-id pub-id-type="doi">10.3390/math11224633</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r5">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Awuah, Joana</string-name>
            <string-name>Pappinen, Ari</string-name>
            <string-name>Laasasenaho, Kari</string-name>
            <string-name>Hassan, Md. Kamrul</string-name>
            <string-name>Lauhanen, Risto</string-name>
            <string-name>Kuittinen, Suvi</string-name>
          </person-group>
          <article-title>Evaluating the investment attractiveness and carbon credit potential of short rotation willow plantation on a cutaway peatland</article-title>
          <source>Industrial Crops and Products</source>
          <year>2026</year>
          <volume>240</volume>
          <page-range>122567</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.indcrop.2025.122567</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r6">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Azlen, Michael</string-name>
            <string-name>Gostlow, Glen</string-name>
            <string-name>Child, Alex</string-name>
          </person-group>
          <article-title>The Carbon Risk Premium</article-title>
          <source>The Journal of Alternative Investments</source>
          <year>2022</year>
          <volume>25</volume>
          <issue>1</issue>
          <page-range>33-64</page-range>
          <publisher-name>With Intelligence LLC</publisher-name>
          <pub-id pub-id-type="doi">10.3905/jai.2022.1.166</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r7">
        <element-citation publication-type="book">
          <person-group person-group-type="author">
            <string-name>Banks</string-name>
            <string-name>H. T.</string-name>
            <string-name>Beeler</string-name>
            <string-name>S. C.</string-name>
            <string-name>Tran</string-name>
            <string-name>H. T.</string-name>
          </person-group>
          <article-title>State Estimation and Tracking Control of Nonlinear Dynamical Systems</article-title>
          <source>Control and Estimation of Distributed Parameter Systems</source>
          <year>2003</year>
          <page-range>1-24</page-range>
          <publisher-name>Birkhäuser Basel</publisher-name>
          <pub-id pub-id-type="doi">10.1007/978-3-0348-8001-5_1</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r8">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Benz, Eva</string-name>
            <string-name>Trück, Stefan</string-name>
          </person-group>
          <article-title>Modeling the price dynamics of CO2 emission allowances</article-title>
          <source>Energy Economics</source>
          <year>2009</year>
          <volume>31</volume>
          <issue>1</issue>
          <page-range>4-15</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.eneco.2008.07.003</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r9">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Cariappa, Adeeth A. G.</string-name>
            <string-name>Konath, Noufa C.</string-name>
            <string-name>Sapkota, Tek B.</string-name>
            <string-name>Krishna, Vijesh V.</string-name>
          </person-group>
          <article-title>Evaluating the potential and eligibility of conservation agriculture practices for carbon credits</article-title>
          <source>Scientific Reports</source>
          <year>2024</year>
          <volume>14</volume>
          <issue>1</issue>
          <publisher-name>Springer Science and Business Media LLC</publisher-name>
          <pub-id pub-id-type="doi">10.1038/s41598-024-59262-6</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r10">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Chen, Wei-Ching</string-name>
          </person-group>
          <article-title>Nonlinear dynamics and chaos in a fractional-order financial system</article-title>
          <source>Chaos, Solitons &amp;amp; Fractals</source>
          <year>2008</year>
          <volume>36</volume>
          <issue>5</issue>
          <page-range>1305-1314</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.chaos.2006.07.051</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r11">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>CHENG, Hui</string-name>
            <string-name>HUANG, Jian-bai</string-name>
            <string-name>GUO, Yao-qi</string-name>
            <string-name>ZHU, Xue-hong</string-name>
          </person-group>
          <article-title>Long memory of price–volume correlation in metal futures market based on fractal features</article-title>
          <source>Transactions of Nonferrous Metals Society of China</source>
          <year>2013</year>
          <volume>23</volume>
          <issue>10</issue>
          <page-range>3145-3152</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/S1003-6326(13)62845-9</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r12">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Chevallier, Julien</string-name>
          </person-group>
          <article-title>A model of carbon price interactions with macroeconomic and energy dynamics</article-title>
          <source>Energy Economics</source>
          <year>2011</year>
          <volume>33</volume>
          <issue>6</issue>
          <page-range>1295-1312</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.eneco.2011.07.012</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r13">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>çimen, Tayfun</string-name>
          </person-group>
          <article-title>APPROXIMATE NONLINEAR OPTIMAL SDRE TRACKING CONTROL</article-title>
          <source>IFAC Proceedings Volumes</source>
          <year>2007</year>
          <volume>40</volume>
          <issue>7</issue>
          <page-range>147-152</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.3182/20070625-5-FR-2916.00026</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r14">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>David</string-name>
            <string-name>S.A.</string-name>
            <string-name>Machado</string-name>
            <string-name>J.A.T.</string-name>
            <string-name>Quintino</string-name>
            <string-name>D.D.</string-name>
            <string-name>Balthazar</string-name>
            <string-name>J.M.</string-name>
          </person-group>
          <article-title>Partial chaos suppression in a fractional order macroeconomic model</article-title>
          <source>Mathematics and Computers in Simulation</source>
          <year>2016</year>
          <volume>122</volume>
          <page-range>55-68</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.matcom.2015.11.004</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r15">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Dorfler, Florian</string-name>
            <string-name>Tesi, Pietro</string-name>
            <string-name>De Persis, Claudio</string-name>
          </person-group>
          <article-title>On the Role of Regularization in Direct Data-Driven LQR Control</article-title>
          <source>2022 IEEE 61st Conference on Decision and Control (CDC)</source>
          <year>2022</year>
          <page-range>1091-1098</page-range>
          <publisher-name>IEEE</publisher-name>
          <pub-id pub-id-type="doi">10.1109/CDC51059.2022.9992770</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r16">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Farooq, Khizar</string-name>
            <string-name>Abdullah, Aljethi Reem</string-name>
            <string-name>Hussain, Ejaz</string-name>
            <string-name>Murad, Muhammad Amin S.</string-name>
          </person-group>
          <article-title>Chaos, Lyapunov exponent, and sensitivity demonstration of the coupled nonlinear integrable model with soliton solutions</article-title>
          <source>AIMS Mathematics</source>
          <year>2025</year>
          <volume>10</volume>
          <issue>10</issue>
          <page-range>22929-22957</page-range>
          <publisher-name>American Institute of Mathematical Sciences (AIMS)</publisher-name>
          <pub-id pub-id-type="doi">10.3934/math.20251019</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r17">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Feng, Zhen-Hua</string-name>
            <string-name>Zou, Le-Le</string-name>
            <string-name>Wei, Yi-Ming</string-name>
          </person-group>
          <article-title>Carbon price volatility: Evidence from EU ETS</article-title>
          <source>Applied Energy</source>
          <year>2011</year>
          <volume>88</volume>
          <issue>3</issue>
          <page-range>590-598</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.apenergy.2010.06.017</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r18">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Gallegati, Mauro</string-name>
            <string-name>Gallegati, Silvia</string-name>
          </person-group>
          <article-title>Why does economics need complexity?</article-title>
          <source>Soft Computing</source>
          <year>2025</year>
          <volume>29</volume>
          <issue>6</issue>
          <page-range>3063-3072</page-range>
          <publisher-name>Springer Science and Business Media LLC</publisher-name>
          <pub-id pub-id-type="doi">10.1007/s00500-025-10548-5</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r19">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Hu, Len-Kuo</string-name>
          </person-group>
          <article-title>Dynamic Economic Fluctuation with Unpredictable Uncertainty—Some Implications from the Theory of Complexity and Chaos</article-title>
          <source>Journal of the Knowledge Economy</source>
          <year>2025</year>
          <volume>17</volume>
          <issue>2</issue>
          <page-range>3875-3902</page-range>
          <publisher-name>Springer Science and Business Media LLC</publisher-name>
          <pub-id pub-id-type="doi">10.1007/s13132-025-02823-5</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r36">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Jiancheng, Xi</string-name>
            <string-name>Boateng, Seth Acquah</string-name>
            <string-name>Karikari, Frank Agyemang</string-name>
            <string-name>Khan, Sana</string-name>
            <string-name>Sackitey, Gabriel Mordzifa</string-name>
            <string-name>Fumey, Michael Provide</string-name>
          </person-group>
          <article-title>Financial markets and renewable energy transitions: Evidence from energy investment, domestic credit, market capitalisation and institutional quality</article-title>
          <source>Energy</source>
          <year>2026</year>
          <volume>346</volume>
          <page-range>140286</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.energy.2026.140286</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r20">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Johansyah, Muhamad Deni</string-name>
            <string-name>Vaidyanathan, Sundarapandian</string-name>
            <string-name>Hannachi, Fareh</string-name>
            <string-name>Sambas, Aceng</string-name>
            <string-name>Aruna, Chittineni</string-name>
            <string-name>Rusyn, Volodymyr</string-name>
          </person-group>
          <article-title>Investigation of Chaotic Behavior, Rotational Symmetry, Multistability and Dynamic Analysis for a New Chaotic 4-D Finance System</article-title>
          <source>Journal of Nonlinear Mathematical Physics</source>
          <year>2026</year>
          <volume>33</volume>
          <issue>1</issue>
          <publisher-name>Springer Science and Business Media LLC</publisher-name>
          <pub-id pub-id-type="doi">10.1007/s44198-026-00381-1</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r21">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Li, Hang</string-name>
            <string-name>Shen, Yongjun</string-name>
            <string-name>Han, Yanjun</string-name>
            <string-name>Dong, Jinlu</string-name>
            <string-name>Li, Jian</string-name>
          </person-group>
          <article-title>Determining Lyapunov exponents of fractional-order systems: A general method based on memory principle</article-title>
          <source>Chaos, Solitons &amp;amp; Fractals</source>
          <year>2023</year>
          <volume>168</volume>
          <page-range>113167</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.chaos.2023.113167</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r22">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Liao, Yi</string-name>
            <string-name>Zhou, Yiran</string-name>
            <string-name>Xu, Fei</string-name>
            <string-name>Shu, Xiao-Bao</string-name>
          </person-group>
          <article-title>A Study on the Complexity of a New Chaotic Financial System</article-title>
          <source>Complexity</source>
          <year>2020</year>
          <volume>2020</volume>
          <page-range>1-5</page-range>
          <publisher-name>Wiley</publisher-name>
          <pub-id pub-id-type="doi">10.1155/2020/8821156</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r31">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Marcelo Tusset, Angelo</string-name>
            <string-name>Piccirillo, Vinícius</string-name>
            <string-name>Bueno, Atila Madureira</string-name>
            <string-name>Manoel Balthazar, José</string-name>
            <string-name>Sado, Danuta</string-name>
            <string-name>Felix, Jorge Luis Palacios</string-name>
            <string-name>Brasil, Reyolando Manoel Lopes Rebello da Fonseca</string-name>
          </person-group>
          <article-title>Chaos control and sensitivity analysis of a double pendulum arm excited by an RLC circuit based nonlinear shaker</article-title>
          <source>Journal of Vibration and Control</source>
          <year>2016</year>
          <volume>22</volume>
          <issue>17</issue>
          <page-range>3621-3637</page-range>
          <publisher-name>SAGE Publications</publisher-name>
          <pub-id pub-id-type="doi">10.1177/1077546314564782</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r23">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Nekoo, Saeed Rafee</string-name>
          </person-group>
          <article-title>Output- and state-dependent Riccati equation: An output feedback controller design</article-title>
          <source>Aerospace Science and Technology</source>
          <year>2022</year>
          <volume>126</volume>
          <page-range>107649</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.ast.2022.107649</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r24">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Okolo, Chukwuemeka Valentine</string-name>
            <string-name>Susaeta, Andres</string-name>
            <string-name>Sessions, John</string-name>
          </person-group>
          <article-title>Credit market dynamics, reduced greenhouse gas, and carbon intensity targets: Insights from the Oregon clean fuels program for sustainable development</article-title>
          <source>Renewable Energy</source>
          <year>2026</year>
          <volume>256</volume>
          <page-range>124489</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.renene.2025.124489</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r25">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Orlando, Giuseppe</string-name>
            <string-name>Zimatore, Giovanna</string-name>
          </person-group>
          <article-title>Business cycle modeling between financial crises and black swans: Ornstein–Uhlenbeck stochastic process vs Kaldor deterministic chaotic model</article-title>
          <source>Chaos: An Interdisciplinary Journal of Nonlinear Science</source>
          <year>2020</year>
          <volume>30</volume>
          <issue>8</issue>
          <publisher-name>AIP Publishing</publisher-name>
          <pub-id pub-id-type="doi">10.1063/5.0015916</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r26">
        <element-citation publication-type="book">
          <person-group person-group-type="author">
            <string-name>Petráš, Ivo</string-name>
          </person-group>
          <article-title>Fractional-Order Systems</article-title>
          <source>Nonlinear Physical Science</source>
          <year>2011</year>
          <page-range>43-54</page-range>
          <publisher-name>Springer Berlin Heidelberg</publisher-name>
          <pub-id pub-id-type="doi">10.1007/978-3-642-18101-6_3</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r28">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Swinkels, Laurens</string-name>
            <string-name>Yang, Jieun</string-name>
          </person-group>
          <article-title>Investing in Carbon Credits</article-title>
          <source>The Journal of Alternative Investments</source>
          <year>2023</year>
          <volume>26</volume>
          <issue>2</issue>
          <page-range>28-59</page-range>
          <publisher-name>With Intelligence LLC</publisher-name>
          <pub-id pub-id-type="doi">10.3905/jai.2023.1.195</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r32">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Tusset, A M, Bueno, A M, Nascimento, C B, dos Santos Kaster, M</string-name>
            <string-name>Balthazar, J M 2013 Nonlinear state estimation</string-name>
            <string-name>control for chaos suppression in MEMS resonator. Shock</string-name>
            <string-name>Vibration , 20: 914864. DOI: https://doi.org/10.3233/SAV-130782</string-name>
          </person-group>
          <article-title>Tusset, A M, Bueno, A M, Nascimento, C B, dos Santos Kaster, M and Balthazar, J M 2013 Nonlinear state estimation and control for chaos suppression in MEMS resonator</article-title>
          <source>Shock and Vibration</source>
          <pub-id pub-id-type="doi">10.3233/SAV-130782</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r30">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Tusset, Angelo M.</string-name>
            <string-name>Inacio, Danilo</string-name>
            <string-name>Fuziki, Maria E. K.</string-name>
            <string-name>Costa, Priscilla M. L. Z.</string-name>
            <string-name>Lenzi, Giane G.</string-name>
          </person-group>
          <article-title>Dynamic Analysis and Control for a Bioreactor in Fractional Order</article-title>
          <source>Symmetry</source>
          <year>2022</year>
          <volume>14</volume>
          <issue>8</issue>
          <page-range>1609</page-range>
          <publisher-name>MDPI AG</publisher-name>
          <pub-id pub-id-type="doi">10.3390/sym14081609</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r29">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Tusset, Angelo M.</string-name>
            <string-name>Fuziki, Maria E. K.</string-name>
            <string-name>Balthazar, Jose M.</string-name>
            <string-name>Andrade, Dana I.</string-name>
            <string-name>Lenzi, Giane G.</string-name>
          </person-group>
          <article-title>Dynamic Analysis and Control of a Financial System with Chaotic Behavior Including Fractional Order</article-title>
          <source>Fractal and Fractional</source>
          <year>2023</year>
          <volume>7</volume>
          <issue>7</issue>
          <page-range>535</page-range>
          <publisher-name>MDPI AG</publisher-name>
          <pub-id pub-id-type="doi">10.3390/fractalfract7070535</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r33">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Verma, Vaishnavi</string-name>
          </person-group>
          <article-title>Tracking Climate Finance Flows in India: The UNFCCC $100 Billion Goal</article-title>
          <source>Research and Reviews in Sustainability</source>
          <year>2026</year>
          <volume>2</volume>
          <issue>1</issue>
          <page-range>198-217</page-range>
          <publisher-name>Caravel Press</publisher-name>
          <pub-id pub-id-type="doi">10.65582/rrs.2026.013</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r34">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Vogl, Markus</string-name>
          </person-group>
          <article-title>Controversy in financial chaos research and nonlinear dynamics: A short literature review</article-title>
          <source>Chaos, Solitons &amp;amp; Fractals</source>
          <year>2022</year>
          <volume>162</volume>
          <page-range>112444</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.chaos.2022.112444</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r35">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Wang, Zhen</string-name>
            <string-name>Huang, Xia</string-name>
            <string-name>Shi, Guodong</string-name>
          </person-group>
          <article-title>Analysis of nonlinear dynamics and chaos in a fractional order financial system with time delay</article-title>
          <source>Computers &amp;amp; Mathematics with Applications</source>
          <year>2011</year>
          <volume>62</volume>
          <issue>3</issue>
          <page-range>1531-1539</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.camwa.2011.04.057</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r27">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Xavier J, Gnana</string-name>
            <string-name>Mohanraj, Kanagaraj</string-name>
            <string-name>Arivelarasan, Tamilarasu</string-name>
          </person-group>
          <article-title>Global evidence on status, determinants, impact and barriers to adoption of agricultural carbon credits: A systematic literature review using bibliometric, TCCM and ADO framework</article-title>
          <source>Environmental and Sustainability Indicators</source>
          <year>2026</year>
          <volume>30</volume>
          <page-range>101156</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.indic.2026.101156</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r37">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Xu, Li</string-name>
            <string-name>Solangi, Yasir Ahmed</string-name>
            <string-name>Wang, Rong</string-name>
          </person-group>
          <article-title>Evaluating and prioritizing the carbon credit financing risks and strategies for sustainable carbon markets in China</article-title>
          <source>Journal of Cleaner Production</source>
          <year>2023</year>
          <volume>414</volume>
          <page-range>137677</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.jclepro.2023.137677</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r38">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Zambujal-Oliveira, João</string-name>
            <string-name>Duque, João</string-name>
          </person-group>
          <article-title>Stochastic carbon taxes and capital turnover: A real options model for decarbonization investment</article-title>
          <source>Results in Engineering</source>
          <year>2026</year>
          <volume>29</volume>
          <page-range>109902</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.rineng.2026.109902</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r39">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Zhang, Xiaoyun</string-name>
            <string-name>Xie, Xiaorong</string-name>
            <string-name>Xiao, Jin</string-name>
            <string-name>Wang, Yuanyuan</string-name>
          </person-group>
          <article-title>Green credit and enterprises’ carbon emission intensity: empirical data from Chinese microenterprises</article-title>
          <source>Scientific Reports</source>
          <year>2025</year>
          <volume>15</volume>
          <issue>1</issue>
          <publisher-name>Springer Science and Business Media LLC</publisher-name>
          <pub-id pub-id-type="doi">10.1038/s41598-025-98139-0</pub-id>
        </element-citation>
      </ref>
      <ref id="ref-r40">
        <element-citation publication-type="journal">
          <person-group person-group-type="author">
            <string-name>Zhen, Dongyang</string-name>
            <string-name>Wu, Xin</string-name>
            <string-name>Liu, Kailun</string-name>
            <string-name>Ji, Ya</string-name>
            <string-name>Xiong, Chenfeng</string-name>
            <string-name>Cui, Qingbin</string-name>
          </person-group>
          <article-title>Carbon credit in travel demand management: an incentive-based framework for emission reduction</article-title>
          <source>Transportation Research Part D: Transport and Environment</source>
          <year>2026</year>
          <volume>150</volume>
          <page-range>105041</page-range>
          <publisher-name>Elsevier BV</publisher-name>
          <pub-id pub-id-type="doi">10.1016/j.trd.2025.105041</pub-id>
        </element-citation>
      </ref>
    </ref-list>
  </back>
</article>
