“…However, the current economic effects of climate policy uncertainty mainly focus on the macroeconomic effects, including world renewable energy index volatility forecasting (Liang et al, 2022), wind carbon neutral concept index volatility (Zeng et al, 2022), the equity market volatility (EMV) of the oil market (Ameen & Afȿar, 2022), carbon price (Yan & Cheung, 2022), tourism demand (Apergis et al, 2022), extreme risk spillovers across energy markets (Liu et al, 2023), and so on. In terms of the impact of climate policy uncertainty on microeconomic effects, the existing studies mainly focus on firms' use of trade credit (Islam & Wheatley, 2021), firm value (Azimli, 2022), firm-level total factor productivity (Ren et al, 2022), bank risks (Dai & Zhang, 2023), enterprise inventory management (He et al, 2023), working capital (Ahmad et al, 2023), and so on. And these studies find that climate policy uncertainty has a negative impact on micro behavior.…”