How does carbon emission price stimulate enterprises' total factor productivity? Insights from China's emission trading scheme pilots

Wu, Qingyang; Wang, Yanying

doi:10.1016/j.eneco.2022.105990

Cited by 132 publications

(38 citation statements)

References 53 publications

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“…From column (2), Table 2 reports that the CETP has a significant dampening effect on carbon emission levels, whether the control variables are included or not. Our results are in line with the findings of Wu and Wang (2022) and Yu et al (2022) . Differently from this study, Yu et al (2022) explore the impact of CETP on carbon emission intensity and a financial performance at the firm level, revealing that CETP can achieve a win–win situation in terms of carbon emission reduction as well as firm performance improvement.…”

Section: Resultssupporting

confidence: 93%

“…The adjustment of capital and production factors optimizes resource allocation through a low-carbon technology innovation system, thus promoting the rational allocation and utilization efficiency of resources and finally realizing carbon emission reduction. In addition, under the CETP implementation, market selection will eliminate excess capacity and positively affect industrial transformation and upgrading ( Wu and Wang, 2022 ). Industrial restructuring can enhance the linkage between industries and form the basis for promoting the transformation of industrial structure to green and low carbon, thus realizing energy savings for enterprises and promoting regional industrial structure upgrading ( Hong et al, 2022 ).…”

Section: Resultsmentioning

confidence: 99%

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The road to green development: How can carbon emission trading pilot policy contribute to carbon peak attainment and neutrality? Evidence from China

Lan

Zhu

2022

Front. Psychol.

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Carbon emission trading is not only a market-based instrument but also one of the government’s macro-policies, which is extremely crucial to fulfilling both carbon peak attainment and carbon neutrality goals. For this purpose, this paper adopts a 30-region dataset for the period from 2008 to 2020 in China and employs the difference-in-difference (DID) method to quantify the effect of the carbon emission trading pilot policy (CETP) on carbon emissions on the basis of introducing industrial structure upgrading and green technology innovation as moderating variables. The results show that (1) CETP has a statistically significant dampening effect on carbon emissions, while its carbon emission reduction effect follows a significant strengthening trend as the policy year of CETP implementation is delayed. (2) CETP has a significant carbon emission reduction effect. However, its effect demonstrates a gradual decrease from the eastern to the central and finally to the western regions. (3) CETP can inhibit carbon emissions depending on industrial structure upgrading to a certain extent, and this dependence is significant in the national and eastern regions but not in the central and western regions. (4) CETP’s carbon emission reduction effect is dependent on green technology innovation, which is only revealed in the western region and performs as a dampening effect in the national, eastern, and central regions, but not significantly.

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Section: Resultssupporting

confidence: 93%

Section: Resultsmentioning

confidence: 99%

The road to green development: How can carbon emission trading pilot policy contribute to carbon peak attainment and neutrality? Evidence from China

Lan

Zhu

2022

Front. Psychol.

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“…In the future, more energy-intensive industries will be introduced to enrich the market transaction entities [ 78 ], enhance the liquidity of the carbon market, reshape the supply and demand relationship of carbon trading, and increase the trading volume of the carbon market. At the same time, most of the current carbon quota allocation methods are based on free allocation [ 67 ], and later consideration will be given to introducing paid allocation mechanism to optimize the rationality of quota allocation and enhance the initiative of enterprises to reduce carbon emissions. The abilities of regulation and fulfillment for the government should be stimulated.…”

Section: Discussionmentioning

confidence: 99%

“…At the same time, assuming the carbon trading price, if the government implements regulatory policies on carbon emission reduction enterprises, the government can obtain profits from carbon trading, which is the profit distribution coefficient. At the same time, assuming that

is the carbon trading price [ 67 ] , if the government implements regulatory policies on carbon emission reduction enterprises, the government can obtain profits from carbon trading, and

is the profit distribution coefficient [ 68 ].…”

Section: Construction and Analysis Of Evolutionary Game Modelmentioning

confidence: 99%

Evolutionary Game Analysis of Carbon Emission Reduction between Government and Enterprises under Carbon Quota Trading Policy

Chen

Liu

2022

IJERPH

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As one of the most efficient means of emission reduction policies, carbon quota trading has a far-reaching impact on the carbon emission reduction of enterprises. Firstly, a two-party evolutionary game model of enterprise and government and a three-party evolutionary game model of enterprise–enterprise–government are constructed based on the multi-agent driving mechanism, evolutionary game theory, scenario simulation, and other methods. Then, we conduct a series of policy simulations for carbon emission under different scenario models and various enforcement strengths. Lastly, the behavioral strategies and system evolution trajectories in enterprises and government carbon trading are comprehensively investigated. The results show that in the two-party and three-party evolutionary game models, the carbon trading behavior is affected by the joint action of the enterprise and the government. The difference in initial willingness mainly affects the speed of the subject’s convergence to the steady state. Based on this, policy suggestions are proposed, such as reducing the cost of carbon emission of enterprises, enhancing the vitality of carbon emission reduction of enterprises, and stimulating the power of government regulation and responsibility performance, which can provide suggestions for the development of the carbon market.

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“…As the world’s largest carbon emitter, facing the pressure of domestic climate governance and international responsibility for emission reduction, after integrating the early pilot experience, China officially began to establish a national carbon trading mechanism at the end of 2017. The pilot policy of carbon emission trading has achieved an obvious emission reduction effect in China [ 4 ]. However, the construction of China’s carbon trading mechanism is still in its infancy, and the impact of the mechanism on carbon emissions is lack of in-depth quantitative analysis.…”

Section: Introductionmentioning

confidence: 99%

The Energy Saving and Emission Reduction Effect of Carbon Trading Pilot Policy in China: Evidence from a Quasi-Natural Experiment

Zhang

2022

IJERPH

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Promoting the carbon emission trading system has been a crucial measure for China to fulfill its carbon neutrality commitment. Taking the carbon emission trading system implemented in China in 2013 as a quasi-natural experiment, based on the provincial panel data of China from 2005 to 2019, this paper adopts the difference-in-difference (DID) method and the synthetic control method (SCM) to evaluate the impact of the carbon emission trading system on energy conservation and emission reduction in pilot provinces and cities. The research findings reveal that, on the whole, the carbon emission trading system has significantly promoted the process of energy conservation and emission reduction in pilot provinces and cities. Other robustness tests, including the parallel trend test, PSM–DID stationarity test and placebo test have also been passed. Heterogeneity analysis shows that the most significant policy effects occur in Tianjin and Shanghai, followed by Hubei. The emission reduction effect of Guangdong displays a trend of first decreasing and then increasing. The test results demonstrate that the carbon emission trading system can strengthen the process of energy conservation and emission reduction by optimizing the industrial structure and energy structure. In conclusion, policy makers should coordinate the relationship between the government and the market and speed up the transformation of environmental policy from command control type to market incentive type. Meanwhile, improve the property right system and accelerate the promotion of carbon emission trading pilot policies in China according to local conditions. By encouraging technological innovation, a new market-oriented path of energy conservation and emission reduction guided by the enhancement of energy efficiency and the optimization of energy and industrial structures ought to be formed.

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How does carbon emission price stimulate enterprises' total factor productivity? Insights from China's emission trading scheme pilots

Cited by 132 publications

References 53 publications

The road to green development: How can carbon emission trading pilot policy contribute to carbon peak attainment and neutrality? Evidence from China

The road to green development: How can carbon emission trading pilot policy contribute to carbon peak attainment and neutrality? Evidence from China

Evolutionary Game Analysis of Carbon Emission Reduction between Government and Enterprises under Carbon Quota Trading Policy

The Energy Saving and Emission Reduction Effect of Carbon Trading Pilot Policy in China: Evidence from a Quasi-Natural Experiment

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