“…Over the past few decades, both developed and developing countries have made efforts to reduce CO 2 emissions from the power sector (Hein & Bemtgen, 1998; Khanna et al., 2019; Pour et al., 2018). A large number of national climate and energy policies have been implemented to reduce CO 2 emissions (del Río et al., 2005; Lehmann et al., 2012; Meckling & Allan, 2020; Rowlands, 2005; Thakur et al., 2005), playing a vital role in tackling climate change (Martin & Saikawa, 2017; Springer et al., 2019). For example, on the one hand, climate and energy policies for improving the thermal efficiency of fossil fuel power plants have been proven effective in reducing CO 2 emissions of power plants in developed countries (Ang & Goh, 2016; Dong et al., 2015; Maruyama & Eckelman, 2009; Steckel et al., 2020).…”