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Based on the panel data from 2004 to 2018, this paper evaluates the effect of carbon emission trading policies launched in 2014 on the development of green economy in pilot areas by using synthetic control methods, and further studies the mechanism of the policies affecting green economy by using the mediating effects test. The results show that ca...
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... order to further discuss the promotion mechanism of carbon emission trading policies on green GDP, referring to the multi-intermediary effect test method of [45], the following multi-intermediary model is made and the relevant path is shown in Figure 1: ...
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... Another example is that the improvement rate is relatively low in Beijing. At the same time, it is high in Tianjin, Hubei, and Chongqing, even though the carbon emission trading policy has significantly improved the green GDP of these cities [36]. ...
Simultaneously achieving economic development and environmental protection is a shared global challenge. While the positive effect of environmental regulations on protecting the environment has been widely recognized, the attention paid to low-carbon governance and corporate green transformation remains insufficient. Based on the two-stage least square regression model (2SLS) of instrumental variables, this paper utilizes panel data from China to identify the influence mechanism of government low-carbon governance on enterprise green development. It explores the effect of low-carbon governance on enterprise green development from the perspective of fiscal decentralization. The findings show that (1) Low-carbon governance significantly promotes corporate green development, primarily through improving industrial structure and technological innovation; (2) Low-carbon governance notably promotes the green development of private enterprises but has little effect on state-owned enterprises. There are also geographical differences, and the results are better in Eastern China than in the Central and Western parts of China; (3) Fiscal decentralization at both central and local levels inhibits the effect of low-carbon governance on driving corporate green development by causing a mismatch of human resources. Therefore, to promote corporate green development, low-carbon governance must prioritize green development, actively guide industrial structural upgrading and enterprise technological innovation, implement differentiated low-carbon governance measures tailored to different ownership enterprises, and optimize the assessment indicators for fiscal decentralization. This paper helps deepen the understanding of the relationship between government low-carbon governance and enterprise green development in developing countries. It can be used as a reference for government departments to formulate relevant policies.
... Different samples, different policies, and even different research methods produce different conclusions, or even completely opposite ones. Some scholars believe that the implementation of environmental regulation policies can stimulate enterprises to carry out technological innovation [11], optimize resource factor input [12], promote industrial transformation and upgrading [13], and thus achieve a win-win situation of environmental protection and economic growth [14]. However, some scholars hold the opposite view, arguing that environmental regulation will not necessarily stimulate enterprise innovation [15], but will bring additional costs to enterprises, squeeze production and research and development investment, reduce enterprise competitiveness, and inhibit high-quality economic development [16,17]. ...
Adhering to ecological priorities and promoting environmental regulations is essential for improving ecological well-being performance (EWP); conversely, EWP is a crucial measure of social and economic sustainability. From the perspective of high-quality development, we see China’s cities’ adoption of the carbon emissions trading pilot (CETP) policy as a quasi-natural experiment, and we use the difference-in-differences (DID) approach to analyze how market-based carbon credits affect the urban EWP and its action mechanism. The findings of the empirical study show that: (1) The implementation of CETP can effectively improve the quality of urban development, with an increase of 29.1% in the EWP value, effectively contributing to the realization of the goal of high-quality development; (2) the urban EWP levels in China are higher in the east, lower in the west and lowest in the middle, but they all show a fluctuating upward trend; (3) according to the heterogeneity study, the implementation of CETP has a scale effect and significant urban locational differences, and its impact on EWP of cities is greater in “advanced cities” and central region cities; (4) the implementation of CETP can advance industrial structure upgrading, thereby promoting the EWP level, but the mediating effect of technological innovation is not significant. The possible innovations in this paper are as follows: (1) It broadens the existing research system on the effectiveness of CETP policies. (2) It reconstructs the index system of EWP from the perspective of high-quality development so that its measurement results can reflect the quality of urban development more comprehensively. (3) The research samples of CETP and EWP are enriched by using prefectural-level data.
... Acton Blake et al. [24] measured changes in residential property transaction prices within walking distance of a bus rapid transit (BRT) station using a quasi-experimental approach and a propensity score matching model. As for the synthetic control method, based on panel data from 2004 to 2018, Wang et al. [25] evaluated the impact of carbon emissions trading policies on the development of a green economy in pilot areas using the comprehensive control method. Zheng et al. [26] evaluated the impact of WDS on energy utilization efficiency through SCM and found that WDS indirectly improved energy utilization efficiency by accelerating the spatial agglomeration of dominant industries in Western China. ...
... This proves that the implementation of the carbon trading policy has been effective in reducing carbon emissions in Chongqing. It is also worth noting that the trend of the widening carbon emissions gap first appeared in 2011, and Wang et al. [25] suggested that this was due to the fact that the National Development and Reform Commission announced information about the carbon trading pilot policy in late 2011. Therefore, this phenomenon can be interpreted as an overall adjustment adopted by Chongqing to better implement the carbon trading policy. ...
... During the economic development process from 2000 to 2016, the implementation of the pilot carbon trading policy made the PM2.5 drop by 10% in the five years of the pilot phase, which is significant at least at the level of 10%. Moreover, Wang et al. [25] analyzed the mechanism and effect of a carbon emissions trading policy on green economy development through the SCM and mediating effect model. Based on the synthetic control method, the results show that carbon emission trading, which is affected by the economic base and location conditions, has a significant effect on the green economy. ...
Balancing sustainable economic growth and environmental protection in developing countries is an important way to mitigate climate change. Based on panel data from nine provinces along the Silk Road Economic Belt between 2004 and 2021, this paper takes Chongqing, a pilot city for carbon trading rights, as the experimental group and the remaining eight provinces as the control group; we mainly analyze the impact of the carbon emissions trading policy on Chongqing’s carbon emissions and economic development after its implementation in 2013 using the difference-in-differences method (DID) and propensity score matching difference-in-differences method (PSM-DID). Then we use the synthetic control method (SCM) to test its robustness. The results showed that while maintaining the economic development speed, carbon trading helps to reduce carbon emissions. In addition, we also found that the economic activity effect and the energy intensity effect are the mediating effects of the carbon emissions reduction. Finally, taking the policy effect of the carbon emissions trading in Chongqing as a reference, this article confirmed the importance of aligning the carbon trading pathway with targeted green policies from the government. The government should drive the establishment of a regional carbon market in the nine provinces along the Silk Road Economic Belt, which could help to achieve sustainable development.
... Green nance refers to investment and nancing that provides environmental bene ts [6] and serves as a link between nance and environmental protection concepts, using the power of the nancial market to direct money toward the market for environmental protection, assisting the regional industrial economy's optimization and adjustment. The establishment of green nance pilot zones as an important GFP can both stimulate companies to adopt low-carbon remanufacturing production by increasing the cost of producing carbon [7,8], prompt them to replace traditional products with green products [9], and promote regional LCE development through technological innovation and clean energy use [10]. The growth of an LCE can be aided by the successful establishment of a green nancial market, which will also increase development sustainability [11]. ...
Green finance is key in supporting industries’ green transformation and helping achieve low-carbon economic(LCE) development. This study creates an index of low-carbon economic development with provincial panel data from 2011–2020 and analyzes the enhancement effect of green finance policies (GFP) on low-carbon economic development and mechanism analysis using a synthetic control method (SCM) based on the creation of the first five provinces participating in the national green finance pilot program in 2017 as a nearly natural test. The empirical findings indicate that the implementation of GFP has a considerable beneficial effect on the growth of the LCE of Zhejiang, Jiangxi, Guangdong, and Guizhou. Meanwhile, Xinjiang's level of LCE development is not severely impacted by the pull-up effect, and both the validity and robustness tests are satisfied by all the empirical findings. The results of the mechanism analysis indicate that making a green financial reform and innovation pilot zone can improve the LCE development by improving the pilot zone’s scientific and technological innovation capacity. Finally, the foundation of the pilot zone for green financial reform and innovation, and policy implications for the further development of an LCE are proposed.
Green finance is key in supporting industries’ green transformation and helping achieve low-carbon economic (LCE) development. This paper constructs an LCE development index using panel data from 30 provinces in China from 2011 to 2020. Based on the establishment of the first five pilot green finance zones in China in 2017 as a quasi-natural experiment, the synthetic control method (SCM) is applied to explore the impact of green finance policies on the level of LCE development and to analyze the mechanism and evaluate the policy effects. The empirical results show that (1) the synthetic analysis unit better fits the development trend before the implementation of the pilot. (2) After the implementation of the pilot reform, the level of LCE development in Zhejiang, Jiangxi, Guangdong, and Guizhou provinces has a more significant enhancement effect, but the enhancement in Xinjiang is not significant, which indicates that the reform effect in Zhejiang, Jiangxi, Guangdong, and Guizhou is significantly better than that in Xinjiang to a certain extent. (3) The samples were statistically significant and passed the placebo and ranking tests. Additionally, this paper analyzes the mechanism of policy effectiveness in terms of sci-tech innovation (STI) and energy consumption structure: green finance as a grip for economic transformation can provide financial support for regional STI and energy consumption structure upgrade and promote the capital flow to green low-energy industries, ultimately achieving sustainable economic development. Based on the above findings, policy insights can be provided for the improvement of green finance pilot regions.
The article is devoted to the formulation of the author's approach to assessing the socio-economic opportunities of Russian regions in achieving their sustainable development goals. It is undeniable that the term "sustainable development" is reflected in the publications of domestic and foreign scientists, however, insufficient attention is paid to its connection with the definition of "economic security", which is the basic characteristic of any economic actor. The analysis of scientific papers allowed us to correlate these categories, confirming their coherence. Consequently, monitoring of indicators of sustainable development will contribute to the timely identification of negative activities that hinder the creation of conditions for socio-economic balance at the macro, meso and micro levels. It is appropriate to note that, despite the development by official statistics of a list of national indicators of the Sustainable Development Goals, their thresholds have not been established. In view of this, the purpose of the study is to develop indicators through which the state of the regional system can be determined from the standpoint of its internal abilities to ensure social equality, economic stability, and rational use of natural resources. The set of methods used in the research process consists of two groups: general scientific, private scientific. The first of them includes: analysis, synthesis, induction, deduction. Based on these tools, the relationship between such categories as "economic security" and "sustainable development" has been established. The second includes absolute and relative statistical values, ranking, classification. With their help, the Russian regions were ranked according to a number of criteria, without which the sustainable development of territories becomes illusory. The result of the study is the development and testing of a system of coefficients grouped taking into account the fundamental principles of sustainable development. Their list is presented by relative indicators that allow for an interregional comparison, the purpose of which is to identify the degree of asymmetry of meso-formations according to the parameters of sustainable development. The application of the proposed indicators is aimed at detecting prosperous and disadvantaged regions among Russian regions in order to prevent the increase of imbalances in the future.
