Search

To mitigate climate change and achieve sustainable development, Chinese governments have introduced "1+N" "dual-carbon" policy system aimed at reducing CO 2 emissions, transforming energy structures and controlling pollution. An effective policy mix and synergy is crucial for achieving the emission reduction targets and for ensuring the effectiveness of the policies, and it is therefore of great practical importance to provide a pathway for policy synergy based on assessing policy effectiveness. This paper selects three policies, namely the carbon Emission Trading System (ETS), Coal Control and Clean Utilization (CCCU), and Green Financial Reform and Innovation Pilot Zone (GFPZ), sets up ten scenarios, adopts difference-in-differences (DID) models to evaluate the impact, and give a pathway for policy synergy. The results show that ETS, CCCU, and GFPZ policies have significant positive effects on carbon emission reduction, energy structure transformation, and industrial environmental pollution control, respectively; CCCU has synergistic effects with ETS and GFPZ policies in controlling coal consumption and increasing the completion of industrial pollution control investments, respectively; while GFPZ policies have conflicting effects with CCCU and ETS in reducing carbon emissions and coal consumption, the GFPZ policy has conflicting effects with CCCU and ETS in reducing carbon emissions and controlling coal consumption. Finally, the study proposes a phased policy support system around carbon emission reduction in the power generation industry, energy structure transformation, and industrial environmental pollution control before 2030 and from 2030 to 2060. [ABSTRACT FROM AUTHOR]

This paper examines the risk spillover effect between the carbon market and the stock market in China and the role of corporate social responsibility (CSR) on this effect. Employing Beijing, Hubei, and Guangdong carbon markets, we apply time-domain and frequency-domain spillover approaches and find that during the Chinese stock market crisis in 2015, risk spillovers from the stock market to the carbon market were more pronounced. Additionally, CSR firms are more dominant as information transmitters than those non-CSR (NCSR) firms in the carbon market. However, plausibly, due to the infancy of carbon trading, our results show that the level of connectedness between the carbon market and the stock market in China is relatively low. [ABSTRACT FROM AUTHOR]