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Under the goal of "carbon peaking" and "carbon neutrality" in China, it is significant to explore whether emission reduction commitments contribute to carbon risk premium. Therefore, based on a sample of Chinese listed companies that publicly disclosed questionnaires in the CDP from 2009 to 2021, this paper empirically examines the relationship between emission reduction commitments and carbon risk premium and their formation mechanism. The results show that emission reduction commitments can effectively hedge the carbon risk premium, which pass several robustness tests. Specifically, the more comprehensive and ambitious the commitment is, the greater the suppression of the carbon risk premium. The mechanism test shows that disclosing emission reduction commitment information can reduce carbon risk by improving investor confidence and attracting political resources. Differences in enterprise emission levels, regional environmental regulation intensity and green financial development result in different risk-hedging effects of emission reduction commitments. Moreover, the greater the substantial pressure from stakeholders, the greater the tendency for firms to set up emission reduction commitments. Finally, the heterogeneity analysis reveals that confidence level of commitments has a significant impact on risk premium. Specifically, enterprises with SBTi validation, higher CDP ratings and higher target completion are more helpful in curbing carbon risk premium. Our findings contribute to corporate commitment to climate change and complement the carbon risk premium hypothesis. [Display omitted] The possible highlights of this study are as follows. • With the help of forward-looking information on emission reduction commitments, we re-examine the conclusion of the carbon risk premium and find that emission reduction commitments can effectively hedge the risk premium, enriching and developing the carbon risk premium hypothesis • This paper brings commitment levels and carbon emission levels into a unified analytical framework to study the correspondence between emission reduction commitments made under pressure to reduce emissions and the carbon risk premium, providing micro evidence for solving the mystery of the carbon risk premium. • Measure emission reduction commitment indicators from various angles, making the data on emission reduction commitments more objective and scientific. [ABSTRACT FROM AUTHOR]

Green finance is a financial innovation that directs capital allocation towards green industries. How will this affect regional carbon emissions? Based on the data on green finance and carbon emissions of 30 provinces in China from 2008 to 2019, this paper employs a multivariate linear regression model and a spatial econometric model to empirically study the impact of green finance on carbon emissions. The results find that (1) green finance significantly reduces provincial carbon emissions, specifically through promoting a cleaner energy structure and an advanced industrial structure, as well as improving the quality of green innovation. (2) Heterogeneity exists between regions. In eastern regions and areas characterized by high levels of marketization and minimal fiscal pressure, the role of green finance in promoting provincial carbon emission reduction is more pronounced. (3) Spatial econometric analysis found that green finance has a significant spatial spillover effect on carbon reduction in adjacent regions. Specifically, the flow of green resources and green ideas between provinces facilitates the formation of regional radiation, while green competition generates a siphon effect on neighboring regions. These findings provide some meaningful policy implications to achieve China's dual-carbon goal by promoting green finance. • Green finance has significantly reduced China's provincial carbon emissions. • The upgrading of energy structure and industrial structure is a positive channel to reduce carbon emissions. • Green innovation strengthens the carbon reduction effect of green finance, but reveals the potential "greenwashing". • Green finance has a significant spatial spillover effect on carbon reduction in adjacent regions. • Policymakers should develop flexible, dynamic and coordinated green finance development policies. [ABSTRACT FROM AUTHOR]

This paper is the inaugural attempt to investigate the herding behavior of firms in the context of environmental orientation to achieve the UN SDGs (Sustainable Development Goals) in the ASEAN region. Insights from the previous literature infer that peer effect is visibly seen in firms across various fields, especially amongst their CSR and ESG performance. Using data from the Thai listed firms, we document strong evidence of peer effects concerning environmental performance and its dimensions (emission reduction, product innovation, and resource reduction). The targeted time frame for the current study is from 2009 to 2019 for which we analyze the firms listed on the Thailand Stock Exchange (SET). Moreover, the results of our study support the fact that mimicking behavior is one of the common behaviors that is followed by the majority of the firms keeping in view their varied purposes which include enhancing their market reputation, increasing profits, attracting shareholders and investors and most importantly raising their sustainability standing. Thus, overall our study highlights the main perspective that peer effects and herding behavior a common practices amongst firms concerning their environmental policies. [ABSTRACT FROM AUTHOR]

Carbon emission reduction in the shipping industry is both an external requirement of the government and an intrinsic sustainable development task for ports and shipping enterprises. This paper constructs a tripartite evolutionary game model involving the government, port enterprises, and shipping enterprises, analyzes the evolution of the carbon emission reduction strategy choice of the three parties, and studies the mechanisms driving the interaction and influencing the subjects' choices. The results show that (1) to promote carbon emission reduction in the shipping industry, the evolutionarily stable strategy of the three stakeholders is as follows: the government actively regulates, the port enterprises actively reduce emissions, and the shipping enterprises actively reduce emissions. (2) With an increase in the additional cost of government regulation and a decrease in rewards to port enterprises, the probability of the government actively regulating carbon emissions reduction will rise, and the probability of port enterprises actively implementing carbon emission reduction will increase following a reduction in the additional cost and an increase in the opportunity cost of passive emission reduction. (3) An increase in government subsidies for shipping enterprises will lead to a decrease in the additional costs of active emission reduction and an increase in the probability of active carbon emission reduction. This paper provides policy recommendations for carbon emission reduction in the shipping industry, which will help all parties choose the optimal strategy and achieve carbon emission reduction goals as soon as possible. [ABSTRACT FROM AUTHOR]

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]

The increasing pressures of global warming, population growth and epidemic occurrence are causing challenges in meeting the growing requirements for water, energy and food. In particular, the contradiction between the supply and demand for water, food, and energy is exacerbated by inefficient resource utilization and carbon emission increase. Incorporation of the interlinked aspects of water, energy, food and carbon emissions from agricultural systems into one water-food-energy-carbon nexus facilitates integrated resource management. Biochar application to farmland is a potential strategy for carbon management and agricultural productivity improvement. The integration of biochar systems and the water-food-energy-carbon nexus is an efficient and coordinated alternative method for sustainable agricultural management and a crucial strategy for addressing water, energy and food security issues. Accordingly, this paper proposes an approach for the synergistic regulation of water, land, energy, and carbon emissions in a circular agricultural system by balancing water supply and demand, land allocation, electricity consumption, and economic upgrading principles. A two-stage circular agriculture framework is constructed, with biochar and electricity generated from agricultural residues at the first stage and employed at the second stage. Economic-environmental-energy harmonization is considered in the methodology, and the agrotechnical potential of biochar is quantified via crop yield increase and greenhouse gas emission reduction functions. This approach can assist decision makers in providing the best policy options given certain agricultural resources to achieve the maximum economic performance of the system while minimizing environmental side effects. In this paper, the model framework is applied to the Sanjiang Plain in northeastern China to verify the feasibility of the approach. The results indicate that the external electricity demand is reduced by 87.8% due to the generation of biofuels. Cropland greenhouse gas emissions are reduced by 34.09%–67.06% via the application of biochar. This study proposes an optimization method with important implications for the improvement of regional cropland management techniques and development of sustainable circular agriculture. This methodology can be extended to other agriculture-centered regions with limited resources and environmental problems. • Carbon cycle is integrated in agricultural water-food-energy-carbon (AWFEC) nexus. • An AWFEC nexus based model is developed for agricultural resources recycling. • Biochar and electricity are optimized sustainably for circular agriculture. • Analysis of resources recycling on economic-environmental balance is performed. [ABSTRACT FROM AUTHOR]

Under the goal of "carbon peaking" and "carbon neutrality" in China, it is significant to explore whether green finance contributes to carbon emission reduction. Therefore, based on the panel data of 30 provinces in China from 2005 to 2020, this paper empirically examines the impact of green finance on carbon emissions and its mechanism using the FE model, GMM model, DID, and the mediating effect model. Results find that green finance can significantly promote carbon emissions reduction, and this promotion remains still after robustness tests. The heterogeneity analysis shows that green finance's carbon emission reduction effect is more significant in developed and western regions. Moreover, the results of policy intervention effects confirm that green finance reform and innovation pilot zones (GFRIs) for carbon emission reduction are more pronounced than in other regions. Finally, the mediating effects reveal that industrial structure and green innovation are the core transmission channels through which green finance influences carbon emission reduction. These findings offer meaningful implications for formulating reasonable carbon emission reduction plans and determining the future development direction of green finance. [ABSTRACT FROM AUTHOR]

Green finance is essential for supporting the development of green, low-carbon projects and preventing environmental and climate financial risks. Investigating and studying whether and how it can aid in implementing energy transformation is worthwhile. This paper uses 30 provinces from 2004 to 2020 as research samples, the entropy method to construct a green finance measurement system, and the weighted multidimensional vector angle index method to construct an energy low-carbon transformation index based on the actual situation of green finance in China and the existing theoretical research basis. We systematically analyzed each province's spatiotemporal evolution characteristics of green finance and energy structure transformation by constructing a fixed effect model, a GMM model, an intermediary effect model, and a spatial Dubin model. We empirically tested the effect direction, internal mechanism, spatial spillover, and regional heterogeneity of green finance development (GFD) on energy structure transformation (EST) to investigate the low-carbon transformation of energy structures. The findings indicate the following:(1) Green finance plays a positive role in promoting the transformation and development of China's energy structure. (2) The influence of green finance development on the transformation of China's energy structure has significant spatial spillover, exhibiting "local and neighborhood" reciprocity. Through the spatial spillover effect, green finance can encourage the low-carbon transformation of local energy structures and increase the level of low-carbon transformation in neighboring areas. (3) The improvement of the level of green technology innovation and the intensity of environmental regulations are essential channels for green finance to support the low-carbon transformation of the energy structure, and regional heterogeneity will alter this transmission mechanism. The findings of this study provide empirical evidence for the vital role of green finance in achieving the double dividend of economic growth and low-carbon emission reduction. This study provides a new perspective for constructing a green finance system and advancing the dual-carbon objective and a resource for formulating effective regional energy transformation policies. [ABSTRACT FROM AUTHOR]

Carbon emissions (CE) have a profound impact on the natural environment of the surface, and the ecologic environment quality (EEQ) affects the conversion and absorption of CE. CE and EEQ have an interaction and mutual influence relationship. The connection between them includes not only local interactions but also the long-range distance of external systems. It is critical to measure CE and EEQ and coordinate their association in order to increase the effectiveness of CE and EEQ collaborative governance. However, the traditional remote sensing ecological index (RSEI) model ignores the importance of air quality. Furthermore, there is limited current research on the local and telecoupling relationship between CE and the EEQ. To fill these research gaps, this paper first used night light data to dynamically monitor CE. Then we proposed an upgraded RSEI model (RSEInew) to assess EEQ. Finally, the local and telecoupling coordination degree (LTCCD) model was suggested to further investigate their relationship in the Yangtze River Economic Belt (YREB) from 2000 to 2019. The results showed that: (1) Total CE in the YREB increased from 837.5738 million tons to 4757.3794 million tons between 2000 and 2019 but has not yet reached its peak. Jiangsu and Zhejiang are at the forefront in terms of CE and have huge emission reduction potential. (2) The YREB's overall EEQ has deteriorated over the last 20 years. The average RSEInew value ranged between 0.52 and 0.71, with "medium" and "good" EEQ levels dominating. (3) The LTCCD of CE and EEQ in the YREB has increased year by year. This study can deliver a reference for decision-makers to synergistically formulate carbon emission reduction plans and environmental protection schemes. • Ecologic environment quality should combine regional characteristics, our RSEInew model could evaluate it with introduces PM2.5. • Carbon emissions and the ecologic environment quality interact with each other, with near- and long-range interactions. • The LTCCD model enable to analysis the local and telecoupling relationships of CE and EEQ. [ABSTRACT FROM AUTHOR]

A cleaner production, looking beyond greenhouse gas mitigation, has been stressed as that climate change is not the only issue to worry about. However, the related processes have to be as well sustainable from the technology, economic, and social viewpoints. This editorial introduces the articles' collection and overall development trends of sustainable cleaner production under the Special Issue of Sustainable Cleaner Production through Process Integration, Modelling and Optimisation. All collected papers have been presented and emerged from the 24th conference on Process Integration, Modelling and Optimisation for Energy Saving and Pollution Reduction (PRES′21), Brno, Czech Republic, in hybrid mode. The contribution of 32 articles in this Special Issue could be divided into efforts toward sustainable cleaner production by focusing on (i) Process Integration and/or Optimisation, (ii) Sustainability Analyses, and (iii) Modelling of Waste Recovery. This editorial appeals to attention on sustainable cleaner production to cope with new challenges and opportunities under the data- and intelligent-era accompanying with global crises. [ABSTRACT FROM AUTHOR]

Understanding the drivers and peaks of CO 2 emissions at the provincial level plays a crucial role in achieving the goals of China's CO 2 emissions peak by 2030. This research combines the spatial-temporal Logarithmic Mean Division Index with scenario analysis to empirically explore the drivers and peaks of CO 2 emissions in 30 provinces in China during 1997 and 2020, considering COVID-19 effects. The results show that the energy structure has replaced the energy intensity as the main factor of emission reduction in 2020. The CO 2 emission driving mechanism at the provincial level is different from that at the country level. The population restrains the CO 2 emissions in Heilongjiang, Sichuan, and Guizhou. The energy structure increases CO 2 emissions in Hainan, Ningxia, Shanxi, and Xinjiang. The role of driving factors to CO 2 emissions varies greatly among provinces. The population effect is strong in Shandong, Guangdong, and Henan. The economic effect is significant in Shanghai, Jiangsu, and Tianjin. The energy intensity effect is remarkable in Shanxi, Ningxia, and Inner Mongolia. The energy structure effect is profound in Shanxi, Inner Mongolia, and Henan. Based on our findings, China's CO 2 emissions peak will occur in 2030 and 2025 under baseline and green development scenarios. Many provinces have already reached their peaks, including Chongqing, Yunnan, Beijing, Tianjin, Qinghai, Shanghai, Jilin, Hubei, Heilongjiang, Hebei, Sichuan, Anhui, Guizhou, and Henan. However, Xinjiang and Shanxi will not reach their peaks by 2030. Based on the findings, this paper put forward several policy implications. [ABSTRACT FROM AUTHOR]

Digital technology has been gradually integrated into global production division of labor systems as a new key production factor. In the context of promoting green development, digital global value chains (GVCs) may become a new driving force to achieve emission reduction targets. In this paper, the World Input–Output Tables and logarithmic mean Divisia index (LMDI) are used to construct the measurement and decomposition framework of the digital GVC, and the corresponding emission reduction effect and mechanism of action are analyzed. The findings indicate that, first, the change in the proportion of the digital GVC added value in the digital economic added value of various departments is the most important factor influencing changes in digital GVC embeddedness. Second, the emission reduction effect of digital GVCs is significant. Third, the mechanism of the emission reduction effect of the digital GVC lies in the negative population size effect associated with digital GVC embedding being greater than the positive economic growth effect and rebound effect, thus inhibiting the growth of greenhouse emissions. This study provides empirical support for understanding the development and evolutionary characteristics of digital GVCs in individual countries (or regions) and promoting the establishment of corresponding greenhouse gas emission reduction mechanisms. [ABSTRACT FROM AUTHOR]

Controlling carbon emissions and sustaining growth constitute essential concerns in the post-financial crisis era combined with low-carbon sustainable development. However, the impact of financial development on carbon emissions remains controversial and lacks mechanisms investigation covering finance spatial attributes. Relying on China province's data during 2005–2019, this paper contributes to the literature by constructing multi-spatial models to investigate how financial geo-density mitigates carbon emission intensity and explore the spatial transmission mechanisms. The results reveal that there is a balance between financial geo-density and carbon emission intensity. The intrinsic mechanisms include: (1) raising financial geo-density is accompanied by the law of marginal diminishing carbon emission intensity tendency; (2) high financial geo-density accelerates technological innovation and industrial structure upgrading, thereby decreasing carbon emission intensity, but drives industrial-scale expansion, thereby increasing carbon emission intensity; and (3) financial institution competition and inter-industry linkage notably influence the relationship between financial geo-density and carbon emission intensity, promoting the emission reduction effect of financial geo-density in accelerating technological innovation and industrial structure upgrading, and suppressing the emission increase effect of financial geo-density in driving industrial expansion. Our findings provide new insights for developing systemic emission reduction policies for employing financial sectors as catch-all and integrating industries and competition. • Mechanism analysis of financial geo-density affects carbon emission intensity (IC). • Propose an integrated spatial model including spatial mediated moderating effects. • Financial geo-density drives IC by industrial-scale expansion. • Reduce IC by technological innovation and industrial upgrading. • Financial institution rivalry and inter-industry link mitigate total driven effect. [ABSTRACT FROM AUTHOR]

China has incorporated green technology innovation into its national development strategy based on its national conditions and development needs. The emission permit system is a typical environmental regulation, and one of the driving forces of green technology innovation. Research into the pollution discharge permits system is a key for improving environmental regulations. This study seeks to investigate the impact of pollution permits system on green innovation in China. Using econometric methods, we constructed and tested the model of green technology innovation incentives based on the emission permits system, and applied it to several Chinese counties and districts. The results revealed shortcomings in implementation of the emission permits system in various counties and districts. From a governmental perspective, this was due to poor standardization of management processes and insufficiently innovative supervisory methods. On the corporate side, problems included poor auditing of law enforcement plans, poor implementation of the ledger system, and a lack of disclosure of pollution data. We propose comprehensive strategies to address these issues. This paper explores the emission reduction potential of the pollution discharge permits system at the county level, in accordance with the Porter hypothesis, and provides reference data for the formulation and optimization of energy conservation and emission reduction policies. This will promote green development of the chemical and other industries, and green technology innovation in China. • We explore the pollution discharge permits system at the county level. • We construct a model of the impact of pollution discharge permits system. • We put forward some strategies for promoting green technology innovation. [ABSTRACT FROM AUTHOR]