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Green energy efficiency (GEE) is pivotal for sustainable economic growth, particularly in the context of China's ambitious environmental goals. This study assesses the impact of Green Financial Reform and Innovation Pilot Zones on GEE from 2005 to 2020, using the SBM-GML method and a Double Difference Model (DID). Findings indicate a significant improvement in GEE within these zones, driven by advancements in green innovation and environmental regulation. At the micro level, firms in pilot zones show enhanced Environmental, Social, and Governance (ESG) performance and experience fewer financial constraints. The effectiveness of green finance policies is more pronounced in resource-rich and financially efficient regions, suggesting that these initiatives can significantly contribute to sustainable development. Based on empirical evidence, we recommend expanding pilot zones, promoting green technological innovation, and developing tailored green finance policies to address regional ecological sensitivities. [ABSTRACT FROM AUTHOR]

The escalating demand for resources in urban and rural construction development raises the crucial question of achieving green development within limited resource constraints. This study delves into the interplay between environmental policy and green development in urban and rural construction. Utilizing the spatial Durbin model for analysis, findings reveal that investment-oriented environmental regulation significantly impacts green development and positive spillover effects in neighboring regions when considering spatial weight matrices. In contrast, cost-based environmental regulations positively affect green development when spatial interactions are disregarded. However, they exhibit negative effects at the spatial level, potentially leading to a "pollution relocation" phenomenon. Although the influence of R& D subsidy-based environmental regulations on green development is not significant, their impact becomes notable upon considering spatial interactions, potentially generating positive effects across regions through mechanisms such as technology diffusion and knowledge transfer. Furthermore, from an endogeneity perspective, the impact of environmental regulatory tools on green development exhibits a time lag effect. Moreover, investment-type regulation in the eastern regions significantly fosters green development, whereas cost-based regulation shows a suppressive effect; investment-type regulation in central regions has a positive spillover on neighboring areas; and R&D subsidies in western regions negatively impact local green development. Moreover, the quality of governmental institutions, market integration, and technological innovation are key factors influencing green development in China's urban and rural construction. This study reveals the direct and indirect effects of various environmental policy tools on green development in urban and rural areas. It emphasizes the importance of considering spatial interactions in implementing environmental policies, providing a theoretical foundation and practical guidance for optimizing environmental policies. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of China's environmental regulations, with a focus on the green credit policy, on green innovation in pursuit of the "carbon peak and carbon neutrality" goal. Given the implementation of the 2012 Green Credit Guidelines, this paper employs the Difference-in-Difference Method (DID) and conducts a quasi-natural experiment to empirically examine the interactions among the central government, local governments, and high-pollution and high-emission enterprises by exploring the impact of green credit policies on green innovation of these enterprises. Relying on 4503 samples of 237 high-pollution and high-emission enterprises listed in the main board in China from 2003 to 2021, this study reveals that the green credit policy can improve green innovation of these enterprises. Specifically, this study explores the detailed mechanism through which the green credit policy enables these enterprises to increase their market concentration and then the monopoly profits, which in turn promotes their green innovative productivity. In addition, this paper also reveals how local governments' political and financial incentives may serve as positive and negative moderating factors, respectively, within the impact mechanism. This study has valuable implications for how to effectively formulate and implement environmental regulations by balancing the interests of the central government, local governments and enterprises. [ABSTRACT FROM AUTHOR]

Abstract Pollution Haven hypothesis and Porter hypothesis provide two different behavioral strategies for pollution industries under stringent environmental regulations, which make a clear line between the two hypotheses in the previous literature. This paper studies the pollution industry transfer in China from the perspective of industry mobility, and proves that the transfer of pollution industries under environmental regulations is the comprehensive effect of "Pollution Haven" and "Innovation Compensation" by using Chinese provincial-level data from 2000 to 2015. The empirical results find that strongly mobile pollution industries have tended to transfer directly to the areas with loose regulations, but "Innovation Compensation" effect is not significant, leading to the pollution industries transferring out; the weakly mobile pollution industries have not shown the "Pollution Heaven" effect, environmental regulations will stimulate innovation and increase industry output through the mechanism of "Innovation Compensation", which increases the regional proportion of pollution industries output. In short, we believe this study can provide a new perspective for explaining the current pollution industry transfer in China and help for more precise and reasonable environmental policies. Graphical abstract Image 1 Highlights • Based on the industry mobility, this paper studies the pollution industry transfer in China. • We break the line between PHH and PH by providing an analytical framework and an empirical test. • Pollution industries with different mobility have different strategies respond to regulations. • Pollution industry transfer is a result of the comprehensive effect of PHH and PH. [ABSTRACT FROM AUTHOR]

The maturing literature on innovation has recognized the processes of sectoral and technological systems of innovation as helpful frameworks to analyze environmental innovation – a field whose importance continues to grow amidst contemporary regulatory pressures, for example, on maritime industry and shipping. This paper intertwines these key innovation concepts and applies them to classify and systematize an environmental product innovation: marine scrubber systems. The paper also addresses the linkage between innovation policy and environmental regulation and presents an overall framework to visualize and systematize conceptual connections between sectoral and technological systems of innovation to further develop and manage these complex systems of environmental innovation inducement. The paper applies technological and legal materials depicting the context of maritime scrubber systems as technological responses to more rigid environmental regulation by addressing their implications for market potential and change. The results underline the importance of environmental regulations as the driver of the development of technological innovation systems centered on environmental innovation. [ABSTRACT FROM AUTHOR]

As urbanization has developed, a variety of urban clusters have gradually emerged with important effects on regional economic growth and carbon emissions. This paper constructs a multi-period difference-in-difference (DID) model for testing how urban cluster synergistic development policy (UCSDP) affects urban carbon productivity in 148 cities of China with 13 urban clusters as the experimental group from 2003 to 2019. According to the results, the UCSDP improves carbon productivity, mainly via reducing energy intensity. In addition, UCSDP improves carbon productivity by adjusting energy structure, increasing green innovation, altering city greening levels, and accelerating the process of urbanization. Moreover, it can produce synergistic effects in terms of energy structure, green innovation, greening level, and urbanization level. Furthermore, the UCSDP has heterogeneous effects on the carbon productivity in various cities. Specifically, the carbon productivity of high-status, high-rank, and resource-based cities responds more significantly to UCSDP. Therefore, policymakers should strengthen the integration of urban clusters, offer targeted development suggestions for different cities, modify the energy and greening structure, accelerate the process of urbanization, and focus on the formulation of reasonable environmental regulation policies. • Exploring the impact of UCSDP on carbon productivity with multi-period DID model. • The improvement of carbon productivity by UCSDP mainly comes from the decrease of energy intensity. • UCSDP increases carbon productivity by affecting energy structure, green innovation, greening level and urbanization level. • UCSDP produces synergistic effects in terms of energy structure, green innovation, greening level and urbanization level. • The impact of UCSDP on carbon productivity varies by city status, city rank and city type. [ABSTRACT FROM AUTHOR]

As China's longest-implemented market-based environmental regulation policy, emission charges have contributed outstandingly to improving the ecological environment and reducing firms' pollution emissions. We assess the impact of emission charges on the innovation quality of Chinese firms based on the perspective of firms' breakthrough technological innovation. By observing Chinese A-share listed firms with heavy pollution from 2011 to 2020, we find that corporate breakthrough technological innovation positively moderates the emission charges to enhance the quality of corporate innovation. Our mechanism tests suggest that emission charges and breakthrough technological innovation positively affect innovation quality by improving the means of green innovation of enterprises. In addition, heterogeneity analysis shows that emission charges and firms' breakthrough technological innovation are only effective in improving the innovation quality of state-owned firms, and the effect on the innovation quality of non-state-owned firms is not significant. Our findings suggest that the imposition of emission charges and incentives for firms to embark on breakthrough technological innovation can effectively improve the quality of innovation. • The article is probably the first literature to explore the effects of breakthrough technological innovation and emission charges on the innovation quality of heavily polluting enterprises in China, enriching the research on the impact of enterprise innovation models on environmental regulation. • Based on the IPC information of enterprise patent applications, the paper distinguishes enterprise innovation patterns and explores the moderating effect of breakthrough technological innovation on emission charges to enhance the quality of enterprise innovation. • This paper provides micro evidence on the impact of environmental regulation on innovation quality based on the perspective of firms' breakthrough technological innovation, which has important implications for adopting environmental regulation to achieve a "win-win" situation between pollution control and improving innovation quality. [ABSTRACT FROM AUTHOR]

Considering the environmental governance dilemma caused by environmental decentralization, this study aims to explore whether the strategic synergy between local and neighborhood environmental regulations can be an essential tool to improve green innovation efficiency and achieve sustainable development. Using the data of industrial firms from 2005 to 2019, and employing network slack-based measure and Tobit regression, this study provides empirical evidence that (1) the green innovation efficiency shows an upward trend in fluctuations but still has great room for improvement; (2) the direct impact of local environmental regulation on green innovation is positive, but the indirect impact through forcing firms to transfer into the neighborhood with loose regulation is negative, that is, the industrial transfer plays a suppression effect; (3) the strategic synergy of environmental regulations has U-shaped and direct effect on green innovation and also has a positive indirect effect through inhibiting the firm's behavior transferring into the neighborhood. This study reveals the influence mechanism of the strategic synergy of local-neighborhood environmental regulations and offers empirical evidence to explain the reason why synergistic environmental governance can effectively promote green innovation, which provides the theoretical guidance for government to formulate environmental policies and construct an environmental governance system. • The innovation efficiency shows an upward trend in fluctuations but has great improvement room. • The local environmental regulation significantly improves innovation efficiency. • The industrial transfer suppresses the effect of local regulation on innovation efficiency. • The strategic synergy of local-neighborhood regulations has U-shaped on innovation efficiency. • This strategic synergy also inhibits the firms' behavior transferring to neighborhood. [ABSTRACT FROM AUTHOR]